Two-Building Office
For Sale
$1,650,000
224 HAILI ST, Hilo, HI 96720
Commercial Sale, Hilo, HI
Property Size4,816 SF
Lot Size0.44 Acres
Price / SF$342.61
Days on Market140
Property Features for 224 HAILI ST
General Information
Property type
Residential
Property subtype
Office
Zoning
CDH
Bathrooms
7
Half bathrooms
7
Rooms
Bathroom 7, Bathroom 5, Bathroom 6, Bathroom 2, Bathroom 1, Bathroom 4, Bathroom 3
Parking features
Assigned
Subdivision
HILO TOWN
Lot features
Cleared, Grassy
Standard status
Active
APN
3230130060000
Size
4,816 SF
Lot size
0.44 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
13128
Utilities
Utilities
Cable Available
Heating system
Zoned
Cooling system
Zoned
Building Details
Year built
1963
Floors in Building
1
Number of units
3
Listing Agency:
Coldwell Banker Island Properties - Hilo · Coldwell Banker Real Estate
(808) 969-7863
Listed By:
Glenn M. Takase · License #RB-18547
(808) 936-0692
Added: May 1
Changed: Sep 16
Last Checked: Sep 17 at 5:06PM
MLS# 730008
Copyright © 2026 Hawaii Information Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This office property comprises two separate commercial buildings totaling 4,816 square feet on a 0.4435-acre parcel. The first building contains 1,840 square feet and is occupied by a long-term dental office tenant. The second building adds 2,976 square feet across two units, both currently occupied. Zoned heating and cooling serve the buildings, and the property includes seven bathrooms.
Located at 224 HAILI ST in Hilo, the property sits just above downtown with central access and high visibility. On-site parking includes 16 stalls with assigned parking. The property was built in 1963 and is zoned CDH.
Located at 224 HAILI ST in Hilo, the property sits just above downtown with central access and high visibility. On-site parking includes 16 stalls with assigned parking. The property was built in 1963 and is zoned CDH.
Key Highlights
- Two commercial buildings totaling 4,816 square feet
- 1,840‑square‑foot building occupied by a long‑term dental office tenant
- Second building includes two occupied units totaling 2,976 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$68,559
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.16%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,371,180
$1.4M
Cap Rate 7%
$979,414
$979.4K
Cap Rate 9%
$761,767
$761.8K
Market Conditions
NOI Build-Up for 4,816 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$106.9K $22.20/SF
− Vacancy
−$15.5K −$3.22/SF
EGI
$91.4K $18.98/SF
− OpEx
−$22.9K −$4.75/SF
NOI
$68.6K $14.24/SF
Area
Hawaii County, HI
Vacancy
14.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,371,180
Cap Rate 7%
$979,414
Cap Rate 9%
$761,767
Alternative Uses
Best Use
Office B
$979.4K
$857.0K – $1.14M
NOI $68,559 @ 7.0% cap · market cap 4.16%
Second Best
Healthcare Medical
$951.8K
$832.9K – $1.11M
NOI $66,628 @ 7.0% cap · market cap 4.04%
Theoretical Best
Specialty Retail
$1.64M
$1.44M – $1.92M
NOI $115,052 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Location Intelligence
Demographics for 96720, HI
46,615
Population
19,826
Households
2.4
Avg Household Size
43
Median Age
34%
College-Educated
95%
High-School Grad
287.8 sq mi
ZIP Area
162
Density / Sq Mi
$78,537
Median Household Income
$41,268
Median Earnings
$1,346
Median Rent
$458,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Multi-suite commercial asset with established occupancy and on-site parking near central Hilo.
Where is this office units located?
The property is located at 224 HAILI ST Hilo, HI.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Two commercial buildings totaling 4,816 square feet; 1,840‑square‑foot building occupied by a long‑term dental office tenant; Second building includes two occupied units totaling 2,976 square feet
