230 Kapiolani Street, Hilo, HI 96720
- $5,688,000
- List Price
- $5,688,000
- Status
- ACTIVE
- Type
- Multifamily
- MLS#
- 202613702
- Days on Market
- 12
- Land Area
- 24,573
- Year Built
- 1973
- Property Type
- Residential
- Neighborhood
- Ponahawai
- Land Tenure
- FS - Fee Simple
Property Description
This exceptional property offers 24 fully renovated apartment units — twenty-one 2-bedroom and three 3-bedroom units — in the heart of Hilo. The building underwent a comprehensive $952,000 gut renovation in 2025, inside every unit, including new luxury vinyl plank flooring, new high-end cabinets, granite countertops, sinks and faucets, all new stainless steel refrigerators, stoves and range hoods, updated bathrooms with new vanities and lighting, new ceiling fans in all bedrooms and living rooms, and fresh interior paint throughout. The property is 100% leased with professional management in place and includes 28 on-site parking stalls. Located in downtown Hilo — the county seat and regional hub for UH Hilo, healthcare, and government employment — supporting deep, stable rental demand. A recent condo conversion at a comparable Hilo building validates an embedded condo-conversion exit as additional upside. This is a trophy, renovated asset in a submarket where fully stabilized investment properties are rarely available for sale and is truly "turnkey" for a buyer. 5.5% cap rate on stabilized income!
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Additional Information
- Island
- Big Island
- Utilities
- Above Ground Utilities, Electricity Available, Sewer Available, Water Available, Sewer Connected
- View
- Coastline, City
- Elementary School
- Kapiolani
- Middle School
- Hilo
- High School
- Hilo
- Lot Size
- 24,573
- Construction Materials
- Masonry, Stucco, Wood Frame
- Neighborhood
- Ponahawai
- Frontage
- Other
- Furnished
- Unfurnished
- Year Built
- 1973
- Sewer
- Connected
- Parking Features
- Assigned
- Lot Features
- Cleared, Other
- Assessed Total
- 1520800
- Water
- Public
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Listing courtesy of Standard Management LLC.
Based on information from the Multiple Listing Service of Hicentral MLS, Ltd. Listings last updated on . Information is deemed reliable but not guaranteed. Copyright: 2026 by HiCentral MLS, Ltd. IDX information is provided exclusively for consumers' personal, non-commercial use. It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Contact: (808) 208-8107