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Lot: 0.92 acre
76 MISSION St There are several ways to approach this property. 1) If you have $2.5m to spend and are happy with a 3.44% return on your money then this is a good and safe investment. (Approximately $86, 000 NOI (net operating income) per year. 2). If you would like to increase the monthly income by a minimum of $15, 000 more a month then build the 10 unit building on the vacant land. The building and landscape plans are complete. (See Assoc docs). 3) If you are a developer and are willing to go through the entitlement and permitting process then this A-2 zoned lot has a FAR (floor area ratio) to build up to 60 units, 3 & 4 stories in height. The property is in the OPPORTUNITY ZONE which offers many tax benefits, county, state and federal. Do your due diligence. The 2020 county assessed value is $2, 938, 200. In just the past month the owners have spent over $20, 000 in renovations to some of the units. There are 12 rentals. Two are non-conforming. The 2019 gross income was $204, 497.52. Due to Covid-19 the 2020 rent will be somewhat less. This is not a cap rate play for income. It is a development play and the best way to play this is by building affordable rentals or condos and the county will provide the needed water and may fast track the project due to the acute need of affordables in Maui. Photos, plans, site plans, construction drawings will be up shortly. Title Guaranty/Gwen Vida/Kahului. The buildings are older but in good condition and the owners are very diligent about maintaining them. Seller is tired of managing the property and is not a developer. The highest and best use for this property is to build the 60 units