As a Realtor, whenever you have a client come back and buy a second investment property next to the first, you pay attention. I have recently had the pleasure of helping some of my favorite clients purchase their second unit in the Kanai A Nalu condominium development on Maui. They came back for more after witnessing for themselves the return on investment and the benefits of owning a piece of property on Maui.
Kanai A Nalu Overview
Kanai A Nalu is an oceanfront condominium complex in the Maalaea Neighborhood. 80 units are spread through 5 buildings that are all 4 stories tall. All the units have 2 bedroom and 2 bath within roughly 950 Square Feet of Living Space. The complex is laid out in a horseshoe pattern and gives almost all of the units some sort of ocean view. The units at the tip of the horseshoe are direct oceanfront and are nothing short of spectacular. Furthermore, the complex is located at the beginning of one of the longest stretches of sandy beach on the entire Island of Maui. Neighboring properties just to the north are built on SeaWalls and just can not compare to the white sandy beach that Kanai A Nalu boasts.
Leasehold Properties in Maalaea
It is important to be aware that complex is Leasehold. With a lease that does not expire until 2066 Kanai A Nalu can be considered one of the more stable leases on the island. Lease hold properties can benefit the informed investor. Reduced purchase price is the most obvious advantage with comparable fee simple properties typically selling for double the price. Reduced purchase price will produce a higher ROI on these leasehold type of properties.
Instant rental income is a great thing. Most of the units in the complex are in a of rental pool already and booked out months in advance. Buyers can expect rental income from the day they close on their property. In some cases you will receive a credit at closing for all the deposits already collected by the current property manager. For more detailed information on rental income feel free to contact me directly, see my contact info below.
What is currently available in Kanai A Nalu
Over the past 5 years Kanai A Nalu has seen an average of 4 units being sold each year. There is typically at least one or two units offered for sale at any given point. The biggest challenge to selling these units is the fact that they are so heavily booked and viewing them needs to be arranged between guest check in and guest check out. Click Here for All the Units Currently Available in Kanai A Nalu. The photos shown in the listings details often do not do the property justice making the complex a bit of a hidden secret.
Contact Your Realtor for More Information
If you are interested in buying a Beachfront Condo in Maalaea and you are not already working with another agent please give me a call at (808) 446-5841 or fill out the Contact Jesse Form.
You will find more information on the Maalaea Neighborhood Here