I am starting a new category on the blog called the 1031 exchange property of the week. For those that have sold a 2nd home, commercial or an investment property, our intent is to illuminate potential replacement properties for the second half of the exchange. The inaugural 1031 property of the week is one of our listings in Paia. This multi-unit property currently has 4 condominium homes. There are 3 three bedroom/1 bath homes and 1 two bedroom/ 1 bath homes situated on nearly 1/2 an acre of land. The four homes are being used as long term rentals.
Kitchen area with part of the living space in the background for the 2 bedroom.
Exterior and part of the yard area or “area of exclusive use” for one of the 3 bedroom condos.
If the buyer were to purchase the property as a whole, they would have the opportunity to sell the 4 individual homes separately. Creative buyers are encouraged to do their own due dilligence. With 4 water meters on the property and what we believe to be R-1 zoning, there are some interesting redevelopment possibilities. This property is listed at $1,750,000. Contact us today for additional information on the property.