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Corcoran Pacific Properties

5280 KA HAKU RD,

PRINCEVILLE, HI 96722 $425,000

2 Bed

|2 Bath

|1135 Sf Land

Condo | Contingent

Leasehold Property. Lease Terms outlined below.

Beautifully renovated Ocean and Golf Course view Condo at Pali Ke Kua, Princeville, Kauai!
Pali Ke Kua #236 is a 2BR/2BA top floor unit with great views and tropical breezes facing north-east. Drink a cup of coffee in the morning sun on the covered lanai and watch the humpback whales frolic in the blue Pacific, enjoy a Mai Tai and a delicious BBQ in the cool evenings. Pali Ke Kua is a popular vacation rental destination, and this unit has been used as a short-term rental for many years managed by Kauai Vacation Rentals. The condo makes a great second home on Kauai and is sold fully furnished. On-site amenities include a hot tub and swimming pool, a private paved path to a sandy cove below, and walking paths through mature tropical landscaping. Enjoy dinner from the on-site Hideaway's Pizza Pub or take a short stroll down the road to 1 Hotel Hanalei Bay which is scheduled to open in spring of 2023. The Makai Tennis and Golf Facility is located a few minutes up the road. Walking and bike-riding trails throughout the Princeville Resort Community lead all the way up to the Princeville Shopping Center.

The property is in Leasehold ownership (you dont own the proportionate land that belongs to this unit). The lease terms are as follows:
Current lease rent until 9/2025: $1,483.42 per month (semi-annual payment of $8,900.52 including Hawaii State GET, total lease rent $17,801.04 per year)
Next lease renegotiations: 9/2025 and 9/2035
Lease expiration: 9/2040 (surrender clause applies, currently the leased fee interest is not for sale)
Lessor: Medusky & Co. Inc. Honolulu

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