$2,395,000

1 Ritz Carlton Dr

Lahaina HI, 96761

Description

INCOME! INCOME! INCOME! Although many Ritz Carlton Residences offer identical floor plans and furnishings, the incomes of each unit vary greatly. Heres the secret codethe income is dependent upon the ROOM CATEGORY of each bedroom, as set by Ritz Carlton. It does not matter that the entire project is considered oceanfront; it matters how Ritz Carlton places EACH BEDROOM into their reservation system. There are 5 room categoriesGarden View, Resort View, Partial Ocean View, Ocean View and Ocean Front. The impact of the room categories creates dramatic income differentials, which creates significantly variant real estate values, despite physical similarities. Residence 1614/1616 has both bedrooms in the Ocean View category. The Ocean View category has provided the highest net income to the owner every year since 2008! This Seller knows, because he owns two unitsone is Ocean View and one is Ocean Frontand in 12 out of 12 years, the Ocean View residence has outperformed the Ocean Front category residence in terms of net income. This Seller can provide 12 years of income history on both units! Residence 1614/1616 is perfect for a buyer who wants to spend less than 60-days per year in one of the finest 5-star beach front resort properties in the world, and receive institutional-quality income during the rest of the year. Owners are treated like royalty when in residence, and receive a long list of special and valuable privileges when they are on property! However, many owners own these units solely for the income. In the 12 months prior to the pandemic (February 2019 - January 2020), this residence produced $126,728 in NET operating income (after paying property taxes!). Based upon the $2,395,000 asking price, thats an institutional quality 5.3% CAP rate, including a few weeks of owner useand the Seller never lifted a finger to produce this income! As of December 19, 2020, this residence is the only available Ocean View category residence. Seller paid $2,430,000 for this unit in 2008! Income history available upon request. (The above information was provided by the Seller. Past financial performance is no guarantee of future financial performance.)

Details

MLS#385025
Listing TypeFor Sale
StyleCondominium
Building NameThe Ritz Carlton Residences
Sub-TypeFee Simple
StatusACTIVE
Year1992
Days On Site490

Features

Bed(s)2
Bath(s)2
SQ Feet1,333
PoolYes
Acreage2.15
Golf CourseN
Water FrontYes
Property ViewOcean

Market Activity 96761

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Area Information
StateHI
CityLahaina
Zip Code96761
AreaMaui
SubareaKapalua
Community NameKapalua
Listing VS Median (in Kapalua)
Price:
$2,395,000
low | high
Med:
$1,999,000
66.534446764092% of Average
SqFt:
1,333
low | high
Med:
1,431
42.64816204051% of Average
$ / SqFt:
$1,797
low | high
Med:
$1,397
72.250466482554% of Average
On Site:
490
low | high
Med:
32
100% of Average
Sourced by Back At You
Listing Updated: May 7, 2021 11:27:33 AM PDT
Tomoko Matsumoto LogoMLS Number: 385025
Listing Provided By:
Tomoko Matsumoto  of  Hapuna Realty

MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the Realtors Association of Maui MLS.