Hawaii Oceanfront Flip: $2.5M Condo With a $300K Discount

An oceanfront flip in Hawaii: a condo at The Point at Mauna Lani on the Big
Island, asking $2.5 million because both bathrooms are torn out. First
floor, first line, no steps. Here are the numbers.

This is the rare Hawaii flip where the discount comes from plumbing, not
from the market. The HOA had to replace the building's original cast iron
sewer lines, which meant cutting the slab and taking the bathrooms apart.
The kitchen flooring came out with them. A dated but intact unit in this
building trades around $2.7–2.8 million. Renovated, an oceanfront first-
line unit here is worth meaningfully more. That spread is the entire
opportunity, and it exists only because almost no buyer in Hawaii wants a
condo they cannot move into.

THE DEAL
— Asking price: $2,500,000
— Comparable dated units in the building: $2.7M–$2.8M
— Estimated renovation cost: [CONFIRM]
— Estimated nightly rate once finished: around $1,500
— Built: 1986
— Location: The Point at Mauna Lani, about 30 minutes north of Kona
International Airport, Big Island, Hawaii

WHY THIS IS A DIFFERENT KIND OF FLIP
Most flips depend on the market moving in your favor. This one doesn't. The
value gets added by finishing work the building already forced, on a unit
whose location cannot be reproduced at any price.

Built in 1986 by a Japanese builder, with structural walls of steel and
concrete. Construction quality closer to a high-end hotel than to a modern
condo — you don't hear the neighbors on either side. Almost nothing built
from the 1990s onward sits on the first line in Hawaii; newer construction
is set back to the second and third rows. The unit also sits above the
highest tsunami wave level ever recorded in Hawaii.

First floor, no steps, no ladders, no elevator. Baby boomers travel more
than any other generation and hold more wealth than any other generation,
and they are the guests who notice not having to climb anything to reach
the door. Hole 15 of the Mauna Lani Golf Course is directly outside. The
Mauna Lani Beach Club, the only private beach on the Big Island, is a
five-minute walk, and there's a snorkeling spot within walking distance.

CHAPTERS
00:00 Why I made this video: a rare Hawaii real estate investment
00:30 Every good property was bought before you were born
00:56 The Point at Mauna Lani, 30 minutes north of Kona Airport
01:03 No steps, no elevator — why access drives rental income
01:11 Built 1986 by a Japanese builder: steel and concrete
01:31 Hotel-grade construction: you can't hear the neighbors
01:48 First line on the Pacific — the part of the investment you can't buy
01:57 Mauna Lani Golf Course, hole 15, right outside
02:23 Mauna Lani Beach Club: the only private beach on the Big Island
02:42 Elevation: above the highest tsunami wave recorded in Hawaii
03:05 They don't build oceanfront in Hawaii like this anymore
03:11 Everything after the 1990s sits on the second and third line
03:17 Your guest profile: aging travelers and first-floor demand
03:25 Baby boomers are the wealthiest generation — and your tenants
03:44 What happened here: the HOA, the slab and the cast iron sewer lines
04:12 Comparable dated units in this building: $2.7–2.8M
04:24 Why this one sells at a substantial discount
04:30 Renovation budget: what the work will cost
04:39 Projected short-term rental income: $1,500 a night
04:52 The kitchen floor and what the cosmetics really need
05:07 You can renovate anything except the location
05:20 Deals like this rarely come along on this island
05:37 Second bathroom: concrete brick and metal studs behind the drywall
06:12 The total cash you need to get into this deal
06:21 Why the real rental number is probably higher than $1,500
06:37 Who this Hawaii investment property is actually for

Alexey Blokhin — licensed real estate broker in California and Hawaii since
2007, investor, and owner of a short-term rental management company on the
Big Island. I've been buying and selling investment real estate for 20
years and have taken part in roughly 45 transactions across California,
Texas and Hawaii, both my own and my clients'. My company manages around 25
vacation rental properties, mostly in Waikoloa Beach Resort and Mauna Lani,
and we handle the full cycle: finding the property, running the numbers,
renovating and furnishing it, launching the listing, and managing it after
launch.

Managing Broker/Owner · DRE #01771121 · RB-23797
ALOHA HELLO VACATION RENTALS CORP. RB-24433

CONTACT
Run the numbers on your own deal: https://calendly.com/alohahello/30min
[email protected]
Phone: 650-204-0443
Website: https://brokerab.com
Instagram: https://www.instagram.com/alexeydeals/

Price, availability and condition may have changed since filming.
Renovation costs, resale values and nightly rate figures are estimates, not
guarantees of return. Nothing here is investment, legal or tax advice.
Confirm any tax treatment with your own CPA or tax attorney.

#HawaiiRealEstate #RealEstateInvesting #shorttermrentals

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