Short Sale - Waterfront
Address
2455 S Kihei Rd Kihei, HI
Price
$ 14,900,000
Property Attributes
  • MLS#388621
  • TypeLand
  • CountyMAUI
  • CityKihei
  • AreaKihei
  • NeighborhoodKamaole 1 And 2
  • Zip96753
  • StyleVacant Land
  • Price$ 14,900,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Lot Size8.43 Acres
Listing Provided Courtesy Of:
eXp Realty - Fee Simple
Property Description

One of the last, if not the last, large development parcels for 217 upscale condominiums across the street from two fabulous beach parks. This location is in the very heart of the "GOLD COAST" of Kihei surrounded by numerous restaurants, boutiques, shops, service related businesses, Maui Medical Group, Hawaiian Moons Natural Foods grocery store, ABC, store, specialty discount liquor store, nail and beauty salons and so much more. LOCATION, LOCATION, LOCATION. The best weather on the planet. The major Special Area Management (SMA) permit was recently extended for three more years as of late June 2020 and the transfer to a new entity was also approved. This project is approximately 6-9 months from "shovel ready." The construction drawings need to be completed and approved at the county. $6,200,000.00 has been spent on the infrastructure for the prior 78 unit project called Aloha Village. Sewers, fire hydrants, water well, water meters, et al are in the ground. Some modifications will need to be done. The property was graded. The North-South Collector road is complete at a cost of many millions of dollars and will serve as the main ingress/egress for the property. Limited ingress/egress from Kihei road once the development is finished. The prior borrower defaulted on the loan and failed to cure the default. This is NOT a foreclosed property but the Lender does have 100% control. There is an ALTA policy from 2019. Upon Proof of Funds the Buyer will be given access to the Drop Box and the extensive documentation. The last MAI appraisal was for $27,500,000. At $14,900,000 the Lender is seeking to recover the principal owed. There is NO new product anywhere in south Maui this close to the beach with these amenities and quality of construction. All the condos/apartments are 40 feet wide and modeled after the luxury Honua Kai condos in Ka'anapali. There are 7 buildings with 31 units per building and two (2) phases. Phase 1 consists of buildings 2 & 4 with 62 units. Phase two consists of five (5) buildings with 155 units for a total of 217 units. There are 424 parking spaces on 8.4 acres of fee simple land. 25.83 units per acre. The projected gross sales revenue in 2017 was $161,056,000 as follows: Unit Type 1. One bedroom with 760 SF. 63 units at an average of $625,000 with 47,880 SF = $39,375,000. Unit Type 2A. Two bedroom with 1,058 SF. 126 units @ $760,000=$95,760,000. 133,308 SF. Unit Type 2B. Two bedroom with 1,100 SF. 21 units @ $790,000=$16,590,000. 23,100 SF. Unit Type 3. Three bedroom with 1,265 SF. 7 units @ $840,000=$5,880,000. 8,855 SF. Revenue from 119 covered parking places = $3,451,000. 213,143 total square feet.

Price History
9/17/2020 Listed $14,900,000

General Features

Class Vacant Land
Land Tenure Fee Simple
Listing Area Kihei
Street Name KIHEI
Subdivision HI
View Ocean
Zone 3

Interior Features

Photo Count 1

Exterior Features

Latitude 20.7179122689368
Longitude -156.446135373016
Lot Size Area 8.430004
Waterfront Across Street from Ocean

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Zip Code Average in 96753

Price
AVG $3.65M
$14.9M
Visits
AVG 80
520
Walkscore
AVG 22
66
Data Provided by Walkscore ® not using MLS data

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