Seize the opportunity to acquire a custom-built, three-level luxury residence holding a transferable Short Term Vacation Rental (STVR) Permit, perfectly positioned within the exclusive, gated Kona Bay Estates in desirable downtown Kona. With over 5,000 square feet under roof, this property is impeccably designed to maximize guest enjoyment, hosting capacity, and rental revenue. A distinctive advantage is the propertys unique status within a gated community that features underground utilities and close proximity to the pristine Baby Ponds beach and tidepools- with NO HOA dues. Its location places you steps from the ocean and just a short, easy stroll to Old Kailua Town for immediate access to dining, shopping, and vibrant town life. The ground level is a dedicated entertainment haven, featuring a covered lanai with multiple seating areas, a pool table, a wet bar, and private swimming pool. This level also includes a separate entry and a kitchenette, allowing it to function as a private guest studio. The second level provides the main living experience, complete with a comfortable living room, a large dining area, and kitchen equipped with custom cabinets, granite countertops, and stone flooring. This level includes a guest room, flexible room currently used as an office and full bath. You will appreciate the multiple screened lanais-one off the kitchen perfect for morning coffee, and a larger one off the living area for outdoor dinner parties. The third level, dedicated to private retreats. This floor hosts the oversized master suite, which features a grand master bath and its own private lanai for ocean and bay views. Two additional bedrooms with ensuite baths complete this level. The homes configuration allows for flexible use of space, providing ample capacity (up to 5 or 6 sleeping areas) to host large groups.