7
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$6,340,000
Est. payment /mo
Active
PUAINAKO EXTENSION Hilo, HI 96720
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Key Details
Property Type Vacant Land
Sub Type HIS Vacant Land
Listing Status Active
Purchase Type For Sale
Subdivision Puainako Heights Subdivision
MLS Listing ID 716708
HOA Y/N No
Annual Tax Amount $4,749
Tax Year 2024
Property Sub-Type HIS Vacant Land
Source Hawaii Information Service
Land Area 5662800
Property Description
Puainako Heights is a fee simple, residential development opportunity located approximately five miles above Hilo, on the Big Island of Hawaii.
The project is currently zoned for 440 units, in both single- and multi-family configurations. The number of allowed units may be increased to 820 with approval from the County.
The site encompasses approximately 130 usable acres and 57 separate tax parcels.
- State Land Use Designation is Urban
- County Zoning is RS-7.5, with 34 acres zoned RM-4
- 317 water meters are reserved for Puainako Heights through the Department of Water Supply
The property is in foreclosure, and presents a unique opportunity for an experienced real estate developer or long-term investor. Offered at roughly $50,00 per-acre, or $20,000 per-water-unit, the site may be developed as a fee simple neighborhood and/or build-to-rent community. The scarcity of development sites near Hilo, commitment of municipal water service, and proximity to Kona, should preserve and increase the value of Puainako Heights as a long-term asset.
Additionally, RM zoning allows the following uses:
- Single- or multi-family housing
- Adult day care homes
- Boarding facilities, rooming, or lodging houses
- Care homes, with a County Use Permit
- Community Buildings, as permitted in Hawaii County Code Section 25-4-11
- Day care centers, with a County Use Permit
- Group living facilities
- Medical clinics, with a County Use Permit
- Meeting facilities
- Short-term vacation rentals, within a condominium property regime
Due to the Puainako Heights' status as the subject of a foreclosure action, the Court of the Third Circuit requires property-specific disclosures to be made to potential Buyers. Disclosures are available to interested parties.
The project is currently zoned for 440 units, in both single- and multi-family configurations. The number of allowed units may be increased to 820 with approval from the County.
The site encompasses approximately 130 usable acres and 57 separate tax parcels.
- State Land Use Designation is Urban
- County Zoning is RS-7.5, with 34 acres zoned RM-4
- 317 water meters are reserved for Puainako Heights through the Department of Water Supply
The property is in foreclosure, and presents a unique opportunity for an experienced real estate developer or long-term investor. Offered at roughly $50,00 per-acre, or $20,000 per-water-unit, the site may be developed as a fee simple neighborhood and/or build-to-rent community. The scarcity of development sites near Hilo, commitment of municipal water service, and proximity to Kona, should preserve and increase the value of Puainako Heights as a long-term asset.
Additionally, RM zoning allows the following uses:
- Single- or multi-family housing
- Adult day care homes
- Boarding facilities, rooming, or lodging houses
- Care homes, with a County Use Permit
- Community Buildings, as permitted in Hawaii County Code Section 25-4-11
- Day care centers, with a County Use Permit
- Group living facilities
- Medical clinics, with a County Use Permit
- Meeting facilities
- Short-term vacation rentals, within a condominium property regime
Due to the Puainako Heights' status as the subject of a foreclosure action, the Court of the Third Circuit requires property-specific disclosures to be made to potential Buyers. Disclosures are available to interested parties.
Location
State HI
Community Puainako Heights Subdivision
Area Hi
Zoning RS-7.5
Region South Hilo
City Region South Hilo
Exterior
Utilities Available Electricity Available
View Y/N No
Topography Rolling Terrain
Garage No
Private Pool No
Building
Lot Description Wooded
Sewer None
Others
Ownership Full
Acceptable Financing Cash
Listing Terms Cash
Special Listing Condition Fee Simple, Notice Of Default
Listed by RE/MAX Properties
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