1 Ritz Carlton Dr Unit 1614-1616, Lahaina, HI 96761

$2,410,000
2
BD
2
BA
1,333
SqFt
Sold Price
$2,410,000
List Price
$2,435,000
Days on Market
748
Closing Date
Dec 03, 2021
MLS#
385025
Status
CLOSED
Type
Condo
Building
The Ritz Carlton Residences
Bedrooms
2
Living Area
1,333
Land Area
93,654
Acres
2.15
Land Tenure
Fee Simple
Neighborhood
Kapalua

Property Description

INCOME! INCOME! INCOME! Although many Ritz Carlton Residences offer identical floor plans and furnishings, the incomes of each unit vary greatly. Here’s the secret code…the 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 categories…Garden 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 units…one is Ocean View and one is Ocean Front…and 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, that’s an institutional quality 5.2% CAP rate, including a few weeks of owner use…and 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.)

Additional Information

Island
Maui
Monthly Maintenance Fee
3698.36
View
Ocean
Lot Size
93,654
Pool Description
In Ground
Neighborhood
Kapalua
Subdivision
The Ritz Carlton Residenc
Frontage
Ocean
Year Built
1992
Building Name
The Ritz Carlton Residences
Unit
1614-1616
Waterfront
Beach Front
Short Term Rental
Yes

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of Hapuna Realty. Selling Office: .

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, 1995-2015, REALTORS® Association of Maui, Inc. All Rights Reserved.

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