$5,688,000
 $30,534 est/mo Sourced by Back At You

230 Kapiolani St,Hilo, HI 96720

Hilo, HI 96720

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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!

Details

MLS #732045
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1973
Days On Site65
Listing Provided ByStandard Management LLC | Ashley Clagstone

Features

Bed(s)24
Bath(s) 24 Total
SQ Feet17,868
Units24
ZoningRM-1
Acreage0.56
Property ViewCity, Coastline

Taxes

Property8785

Area Information

StateHI
CityHilo
Zip Code96720
AreaBig Island
Community NamePONAHAWAI
Listing VS Median (in PONAHAWAI)
Price:
$5,688,000
low | high
Med:
$3,249,000
92.879746835443% of Average
sqft:
17,868
low | high
Med:
9,900
94.593687038281% of Average
$ / sqft:
$318
low | high
Med:
$328
46.906597621787% of Average
On site:
65
low | high
Med:
9
100% of Average
Sourced by Back At You

Market Activity 96720

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Coldwell Banker Island Properties

Coldwell Banker Island Properties

 (808) 875-7000info@islandproperties.com
StateHI
CityHilo
Zip Code96720
AreaBig Island
Community NamePONAHAWAI
Listing VS Median (in PONAHAWAI)
Price:
$5,688,000
low | high
Med:
$3,249,000
92.879746835443% of Average
sqft:
17,868
low | high
Med:
9,900
94.593687038281% of Average
$ / sqft:
$318
low | high
Med:
$328
46.906597621787% of Average
On site:
65
low | high
Med:
9
100% of Average
Sourced by Back At You
Nearby Listings (Within 1/10 mile)
Price: $4.266M - $7.11M
sqft: 13,000 - 22,000
Nearby Listings Property ImageNearby Listings Details
230 Kapiolani Street Property Photo 1
$5,688,000
230 Kapiolani Street
Hilo, HI 96720
Listing Updated: September 17, 2026 at 9:07:45 AM PDT

Coldwell Banker Island Properties

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