MLS: 375567   Asking Price: $1,975,000 Fee Simple District: Wailuku City: Wailuku Street: 1325 Lower Main St Neighborhood: Puuone Beds: 0   Baths: 0 Land Area: 1 Acres Features: Mountain/Ocean View Days on Market: 2625

Google Map   County Records   Add to Watch List Print Version Request Info

Have you dreamed of owning a small boutique hotel? Here is your chance. TRANSIENT VACATION RENTALS NOT EXCEEDING 20 ROOMS IS ALLOWED. The current operator grossed close to $400,000.00 for 2017. Maui County Ordinance 19.18.020 Ordinance No. 4088 Section 7, 2013. This Commercially zoned building is B-2 Business Commercial in the community plan. County zoning is B-2 Community Business District/State District Urban/Maui Island Plan Urban outside protected areas. Apartments, condos and commercial condominiums Nursing and convalescent homes are also within the zoning. Most likely the best potential income producing, best looking and most exciting property in Wailuku on Lower Main Street. The upside on this property for the hands on owner-operator-manager is awesome in all ways. The 9,528 interior square feet of rentable space in this two story building is rented to a person who runs the property as a hostel catering to the budget oriented Maui traveler. The operator has a lease (60 day termination clause) that pays the owner $11,000 per month as of October 1,2017. There are several very large apartments: sizes range from 210 SF to 2,065 SF. There are a variety of rental units. As a hostel/hotel the first floor features a 2,000 sf apartment that acts as meeting place with large living room with flat screen TV, dining room, closets, lockers, laundry facility, men's and women's bathrooms, steam room, sauna(not being used) fully equipped kitchen with triple commercial stainless steel sink, and SIX small bedrooms and some have vanity sinks. The 2nd floor has spectacular mountain views and the dormitory at the end has ocean views. The metal roof is 2.5 years old. One acre of land allows for possible future expansion at the top of the hill. There are 8 electric meters. 29 parking places. Three of the apartments are dormitory style with a total of 20 bunk beds X's 2 = 40 beds X's $40.00 -per night off season and increases in season; plus there are several apartments with multiple bedrooms. The point is the sky is the limit for income for this type of transient short term operation. There is a small retail store on site and a visitor reception. This is perfectly suited for the backpacking super economy Maui traveler looking for a clean and safe environment to sleep at night while exploring Maui during the day. Daily rentals too much work? Just rent out apartments or rooms and take out the bunk beds. The walls are easily removed and modified to configure the space anyway you desire. This property demands a creative mind and a person willing to work it to reap the rewards. We have no idea how much cash the operator is generating as the owner is NOT the operator. One of the large spaces with 1,100 sf is just sitting vacant and is not even being rented. THIS IS SOMEWHAT OF A FIXER UPPER and does need an upgrade to increase occupancy. Stucco and heavy wood beam construction. There is approximately 18,000 sf of vacant land for future expansion in the rear. Build a tri-plex or a single family residence. There is a vacant ground floor space that is ADA accessible. One of the apartments rents out 4 of the rooms at $677.00 a month and there is one long term tenant who has been there years.

Request Info
 

Show Sold Comparables.

 
This information is believed to be accurate.
It has been provided by sources other than the Realtors Assoc. of Maui
and should not be relied upon without independent verification.
You should conduct your own investigation and consult
with appropriate professionals to determine the accuracy of the information provided
and to answer any questions concerning the property and structures located thereon.
Featured properties may or may not be listed by the office/agent presenting this brochure.
 
Copyright 1995-2020, REALTORS® Association of Maui, Inc.