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    1 Ritz Carlton Dr , 4-1616

    Lahaina, HI 96761
    • $2,395,000
    • STATUS: Active
    • ON SITE: 472 days
    • MLS #: 385025
    UPDATED: 54 min ago
    $2,395,000
    • 2
      BEDS
    • 2.15
      ACRES
    • 2
      BATHS
    • 0
      1/2 BATHS
    • 1,333
      SQFT
    • $1,797
      $/SQFT
    Type:
    Condo
    Built:
    1992
    Area:
    Land Tenure:
    Fee Simple

    School Ratings & Info

    Listing courtesy of Hapuna Realty.





    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.)

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    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, 1995-2021, REALTORS® Association of Maui, Inc. All Rights Reserved. Data last updated: 2021-03-03T00:06:44.28.
    www.hawaiiclient.com/homes/101064023
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    1 Ritz Carlton Dr , 4-1616 Lahaina, HI 96761

    • Price: $2,395,000
    • Status: Active
    • Updated: 54 min ago
    • MLS #: 385025
    2
    Beds
    2
    Baths
    0
    ½ Baths
    2.15
    Acres
    1,333
    SQFT
    $1,797
    $/SQFT
    1992
    Built
    Neighborhood:
    The Ritz Carlton Residenc
    Area:
    Kapalua
    Property 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.)
    Exterior Features

    Lanai Sq Ft Covered 317 Pool Yes Pool Description In-Ground View Ocean Waterfront Beachfront

    Interior Features

    Floor Level 5

    Property Features

    Building Name The Ritz Carlton Residences Central AC Y Complex Name The Ritz Carlton Residences Condominium Type Condo Land Tenure Fee Simple Monthly Maintenance Fee 3698.36 Neighborhood Kapalua Photo Voltaic Installed No Potential Short Sale No Property Type Condominium REO No Short Term Rental Allowed Yes

    Listing information © 2021 REALTORS® Association of Maui, Inc.
    Listing provided courtesy of Hapuna Realty.

    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, 1995-2021, REALTORS® Association of Maui, Inc. All Rights Reserved. Data last updated: 2021-03-03T00:06:44.28.
     
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    Hawai'i Life
    PO Box 356
    Hanalei HI, 96714
    Listing courtesy of Hapuna Realty.