The last large oceanfront development parcel zoned M-1/B2. B-2 allows 20 TVR's above the first floor. The size of this land will allow up to 250-300 apartments or condos. The buyer should subdivide off the 26,200 sf steel frame warehouse from the rest of the land. The gross income is $403,000 per year and the Net Operating Income (NOI) is $344,604.00. Click on associated docs for fact sheet with tenant rent roll and income and both M-1and B-2 zoning ordinances. This is an extraordinary opportunity for a developer. The yellow line on the ocean side delineates the county of Maui access easement to a pumping station. There exists a utility easement on the east side of the property(yellow line) that should be swapped for the oceanside easement. That easement could then be landscaped with palm trees and a beach set back from the ocean so it doesn't get washed away. Great spot for a theme restaurant to cater to the cruise ships that come in to Kahului Harbor every week and shopping. SEE REALTOR REMARKS FOR SELLING ONLY THE DEVELOPMENT LAND. The new map for the new plan is under associated docs. The Seller will convey approximately 5 acres - for the condo or apartment development for $4,000,000.
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