The best direct-west-facing 2-bedroom oceanfront condominium at Napili Point C6 was recently listed for $899,000.
Napili Point C6 Overview
- List Price: $899,000
- Bedrooms: 2, Bathrooms: 2
- Living area: 958 square feet
- Tenure: LEASEHOLD
YOUTUBE Video of Napili Point C6: RayChin.com, Realtor’s Cut, Napili Point, C6
Napili Point Overview
The coastline community known as Napili Point phase 1 & 2 consists of 115 apartments in ten 1-story, 2-story and 3-story buildings. This condominium community is situated on a 3.39 acres parcel and was completed in 1978. The community is zoned for transient vacation rentals, includes a pool, BBQ and front one of the world’s finest coastlines for snorkeling.
Napili Point C6 is a lease hold property. It is part of Napili Point, Phase 1.
Included in the following DROPBOX LEASE DOCUMENT LINK is the Reiman Rand lease and the Napili Point C6 Amended lease.
Summary of key terms of the lease agreement:
- Expiration date of lease is November 30, 2046
- There is no renegotiation date
- Lease rent schedule payable per month under said Apartment Lease
- $8.45 from December 1, 2009 to November 30, 2024
- $6.78 from December 1, 2024 to November 30, 2046
Items of Interest
After November 30, 2016, it will be less than 30 years before the lease term expires. A Buyer cannot buy a Leasehold property who’s lease is less than 30 years.
Per Julie Tumbaga:
“If a Buyer sold a FS property, Buyer can buy FS property or LH with 30 years or more remaining in an exchange. Buyer CANNOT buy LH with less than 30 as his replacement. LH sellers with less than 30 years on lease can only buy LH property for their replacement with the similar amount of years remaining. Buyer cannot buy FS property.
For more information on exchanges: Julie Tumbaga, Vice President | Old Republic Exchange Company, D: 808.524.6737 | T: 877.591.1031 | F: 866.250.8530 I Shortel: 45742, JTumbaga@orexco1031.com, Old Republic Exchange Facilitator, www.orexco1031.com
From a lending perspective, if a Buyer needs a mortgage to the purchase C6, per Fran Peart Mitsumura:
- Loans must mature 5 years prior to expiration of master lease
- 30% down payment is required
For more information on loans: Fran Peart Mitsumura, First Hawaiian Mortgage Co. of Hawaii, 910 Honoapiilani Hwy, Suite #2, Lahaina, Hawaii 96761, (808)-661-8886, (808) 276-3697 , direct, Fran@FirstHawaiianMortgage.com
Napili Point Resort Rental LLC manages Napili Point C6. This Napili Point C6 Rental Link includes
- 2015 summary statement
- 2016 YTD April 30, 2016 statements,
- 2014/2015 (ytd Sept) Revenue Comparsion Report for all Napili Point units
- Napili Point Resort Rental LLC Disclosure Package
- $96,575.38 gross income
- $53,671.34 net check
- 257 days rented (out of 365) – 70.4% occupancy
2016 YTD April 30, 2016 Summary
- $34,564.84 gross income
- $20,559.23 net check
- 85 days rented (out of 121 days) – 70.2% occupancy
Comparative Market Analysis as of 7/27/16
Here are all the ACTIVE NAPILI POINT listings currently on the market. Here are all the NAPILI POINT SALES since 2012 including the two only comparative sales (in terms of location) at C36 (which sold for $910,000 on 1/2/14 – fee simple) and C4 (which sold for $975,000 on 1/20/12 – leasehold).