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OFFERIN
G M
EMO
RANDU
M
75-5706 Kalawa StreetKailua-Kona HI 96745
Kani Le'a
12 UNIT APARTMENT COMPLEX
Kani Le'aCONTENTS
Exclusively Marketed by:
Joseph [email protected]
We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility oferrors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent thecurrent or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
01 Executive Summary Executive Summary 5 Rent Roll Summary 6 Location Summary 7
02 Property Description Property Features 9 Aerial Map 10 Parcel Map 11 Common Amenities 12 Unit Amenities 13 Property Images 14
03 Rent Comparables Rent Comparable Summary 18 Rent Comparables Map 22
04 Rent Roll Rent Roll Details 24
05 Financial Analysis Income Analysis 26 Expense Analysis 27 Multiyear Cash Flow Assumptions 28 Cash Flow Analysis 29 Disposition Sensitivity Analysis 31
06 Additional Information Survey 33 Kanilea_FS_2015 34 Kanilea_FS_2014 35 Kanilea Capital Schedule 2014-2016 36 Rent comparables HK 37
The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to bereviewed only by the party receiving it from Southwestern Property Corp. and it should not be made available to any other personor entity without the written consent of Southwestern Property Corp.. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such informationin the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offeringmemorandum. If you have no interest in the subject property, please promptly return this offering memorandum to SouthwesternProperty Corp.. This offering memorandum has been prepared to provide summary, unverified financial and physical informationto prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information containedherein is not a substitute for a thorough due diligence investigation. Southwestern Property Corp. has not made any investigation,and makes no warranty or representation with respect to the income or expenses for the subject property, the future projectedfinancial performance of the property, the size and square footage of the property and improvements, the presence of absence ofcontaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition ofthe improvements thereon, or financial condition or business prospects of any tenant, or any tenant’s plans or intentions tocontinue its occupancy of the subject property. The information contained in this offering memorandum has been obtained fromsources we believe reliable; however, Southwestern Property Corp. has not verified, and will not verify, any of the informationcontained herein, nor has Southwestern Property Corp. conducted any investigation regarding these matters and makes nowarranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyersmust take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for theircosts and expenses of investigating the subject property.
Kani Le'a Confidentiality and Disclaimer | 03
CONFIDENTIALITY AND DISCLAIMER:
PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONTACT THE SOUTHWESTERN PROPERTY CORP. ADVISOR FOR MORE DETAILS.Copyright © 2016 CREOP, LLC. All Rights Reserved.
Kani Le'a | Executive Summ
ary
Executive Summary KAN
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Offering Summary
Rent Roll Summary
Location Summary
Kani Le'a Executive Summary | 05
OFFERING SUMMARYADDRESS 75-5706 Kalawa Street Kailua-Kona
HI 96745
COUNTY Hawai'i
MARKET Hawaii
SUBMARKET Kona
BUILDING SF 8,700
LAND SF 12,611
NUMBER OF UNITS 12
APN 3 7-5-022-017
OWNERSHIP TYPE Fee Simple
FINANCIAL SUMMARYOFFERING PRICE $1,600,000
PRICE PSF $183.91
OCCUPANCY 95 %
PRICE PER UNIT $133,333
NOI (IN-PLACE) $81,128
NOI (STABILIZED) $138,548
GRM 9.82
CAP RATE (IN-PLACE) 5.07 %
CAP RATE (STABILIZED) 8.65 %
ASSUMABLE FINANCINGDOWN PAYMENT $736,960
LOAN AMOUNT $863,000
INTEREST RATE 4.90 %
ANNUAL DEBT SERVICE $42,287
NOTES Freddie Mac
Ask: $500,000
Preferred Return: 10%
Equity split after preferred return: 70/30
Anticipated IRR: > 30%
Kani Le'a is a twelve unit apartment complex in the town ofKona on the Big Island of Hawaii. The property was built ascondos in 1972 but has operated as apartments for many years,it is currently zoned as apartments but a condo conversion ispossible. Located just two blocks from the beautiful waterfrontof Kailua Bay and bustling main street of Kona the property sitsin a prime location for active persons and persons that wouldrather use public transportation, ride a bike, or walk over theuse of a car. Due to the nature of the seller, we are buying thisproperty out of a foreclosure, we are able to purchase theproperty below its market value.
Actual MarketUnit Mix # Units Square Feet Current Rent Rent PSF Monthly
IncomeMarket Rent Market Rent
PSFMarket Income
2:1 12 725 $1,079 $1.49 $12,950 $1,400 $1.93 $16,800Totals/Averages 12 725 $1,079 $1.49 $12,950 $1,400 $1.93 $16,800
Kani Le'a Rent Roll Summary | 06
Kani Le'a Location Summary | 07
The property is located in the town of Kailua-Kona onthe Big Island of Hawaii, just two blocks from thepeaceful waterfront of Kailua Bay, which is visiblefrom many of the apartments. The town of Kona is amajor tourist destination with international attractionand a steady flow of tourists staying in the areasmany resorts and disembarking from cruise ships justa few minutes walk from the property.
Hawaii by nature has a very limited supply of realestate yet has a large national and internationaldemand. This supply and demand relationship haslead to a strong market with very high property valuesand rents, as well as, extremely low cap rates onproperty sales.
Kani Le'a | Property Description
Property Description KAN
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Property Features
Aerial Map
Parcel Map
Additional Maps
Amenities
Property Images
Kani Le'a Property Features | 09
Site DescriptionNUMBER OF UNITS 12
BUILDING SF 8,700
LAND SF 12,611
LAND ACRES 0.98
Kani Le'a Aerial Map | 10
Kani Le'a Parcel Map | 11
Kani Le'a | Comm
on Area Amenities
Kani Le'a | Unit Am
enities
Kani Le'a Property Images | 14
Kani Le'a Property Images | 15
Kani Le'a Property Images | 16
Kani Le'a | Rent Comparables
Rent Comparables KAN
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Rent Comparables Summary
Rent Comparables Charts
Rent Comparables Map
Kani Le'a Rent Comparable Summary | 18
1
Hale Kaloko 73-1311 Onaona Drive | Kailua-Kona
Year Built 1994Occupancy 100%# Of Units 120
Unit Mix # ofUnits
Square Feet Asking Rent Rent per SF
1 bd + 1 ba 120 385 $1,200 $3.11Total/Avg 120 385 $1,200 $3.11
2
75-5766 Kuakini Hwy | Kailua-Kona
Year BuiltOccupancy 0%# Of Units 1
Unit Mix # ofUnits
Square Feet Asking Rent Rent per SF
1 bd + 1 ba 1 639 $1,500 $2.34Total/Avg 1 639 $1,500 $2.34
Kani Le'a Rent Comparable Summary | 19
3
75-6025 Ali'i Drive | Kailua-Kona
Year BuiltOccupancy 0%# Of Units 1
Unit Mix # ofUnits
Square Feet Asking Rent Rent per SF
2 bd + 1 ba 1 1,081 $1,650 $1.52Total/Avg 1 1,081 $1,650 $1.52
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75-5525 Kona Bay Drive Lot 5 | Kailua-Kona
Year BuiltOccupancy 0%# Of Units 1
Unit Mix # ofUnits
Square Feet Asking Rent Rent per SF
2 bd + 2 ba 1 1,035 $1,995 $1.92Total/Avg 1 1,035 $1,995 $1.92
Kani Le'a Rent Comparable Summary | 20
5
75-6081 Ali'iDrive | Kailua-Kona
Year Built 1996Occupancy 0%# Of Units 368
Unit Mix # ofUnits
Square Feet Asking Rent Rent per SF
2 bd + 2 ba 1 850 $1,650 $1.94Total/Avg 1 850 $1,650 $1.94
6
74-5565 Luhia Street | Kailua-Kona
Year BuiltOccupancy 0%# Of Units 1
Unit Mix # ofUnits
Square Feet Asking Rent Rent per SF
2 bd + 2.5 ba 1 1,800 $2,150 $1.19Total/Avg 1 1,800 $2,150 $1.19
Kani Le'a Rent Comparable Summary | 21
S
Kani Le'a 75-5706 Kalawa Street | Kailua-Kona
Unit Mix # ofUnits
Square Feet Rent Summary Rent per SF
2:1 12 725 $1,079 $1.49Totals/Averages 12 725 $1,079 $1.49
Kani Le'a Rent Comparables Map | 22
# Property Name Address City
S Kani Le'a 75-5706 Kalawa Street Kailua-Kona1 Hale Kaloko 73-1311 Onaona Drive Kailua-Kona2 75-5766 Kuakini Hwy Kailua-Kona3 75-6025 Ali'i Drive Kailua-Kona4 75-5525 Kona Bay Drive Lot 5 Kailua-Kona5 75-6081 Ali'iDrive Kailua-Kona6 74-5565 Luhia Street Kailua-Kona
Kani Le'a | Rent Roll
Rent Roll KAN
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Rent Roll Details
Kani Le'a Rent Roll Details | 24
Unit Nbr Square Feet UnitMix Monthly Rent PSF Move-in Date Notes1 725 2:1 $1,050 $1.452 725 2:1 $1,050 $1.453 725 2:1 $1,100 $1.524 725 2:1 $1,050 $1.455 725 2:1 $1,050 $1.456 725 2:1 $1,050 $1.457 725 2:1 $1,050 $1.458 725 2:1 $1,100 $1.529 725 2:1 $1,050 $1.45
10 725 2:1 $1,050 $1.4511 725 2:1 $1,100 $1.5212 725 2:1 $1,250 $1.72
Kani Le'a | Financial Analysis
Financial Analysis KAN
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Income & Expense
Multiyear Cash Flow Assumptions
Multiyear Cash Flow Projections
Disposition Sensitivity Analysis
Kani Le'a Income Analysis | 26
INCOME CURRENT STABILIZED Current StabilizedGross Potential Rent $155,400 $237,600Parking $3,000 $9,600Laundry $4,500 $4,500 2.89% 1.89%Storage $1 $7,200 0.00% 3.03%Gross Potential Income $162,901 $258,900General Vacancy $7,770 $11,880 5.00% 5.00%Effective Gross Income $155,131 $247,020Total Operating Expense $74,003 $108,472Net Operating Income $81,128 $138,548
Kani Le'a Expense Analysis | 27
EXPENSE CURRENT STABILIZED % of EGI(Current) % of EGI(Market)Real Estate Taxes $11,124 $13,000 7.17% 5.26%Insurance $2,133 $2,133 1.37% 0.86%Management Fee $6,200 $19,150 3.99% 7.75%Marketing $2,000 $2,000 1.28% 0.80%Repairs & Maintenance $6,000 $12,000 3.86% 4.85%Water / Sewer $9,240 $9,240 5.95% 3.74%Landscaping $2,400 $4,000 1.54% 1.61%Refuse $3,700 $3,700 2.38% 1.49%Utilities $25,000 $35,000 16.11% 14.16%General Excise Tax 4% $6,206 $8,249 4.00% 3.33%Total Operating Expense $74,003 $108,472 47.70% 43.91%Expense Per Unit $6,166.92 $9,039.33Expense Per SF $8.51 $12.47
Kani Le'a Multiyear Cash Flow Assumptions | 28
GLOBALAnalysis Period 10 year(s)Commencement Date Jul. 18, 2016Consumer Price Index (growth rate) 3.50 %EXIT CAP RATE 5.00 %
INCOME GROWTH RATESGross Potential Rent 5.00 %Parking 4.00 %Laundry 4.00 %Storage 4.00 %
EXPENSE GROWTH RATESReal Estate Taxes 2.00 %Insurance 3.500 %Management Fee 3.500 %Repairs & Maintenance 3.500 %Water / Sewer 3.500 %Landscaping 3.500 %Utilities 3.500 %Marketing 3.500 %General Excise Tax 4% 3.500 %
ASSUMABLE FINANCINGDown Payment $736,960Loan Amount $863,000Interest Rate 4.90 %Annual Debt Service $42,287Notes Freddie Mac
Kani Le'a Cash Flow Analysis| 29
CASH FLOWCalendar Year CURRENT Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Gross Potential RevenueGross Rental Income $155,400 $237,600 $249,480 $261,954 $275,052 $288,804 $303,244 $318,407 $334,327 $351,043Parking $3,000 $9,600 $9,984 $10,383 $10,799 $11,231 $11,680 $12,147 $12,633 $13,138Laundry $4,500 $4,500 $4,680 $4,867 $5,062 $5,264 $5,475 $5,694 $5,922 $6,159Storage $1 $7,200 $7,488 $7,788 $8,099 $8,423 $8,760 $9,110 $9,475 $9,854Gross Potential Income $162,901 $258,900 $271,632 $284,992 $299,011 $313,722 $329,159 $345,358 $362,356 $380,194General Vacancy $7,770 $11,880 $12,474 $13,098 $13,753 $14,440 $15,162 $15,920 $16,716 $17,552Effective Gross Income $155,131 $247,020 $259,158 $271,894 $285,259 $299,282 $313,997 $329,438 $345,640 $362,642Operating ExpensesReal Estate Taxes $11,124 $13,000 $13,260 $13,525 $13,796 $14,072 $14,353 $14,640 $14,933 $15,232Insurance $2,133 $2,133 $2,208 $2,285 $2,365 $2,448 $2,533 $2,622 $2,714 $2,809Management Fee $6,200 $19,150 $19,820 $20,514 $21,232 $21,975 $22,744 $23,540 $24,364 $25,217Marketing $2,000 $2,000 $2,070 $2,142 $2,217 $2,295 $2,375 $2,459 $2,545 $2,634Repairs & Maintenance $6,000 $12,000 $12,420 $12,855 $13,305 $13,770 $14,252 $14,751 $15,267 $15,802Water / Sewer $9,240 $9,240 $9,563 $9,898 $10,245 $10,603 $10,974 $11,358 $11,756 $12,167Landscaping $2,400 $4,000 $4,140 $4,285 $4,435 $4,590 $4,751 $4,917 $5,089 $5,267Refuse $3,700 $3,700 $3,700 $3,700 $3,700 $3,700 $3,700 $3,700 $3,700 $3,700Utilities $25,000 $35,000 $36,225 $37,493 $38,805 $40,163 $41,569 $43,024 $44,530 $46,088General Excise Tax 4% $6,206 $8,249 $8,538 $8,837 $9,146 $9,466 $9,797 $10,140 $10,495 $10,862Total Operating Expense $74,003 $108,472 $111,944 $115,534 $119,245 $123,082 $127,049 $131,151 $135,393 $139,778Net Operating Income $81,128 $138,548 $147,214 $156,361 $166,014 $176,200 $186,948 $198,286 $210,248 $222,864Reserves $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000Annual Debt Service $42,287 $42,287 $42,287 $42,287 $42,287 $42,287 $42,287 $42,287 $42,287 $42,287Cash Flow $35,841 $93,261 $101,927 $111,074 $120,727 $130,913 $141,661 $152,999 $164,961 $177,577
Effective Gross Income vs Operating Expenses Cash Flow
Kani Le'a Cash Flow Analysis| 30
Calendar Year CURRENT Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Financial MetricsCash on Cash Return b/t 4.86 % 12.65 % 13.83 % 15.07 % 16.38 % 17.76 % 19.22 % 20.76 % 22.38 % 24.10 %CAP Rate 5.07 % 8.66 % 9.20 % 9.77 % 10.38 % 11.01 % 11.68 % 12.39 % 13.14 % 13.93 %Gross Multiplier (GRM) 9.82 6.18 5.89 5.61 5.35 5.10 4.86 4.63 4.42 4.21Debt Coverage Ratio 1.92 3.28 3.48 3.70 3.93 4.17 4.42 4.69 4.97 5.27Operating Expense Ratio 47.70 % 43.91 % 43.19 % 42.49 % 41.80 % 41.12 % 40.46 % 39.81 % 39.17 % 38.54 %Loan to Value 0 0 0 0 0 0 0 0 0 0Breakeven Ratio 74.96 % 61.03 % 59.51 % 58.04 % 56.63 % 55.26 % 53.93 % 52.65 % 51.41 % 50.21 %Price / Unit $133,333 $133,333 $133,333 $133,333 $133,333 $133,333 $133,333 $133,333 $133,333 $133,333Price / SF $184 $184 $184 $184 $184 $184 $184 $184 $184 $184Expense / SF $8.50 $12.46 $12.86 $13.27 $13.70 $14.14 $14.60 $15.07 $15.56 $16.06Income / SF $17.83 $28.39 $29.78 $31.25 $32.78 $34.40 $36.09 $37.86 $39.72 $41.68
Kani Le'a Disposition Sensitivity Analysis | 31
SENSITIVITY ANALYSIS 5 YEARSEXIT CAP RATE PROJECTED SALES
PRICESALES PRICE/UNIT SALES PRICE PSF PROCEEDS AFTER
LOAN PAYOFFIRR
4.00% $4,150,344 $345,862 $477 $3,287,344 41.48%4.25% $3,906,206 $325,517 $449 $3,043,206 39.60%4.50% $3,689,195 $307,433 $424 $2,826,195 37.84%4.75% $3,495,026 $291,252 $402 $2,632,026 36.18%5.00% $3,320,275 $276,690 $382 $2,457,275 34.61%5.25% $3,162,167 $263,514 $363 $2,299,167 33.12%5.50% $3,018,432 $251,536 $347 $2,155,432 31.70%5.75% $2,887,196 $240,600 $332 $2,024,196 30.35%6.00% $2,766,896 $230,575 $318 $1,903,896 29.05%
SENSITIVITY ANALYSIS 10 YEARSEXIT CAP RATE PROJECTED SALES
PRICESALES PRICE/UNIT SALES PRICE PSF PROCEEDS AFTER
LOAN PAYOFFIRR
4.00% $5,571,600 $464,300 $640 $4,708,600 27.56%4.25% $5,243,859 $436,988 $603 $4,380,859 26.89%4.50% $4,952,533 $412,711 $569 $4,089,533 26.27%4.75% $4,691,874 $390,989 $539 $3,828,874 25.68%5.00% $4,457,280 $371,440 $512 $3,594,280 25.12%5.25% $4,245,028 $353,752 $488 $3,382,028 24.60%5.50% $4,052,073 $337,673 $466 $3,189,073 24.10%5.75% $3,875,896 $322,991 $446 $3,012,896 23.63%6.00% $3,714,400 $309,533 $427 $2,851,400 23.18%
Kani Le'a | Additional Information
Additional Information KAN
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Survey
Kanilea_FS_2015
Kanilea_FS_2014
Kanilea Capital Schedule 2014-2016
Rent comparables HK
Kani Le'a Survey | 33
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTDREVENUESRENTAL REVENUE
4105.00 TOTAL RENTAL REVENUE 10,156.06 9,776.19 10,349.75 9,771.55 11,659.25 10,886.50 10,001.25 11,171.25 11,151.25 10,082.16 9,500.50 8,926.98 123,432.694900.00 MISCELLANEOUS INCOME 759.54 717.91 748.23 710.79 724.30 749.70 652.25 967.15 350.00 552.50 128.75 948.85 8,009.97
TOTAL REVENEUE 10,915.60 10,494.10 11,097.98 10,482.34 12,383.55 11,636.20 10,653.50 12,138.40 11,501.25 10,634.66 9,629.25 9,875.83 131,442.66
EXPENSES
5031.00 CLEANING-CONTRACT SERV 821.90 952.80 837.00 884.23 833.00 917.00 917.00 825.00 933.00 1,225.00 800.00 1,015.62 10,961.555111.00 ENERGY BLDG OP-ELECTRIC 279.81 255.81 216.52 587.52 275.32 193.29 289.19 267.11 247.81 262.75 254.00 3,129.135120.00 GAS 1,609.32 3,623.97 3,210.65 2,855.53 2,685.19 2,369.04 1,158.10 17,511.805130.00 WATER & SEWER 1,637.70 794.40 648.00 1,511.10 648.00 960.98 1,635.03 848.29 8,683.505150.00 REFUSE 323.70 323.70 323.70 323.70 323.70 647.40 323.70 647.40 323.70 3,560.705191.00 LANDSCAPE-CONTRACT 468.75 468.755274.00 BLDG OP-R/M 1,164.45 206.85 823.29 861.08 1,148.75 165.63 165.94 540.26 209.90 1,399.07 315.62 167.72 7,168.565279.00 BLDG OP-MISC 245.80 10.00 15.69 6.96 153.49 6.96 6.96 445.865700.00 MANAGEMENT FEES 1,145.56 1,049.41 1,109.80 1,966.67 990.69 1,328.62 1,065.35 1,378.84 1,150.13 1,063.47 962.93 987.59 14,199.066010.00 REAL PROPERTY TAX 896.21 896.21 896.21 896.21 896.21 896.19 900.11 900.11 900.11 900.11 900.11 900.13 10,777.926020.00 INSURANCE 2,133.00 2,133.006030.00 GENERAL EXCISE TAX 436.62 419.77 443.92 491.89 422.74 465.45 426.14 485.54 460.05 425.39 385.17 395.03 5,257.71
TOTAL OPERATING EXPENSES 6,353.87 10,080.77 4,660.44 9,444.52 5,850.61 8,738.54 6,448.23 8,082.79 4,881.28 10,065.81 4,791.64 4,899.04 84,297.54
NET OPERATING INCOME 4,561.73 413.33 6,437.54 1,037.82 6,532.94 2,897.66 4,205.27 4,055.61 6,619.97 568.85 4,837.61 4,976.79 47,145.12
KANILEA APARTMENTIncome Statement By Month
Jan. 1, 2015 to Dec. 31, 2015
Kani Le'a Kanilea_FS_2015 | 34
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTDREVENUESRENTAL REVENUE
4105.00 TOTAL RENTAL REVENUE 10,013.33 9,713.00 10,816.00 10,060.00 10,279.61 10,337.23 10,424.26 10,415.28 10,365.50 10,066.61 10,449.75 9,657.46 122,598.034900.00 MISCELLANEOUS INCOME 720.87 842.10 754.45 723.15 749.24 696.42 773.60 752.60 897.40 730.46 784.87 619.25 9,044.41
TOTAL REVENEUE 10,734.20 10,555.10 11,570.45 10,783.15 11,028.85 11,033.65 11,197.86 11,167.88 11,262.90 10,797.07 11,234.62 10,276.71 131,642.44
EXPENSES
5031.00 CLEANING-CONTRACT SERV 769.60 941.33 769.60 863.20 863.20 863.20 676.00 769.60 863.20 863.20 863.20 769.60 9,874.935111.00 ENERGY BLDG OP-ELECTRIC 322.55 287.74 268.23 234.41 226.69 225.04 217.45 258.57 231.76 224.54 274.66 248.72 3,020.365120.00 GAS 1,511.42 1,562.66 3,371.51 3,193.30 1,553.83 1,570.23 2,965.51 1,667.96 1,891.78 19,288.205130.00 WATER & SEWER 1,611.90 1,310.40 648.00 963.90 648.00 1,039.56 648.00 1,172.40 648.00 1,896.00 10,586.165150.00 REFUSE 323.70 323.70 323.70 323.70 323.70 323.70 323.70 323.70 323.70 323.70 323.70 323.70 3,884.405274.00 BLDG OP-R/M 147.02 411.33 1,771.90 2,003.73 606.77 3,260.13 1,202.55 225.97 686.97 2,617.05 573.78 520.83 14,028.035279.00 BLDG OP-MISC 10.50 95.26 35.81 18.46 160.035700.00 MANAGEMENT FEES 1,125.09 971.30 1,249.25 1,078.32 1,102.89 1,033.73 1,119.79 1,116.79 1,126.29 1,079.71 1,123.47 1,042.68 13,169.316010.00 REAL PROPERTY TAX 5,211.51 5,377.25 10,588.766020.00 INSURANCE 2,069.00 2,069.006030.00 GENERAL EXCISE TAX 429.37 422.20 462.82 431.33 441.15 441.35 447.91 446.77 450.52 431.90 449.40 411.09 5,265.81
TOTAL OPERATING EXPENSES 4,639.25 11,743.67 4,845.50 9,711.86 4,248.21 10,304.35 6,189.23 11,128.44 7,295.95 8,380.46 8,235.45 5,212.62 91,934.99
NET OPERATING INCOME 6,094.95 (1,188.57) 6,724.95 1,071.29 6,780.64 729.30 5,008.63 39.44 3,966.95 2,416.61 2,999.17 5,064.09 39,707.45
KANILEA APARTMENTIncome Statement By Month
Jan. 1, 2014 to Dec. 31, 2014
Kani Le'a Kanilea_FS_2014 | 35
2014 CAPITAL
New Appliances 2,607.63$
Lanai Reconstruction 31,157.22$
Roof Recoating 6,991.14$
Carpentry/Painting 1,720.74$
Krochina Structural Report 931.26$
Bathroom Upgrades 3,177.09$
46,585.08$
2015 CAPITAL
New Appliances 2,277.46$
Lanai Reconstruction 21,872.00$
Roof Recoating 4,122.00$
Mansard Roof Repairs 8,950.00$
Interior Carpentry/Painting 10,030.18$
Bathroom Upgrades 22,192.19$
Replacement of Plumbing Stacks 11,666.64$
Exterior Painting 40,655.25$
121,765.72$
2016 CAPITAL
Lanai Reconstruction 22,096.00$
Mansard Roof Repairs 9,775.00$
Interior Carpentry/Painting 10,178.80$
42,049.80$
Kani Le'a Kanilea Capital Schedule 2014-2016 | 36
75-5766 Kuakini Hwy 1 Bedrooms 639 sqft 1,500$
75-6009 Alii Dr APT G21, Kailua Kona, HI 3 bds • 2 ba 1,086 sqft 1,800$
75-6008 Alii Dr # B223, Kailua Kona, HI Studio • 1 ba 500 sqft 1,500$
75-5680 Kuakini Hwy APT 309, Kailua Kona, HI 1 bd • 1 ba 338 sqft 1,500$
75-6025 Alii Dr 2 Bedrooms 1081 1,650$
75-5719 Alii Dr APT 309, Kailua Kona, HI 1 bd • 1 ba 600 sqft 1,450$
75-5525 Kona Bay Dr LOT 5, Kailua Kona, HI 2 bds • 2 ba 1035 1,995$
Hale Kaloko Rent Comparable Report4/20/2016
Kani Le'a Rent comparables HK | 37
75-5919 Alii Dr APT G4, Kailua Kona, HI 3 bds • 3 ba 1,880 sqft 2,995$
75-6081 Alii Dr, Kailua Kona, HI 2 bds • 2 ba 850 sqft 1,650$
75-5669 Kuakini Hwy APT 5-204, Kailua Kona, HI 1 bd • 1 ba 850 sqft 1,540$
75-5782 Kuakini Hwy APT 407, Kailua Kona, HI 1 bd • 2 ba 780 sqft 1,500$
Kuakini Hwy, Kailua Kona, HI 1 bd • 1 ba 753 sqft 2,550$
75-6009 Alii Dr #G21 3 bd 2ba 1086 sqft 1,800$
74-5565 Luhia St 2 bd 2.5 ba 1800 sqft 2,150$
Kani Le'a Rent comparables HK | 38
75-6008 Alii Dr #B223 1 bd • 1 ba 500 sqft 1,500$
Kailua Kona, HI 1 bd • 1 ba 753 sqft 2,550$
75-5680 Kuakini Hwy #203 1 bd • 1 ba 338 sqft 1,350$
75-5680 Kuakini Hwy #309 1 bd • 1 ba 338 sqft 1,500$
75-5719 Alii Dr 1 bd • 1 ba UNK 1,450$
77-368 Ailina St 1 bd • 1 ba UNK 1,800$
73-4188 Kahi Pl #B 1 bd • 1 ba UNK 1,000$
Kani Le'a Rent comparables HK | 39
73-1098 Ahikawa St 5bd 5 ba 2000 sqft 3,115$
75-5719 Alii Dr #309 1 bd • 1 ba 600 sqft 1,450$
75-5669 Kuakini Hwy #5204 1 bd • 1 ba 850 sqft 1,540$
75-5782 Kuakini Hwy #407 1 bd • 2 ba 780 sqft 1,500$
75-5766 Kuakini Hwy #403 1 bd • 1 ba 639 sqft 1,500$
75-5766 Kuakini Hwy #609 1 bd • 1 ba 639 sqft 1,600$
N/A
73-4188 Kahi Pl B 1 bd • 1 ba UNK 1,000$
N/A
Kailua-Kona Condo 211 1 bd • 1 ba UNK 2,550$
Kani Le'a Rent comparables HK | 40
N/A
75-6008 Alii Dr B223 Studio • 1 ba UNK 1,500$
77-368 Ailina St, Kailua Kona, HI 96740 1 bd • 1 ba UNK 1,900$
75-5719 Alii Dr, Kailua Kona, HI 96740 1 bd • 1 ba 655 sq ft 1,600$
N/A
Kona Plaza 321 75-5719 Alii Dr, Kailua Kona, HI 96740 1 bd • 1 ba 600 sq ft 1,600$
75-5719 Alii Dr, Kailua Kona, HI 96740 1 bd • 1 ba UNK 1,450$
75-5782 Kuakini Hwy Apt 407, Kailua Kona, HI 96740 1 bd • 2 ba 780 sq ft 1,600$
Malia Kai 75-5855 Walua Rd # 11, Kailua Kona, HI 96740 1 bd • 1 ba UNK 1,450$
Kani Le'a Rent comparables HK | 41
895 Kealakehe St, , HI 96740 1 bd • 1 ba 625 sq ft 1,642$
Average 1 Bedroom Rent 1,606$
Kani Le'a Rent comparables HK | 42
Kani Le'a
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