Proven Income-Producing Vacation Rental House in Kona's Oceanfront Resort Zone Gated Community – No STVR Restrictions<br><br>Maximize your return with this luxury investment property in Kailua Kona’s exclusive ocean-front, gated resort-zoned enclave of Ke Alohi Kai—where short-term vacation rentals are fully permitted and protected, with no risk of future regulation changes or permit loss.<br><br>This high-performing asset has consistently delivered strong financials:<br><br>2022: $295,342 gross revenue<br>→ NOI: $205,071 | CAP Rate: ~5%<br><br>2023: $336,045 gross revenue<br>→ NOI: $245,774 | CAP Rate: ~6%<br><br>2024: $275,422 gross revenue<br>→ NOI: $185,151 | CAP Rate: ~4.6%<br><br>2025 (Q1 only): $100,000 gross — a record-breaking start, signaling potential for highest revenue year yet<br><br>These figures are based on average operating expenses of $90,271/year (which may vary for a different owner and year), delivering real, verifiable cash flow. With upside in rates and bookings, this property presents a compelling CAP rate and long-term value.<br><br>This 4-bedroom, 7-bathroom custom-built residence spans 4,035 sq. ft. on a 10,034 sq. ft. lot in the gated oceanfront community of Ke Alohi Kai. Thoughtfully designed for seamless indoor-outdoor living, it features a zero-edge pool, cascading spa, and expansive pocket sliding doors.<br><br>Each bedroom offers a private lanai and ensuite bath, with the primary suite opening directly to the pool and featuring a jetted tub. Recent upgrades include a photovoltaic (PV) solar system and enhanced air conditioning, adding energy efficiency and comfort.<br><br>Located just a short walk from Magic Sands Beach and popular local restaurants, the home also includes two sitting areas, large living and dining spaces, central vacuum, and lush tropical landscaping behind stone walls and wooden gates.
For sale
$3,995,000
77-212 Ke Alohi Kai Pl, Kailua Kona, HI 96740
4beds
4,035sqft
Est.:
Single Family Residence
Built in 2003
10,034 Square Feet Lot
$3,770,000 Zestimate®
$990/sqft
$503/mo HOA
What's special
Zero-edge poolExclusive ocean-frontLush tropical landscapingCustom-built residenceCascading spaJetted tubEnsuite bath
- 56 days
- on Zillow |
- 874 |
- 36 |
Zillow last checked: 7 hours ago
Listing updated: August 04, 2025 at 08:55am
Listed by:
Emil V Knysh 8087470503,
COMPASS,
Daisuke 'Kai' Ioh 808-936-6148,
COMPASS
Source: Hawaii Information Service,MLS#: 721754
Travel times
Tour with a buyer's agent
Tour with a buyer's agent
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 4
- Bathrooms: 7
- Full bathrooms: 4
- 1/2 bathrooms: 3
Features
- Has fireplace: No
Interior area
- Total structure area: 4,035
- Total interior livable area: 4,035 sqft
Video & virtual tour
Property
Parking
- Parking features: Attached
Features
- Pool features: Gunite, Heated, In Ground, Pool/Spa Combo
- Has spa: Yes
Lot
- Size: 10,034 Square Feet
- Topography: Level
Details
- Parcel number: 3770240130000
- Zoning: V-1.25
- Special conditions: Fee Simple,Standard
Construction
Type & style
- Home type: SingleFamily
- Property subtype: Single Family Residence
Condition
- Year built: 2003
Utilities & green energy
- Water: Public
- Utilities for property: Cable Available, Electricity Available, Phone Available, Sewer Connected, Underground Utilities, Water Available
Community & HOA
Community
- Subdivision: KE ALOHI KAI SUBDIVISION
HOA
- Has HOA: Yes
- HOA fee: $503 monthly
Location
- Region: Kailua Kona
Financial & listing details
- Price per square foot: $990/sqft
- Tax assessed value: $2,961,200
- Annual tax amount: $35,272
- Date on market: 6/11/2025
- Listing terms: 1031 Exchange,Cash,Conventional
- Ownership: Full
- Electric utility on property: Yes
- Road surface type: Paved
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