Imperial Plaza Penthouse – Almost Twice the Size of Most Oahu Hi-Rise Units at Half the Price
With the banks paying less than 1% on your savings right now, maybe you should consider real estate. Actually, you may want to look at this beautiful Penthouse that I just listed, which could be an awesome value if you are an investor.
About This Penthouse
It is a beautiful two-story three bedroom unit that was built in 2005 and is over 2,100 square feet (MLS# 1206081). That is more than many single family homes, and it is centrally located four blocks from downtown Honolulu and a short 5 minute drive to either Waikiki or the beach.
Why is This Penthouse a Deal?
Priced at $825,000 it equates to $386 per square foot and is the lowest priced Hi-Rise condo in town when compared to others that range in cost form $688 to over $1,500 per square foot.
It is in like new condition and should not require any maintenance for years to come. Additionally, there is certainly the opportunity for an equity build up on this home as there are so few that have this much square footage, three parking stalls, extra storage, and all the amenities you would expect of an upscale condominium.
This property is a steal at this price, but let’s go back and look at it on a cash flow basis. Rent on the unit could be around $6,000 per month (similar units are currently rented at that amount). Subtracting the maintenance fee and taxes gives you net rental income of $3,500 per month. That equates to $42,000 per year.
Based on the purchase price of $825,000, you could be receiving a return on that investment of slightly over 5% per year. Try and find a bank that is paying that amount (please let me know if you do as I would like to move my savings account there too).
Even if it only appreciated at an anemic 2% per year, very possible as these types of properties are at the bottom of their historical value, you could then net a total of $58,500 per year for a return of over 7% (not even compounding your return).
Why take a chance with your $825,000 in the stock market (that amount invested in Facebook at their first day high of $45 would only be worth $495,000 today – pretty scary)? By buying this beautiful Penthouse unit, you will have a gorgeous place to live for years to come and something to pass on to your family.
For more information call me at 808-216-7300 or visit our website to see all the information on this beautiful property. This is a great opportunity.