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- LoopNet Team
Puainako Street Extension Below South Wilder Road
Hilo, HI 96720
Puainako Heights Project · Land For Sale
·
130.00 AC
INVESTMENT HIGHLIGHTS
- Zoned for 440 to 820 residential units, includes 317 water units
- Priced under $50,000 per acre; or $20,000 per water unit
- One of very few residential development sites in HIlo, Hawaii
PROPERTY FACTS
DESCRIPTION
Puainako Heights is a fee simple, residential real estate development opportunity located approximately five miles above the town of Hilo, on the Big Island of Hawaii. Offered for sale are approximately 130 usable acres and a total of 57 separate tax parcels. Zoning allows between 440 and 820 units, in both Single- and Multi-Family configurations. 317 municipal water meters are included. The simplest approach to development is to subdivide the site into 1-acre houselots. A subdivision should yield 100 to 110 lots, each worth $300,000 to $350,000, or $30M to $38.5M in the current market. Appreciation is likely due to the limited number of homesites in Hilo. Puainako Heights is probably the only residential development opportunity in east Hawaii with a significant commitment of municipal water meters. The site may be developed as either a build-to-rent project or fee simple neighborhood. RM zoning allows some uses beyond long-term housing. Property is in foreclosure. Contact Aaron Lee at (808) 960-3138 or aaron_lee@live.com for disclosures and more information.
