461-465 Palani Pl, Wailuku, HI 96793

Property Description

HOUSE + OHANA OR THREE UNITS, TWO BUILDINGS, ONE LOT. This unique Old Wailuku Heights property offers exceptional flexibility as a multigenerational family compound, owner occupant opportunity, or income producing property, with three separate living units across two residences and spectacular ocean, Central Maui and Haleakala views. Set on approximately 10,485 SF with R 3 Residential zoning, the property sits on a private flag lot along a quiet cul de sac with mature fruit trees. 461 Palani is a 500 SF 2BR/1BA cottage built in 1982 and extensively remodeled in 2018 with an updated kitchen, granite countertops, stainless appliances, flooring, windows and bath, plus a spacious 256 SF wraparound deck, 12 owned PV panels, storage, yard, separate laundry and tuck under parking. 465 Palani is an 871 SF, 2BR/2BA main home built in 2022 and currently configured as two separate furnished 1BR/1BA units, each with excellent views, solar hot water, privacy and parking. The home was designed with potential for future second story expansion. Buyer to verify feasibility and permitting. See Documents. At full occupancy, the three units produce approximately $7,700 per month or $92,400 per year in gross rental income, with estimated NOI of approximately $60,000 and a projected 4.7% cap rate at $1,285,000. One unit in 465 is currently vacant. Offered turnkey furnished. Income and expense figures are provided by Seller, are not independently verified and are subject to change. Conveniently located near UH Maui College, MACC, Maui Memorial Medical Center, downtown Wailuku, shopping, parks and other Central Maui amenities. Property is tenant occupied. Do not disturb tenants. Please allow adequate notice for showings. Some County Records and property details are inconsistent. Buyer to conduct independent due diligence. Contact your preferred agent.