The Point at Mauna Lani: an oceanfront ground-floor unit selling at a discount because the bathrooms are torn apart
A 1986 steel-and-concrete unit at The Point at Mauna Lani on the Big Island, first line, directly in front of the Pacific and overlooking hole 15 of the Mauna Lani golf course. A comparable dated unit here trades around $2.7–2.8 million. This one is asking $2.5 million and can likely be bought closer to $2.3 million, because the HOA had to cut the slab to replace cast iron sewer lines and both bathrooms plus the kitchen floor are currently open. Renovation is estimated in the low-to-mid six figures. Once finished, the unit should rent for roughly $1,500 a night, and possibly more given the location.
The numbers
| Community | The Point at Mauna Lani, Big Island, Hawaii |
|---|---|
| Distance from Kona International Airport | About 30 minutes north |
| Year built | 1986 |
| Construction | Structural steel and concrete, concrete block interior walls |
| Floor | Ground level, no steps, no stairs, no elevator |
| Position | First line, oceanfront, facing hole 15 of the Mauna Lani golf course |
| Comparable dated unit | $2,700,000 – $2,800,000 |
| Asking price | $2,500,000 |
| Likely purchase price | Around $2,300,000 |
| Projected nightly rate | About $1,500, potentially higher |
| Current condition | Both bathrooms opened up, kitchen flooring removed |
Why the location cannot be replicated
Everything built in the 1990s and later at Mauna Lani sits on the second or third line, set back from the water. This building went up in 1986 on the first line, and that position is not something a future developer can recreate. You can change flooring, cabinets and finishes. You cannot buy the view at any price unless it already comes with the unit.
The living room opens directly onto hole 15 of the Mauna Lani golf course, one of the most photographed holes in the game, and people fly in specifically to play it. Maui is visible across the channel on a clear day. The Mauna Lani Beach Club, the only private beach on the Big Island, is about a five minute walk, and there is a small snorkeling spot within walking distance of the unit.
The unit also sits well above the highest tsunami run-up recorded in Hawaii, which is unusual for something this close to the water. That is a favorable elevation, not a guarantee of safety, and it does not remove the need for standard hazard review and insurance.
Construction quality from 1986
The building was put up by a Japanese builder using structural steel and solid concrete. Interior walls are concrete block with drywall on metal studs. The practical result is a building that feels like a high-end hotel: you do not hear the neighbors on either side.
This is not how condos get built today, and reproducing it now would be prohibitively expensive. When you evaluate a forty year old unit, separate what is dated from what is structural. Dated finishes are a budget line. Structure and position are not.
Why a ground-floor unit is a rental advantage
You park and walk in. No steps, no stairs, no elevator. That matters more every year, because the traveler with the most money and the most free time is the retiring baby boomer, and that is who your guests will be. Older travelers filter listings for exactly this, and a first-floor unit with level access converts where a walk-up does not.
What actually happened to this unit
The association had to replace the cast iron sewer lines building-wide. Doing that meant cutting the slab, which meant taking apart the bathrooms. The kitchen flooring came out as well, and the granite tile in there cannot be matched.
So the unit shows badly right now, and that is the entire reason it is priced below its neighbors. The work needed was work the unit already required: the kitchen and both bathrooms were dated and would have been renovated by any buyer planning to rent it out. The discount is real, the deferred cost is not new.
How the math works
Buy near $2.3 million, budget the renovation, and the all-in number lands close to what a finished comparable trades for today. The return comes from two places: the spread between a discounted distressed-looking unit and a finished one, and the nightly rate a first-line, ground-floor unit commands afterward.
Get renovation quotes before you write the offer. On an island, materials and labor carry a premium and lead times are long, so the difference between a light refresh and a full gut is the difference between a good deal and a mediocre one.
Who this is for
This works for a buyer who has the cash to do the work, not just the down payment. Projects like this rarely come along, and when they do they move quickly. The typical fit is someone who wants an Airbnb that covers some or most of its own costs, flies in a few times a year to use it, and treats the property as a long-term hold rather than a quick trade.
Video chapters
00:00 – Intro. Why this unit is a rare case.
00:56 – Location. The Point at Mauna Lani, 30 minutes north of Kona International Airport.
01:03 – Level access. No steps, no stairs, no elevator.
01:11 – Construction. Built in 1986 in structural steel and concrete.
01:48 – The view. Oceanfront, hole 15, Maui across the channel.
02:23 – Mauna Lani Beach Club. The only private beach on the Big Island, five minutes away.
02:42 – Elevation. Above the highest tsunami run-up recorded in Hawaii.
03:05 – Why the first line matters. Later buildings sit further back.
03:17 – Aging travelers. Why ground-floor access converts.
03:44 – The sewer line replacement. Why the bathrooms are open.
04:12 – Pricing. Comparable at $2.7–2.8M and why this one is discounted.
04:30 – Renovation and rent potential. Roughly $1,500 a night once finished.
04:52 – The kitchen. Removed granite tile that cannot be matched.
05:37 – Second bathroom. Concrete block walls and metal studs exposed.
06:03 – The offer. Asking $2.5M, likely obtainable near $2.3M.
06:37 – Who this suits. An Airbnb that covers its own costs.
Frequently asked questions
Why is this unit cheaper than the others in the building?
The association replaced the building's cast iron sewer lines, which required cutting the slab and dismantling both bathrooms. The kitchen flooring came out at the same time. A comparable dated unit here runs $2.7–2.8 million; this one is asking $2.5 million because the buyer inherits work that has to happen immediately.
What can an oceanfront unit at Mauna Lani rent for?
The estimate for this unit once renovated is around $1,500 a night, and the location argues for more. First line, ground floor and a golf course view are the three things guests pay a premium for, and none of them can be added later.
Is it worth buying a condo built in 1986?
It depends on what is dated. Here the finishes are dated and the structure is not: solid steel and concrete, concrete block interior walls, hotel-grade sound isolation. Buildings of this quality are not economical to construct today. Finishes are a line item in a budget; structure and position are not.
How much should I budget for renovation?
Get contractor quotes before making an offer. Island projects carry higher material and labor costs and longer lead times than mainland equivalents, and the range between a cosmetic refresh and a full renovation is wide enough to change whether the deal makes sense.
Is an oceanfront unit exposed to tsunami risk?
This building sits above the highest tsunami run-up recorded in Hawaii, which is favorable for a property this close to the shoreline. It is not a guarantee. Hazard zone review and appropriate insurance are part of standard due diligence on any coastal purchase.
Can I use the property myself and still rent it out?
Yes, and that is the common pattern in this segment. Owners block a few weeks a year for themselves and rent the rest, with the income covering some or most of the carrying costs. Reserving peak weeks for personal use reduces annual revenue, so timing matters.
Full transcript
You asked and I listened. My name is Alexey, I am a real estate broker, and I have been buying and selling investment real estate for the past 20 years. Today we are in Hawaii on a magnificent afternoon, and I have a very special unit to show you. We have a couple of investors interested in it, and it is one of those rare cases where you can make a flip, or a very smart investment.
Most of the good properties were sold before you were born, and most of the money was made by people who got there first. This is one of those cases where you can be part of that without inventing a time machine and going back to buy Bitcoin at ten cents.
We are in a place called The Point at Mauna Lani on the Big Island, just half an hour north of Kona International Airport. We parked the car, and we have no-step, no-ladder, no-elevator access into this unit, which was built in 1986 by a Japanese builder. This is a structural wall made of solid steel and concrete. The quality of construction is like a high-end hotel. It is very quiet in here. You cannot hear your neighbors on the right or on the left.
We just passed a bedroom, another bedroom on the left, and we are going into the kitchen and the living room, which opens up to this. Check this out. We are on the first line in front of the Pacific Ocean.
This is the Mauna Lani golf course, one of the most famous and coveted courses in the world. This is hole number 15. That is where people take pictures, and they fly in to play here. That is Maui over there behind the clouds.
About five minutes north of here on foot is the Mauna Lani Beach Club, the only private beach on the Big Island, with a nice restaurant, a waiting area and a place to just relax. You can also walk to a little snorkeling spot right from the unit.
Believe it or not, even though you are this close to the beach, you are above the highest tsunami wave level ever recorded to hit Hawaii. So in other words, you have this fantastic view, you have solid concrete with metal construction, it is safe, it is solid, it is quiet, and you have a location that is hard to beat.
They do not build like this anymore. Everything built in the nineties and the two thousands and later was built on the second line or the third line, away from the ocean. And you have a first floor unit. With the population aging and the trends showing that older people are the ones traveling most, and this is also the wealthiest generation, the baby boomers who are now retiring, those are the ones who will be your tenants. Those are the customers who will appreciate not having to climb any stairs or take an elevator to get inside.
Fun fact: there has been a major remodeling issue here. They had to replace all of the sewer lines, which is why the HOA came in and took the bathroom apart. They had to cut the slab and replace cast iron pipes. As a result, it looks like this.
Normally a dated unit that is forty years old would still cost about $2.7 to $2.8 million, but this one, because it needs work done immediately, is sold at a substantial discount. We estimate what it will cost to have this place fixed and ready. When it is done, it can probably generate about $1,500 a night in rent, which is obviously a very attractive number, especially if you are somebody who will fly in and enjoy it yourself.
Here is another issue: the flooring in the kitchen was also removed. This is granite tile that we will not be able to replace, but that is okay, because the kitchen is older and needs updating anyway. Generally speaking, cosmetically it needs some love. We can change the floor. We will not be able to buy the view for any money unless it is already here, which is why this unit is so attractive.
Projects like this very rarely come along, but when they do, and if you have enough cash to do the work, it will be a very interesting and very profitable investment.
Second bathroom. As you can see, this is the inside of the wall. It is made of concrete bricks, and our drywall goes on these metal studs. This is another bathroom that has been taken apart, which is okay, because it was dated and had to be updated anyway. It is an opportunity.
They are asking $2.5 million. We can probably get it for about $2.3 million and then do the work. So a buyer at roughly $2.5 million all in can get their hands on this unit. I am estimating the rent at about $1,500, but the reality is it will probably rent for higher than that, because of the location and because this is a first floor unit on the first line in front of the ocean.
Thank you for watching. If you want to expand your portfolio, if you like Hawaii, if you like to travel, if you want an Airbnb that covers some or most of your expenses and you use it yourself a few times a year, this is it. It does not get better than this. My name is Alexey, thank you for watching. I am going to go check on the ocean once again, make sure the palms are okay and all the sea turtles are doing well. Aloha, we will see you in the next one.