Two-Unit Office
For Sale
$429,000
101 Aupuni St, Hilo, HI 96720
Flexible office configuration with separate entrances, private offices, a kitchen, and a full bathroom with shower.
Property Size1,518 SF
Price / SF$282.61
Days on Market555
Property Features for 101 Aupuni St
General Information
Standard status
Active
Size
1,518 SF
Total Parking Spaces
4
Property subtype
Office
Additional Details
HOA Fee
$1,881
Utilities to Site
Yes
Office Units
2
Amenities
3
CG-7.5
Parking.
Assigned Parking Space, Unassigned.
Garden/Lawn, Other
Garden, Street Lights. Paved Road, Country Road.
Building Details
Year Built
1971
Listing Agency:
Hilo
(808) 936-0692
Listed By:
Coldwell Banker Island Properties
(808) 936-0692
Source:
Xome
Added: Feb 23, 2025
Changed: Aug 31
Last Checked: Aug 31 at 1:42PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Hilo
Investment Insights
Based on property information with market context.
This office offering includes units 128 and 129 within Hilo Lagoon Centre, comprising 1,518 square feet. Separate entrance doors allow the suites to function independently, supporting occupancy by two businesses. The interior includes five private offices, a kitchen, and a bathroom fitted with a shower. The property was built in 1971 and is currently vacant, providing usable office space in its existing condition.
Parking includes two reserved stalls plus two floating spaces. Common-area charges cover electricity, water, sewer, and reserve fund assessment, with 2025 CAM listed separately for each unit. The property is located at 101 Aupuni St in Hilo, Hawaii.
Parking includes two reserved stalls plus two floating spaces. Common-area charges cover electricity, water, sewer, and reserve fund assessment, with 2025 CAM listed separately for each unit. The property is located at 101 Aupuni St in Hilo, Hawaii.
Key Highlights
- 1,518‑square‑foot office offering comprising units 128 and 129
- Separate entrances support use by two businesses
- Five private offices, kitchen, and bathroom with shower
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
$21,610
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
5.04%
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%
$432,200
$432.2K
Cap Rate 7%
$308,714
$308.7K
Cap Rate 9%
$240,111
$240.1K
Market Conditions
NOI Build-Up for 1,518 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
$33.7K $22.20/SF
− Vacancy
−$4.9K −$3.22/SF
EGI
$28.8K $18.98/SF
− OpEx
−$7.2K −$4.75/SF
NOI
$21.6K $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%
$432,200
Cap Rate 7%
$308,714
Cap Rate 9%
$240,111
Alternative Uses
Best Use
Office B
$308.7K
$270.1K – $360.2K
NOI $21,610 @ 7.0% cap · market cap 5.04%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$518.1K
$453.3K – $604.4K
NOI $36,264 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Yes
Utilities to site
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
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 - Flexible office configuration with separate entrances, private offices, a kitchen, and a full bathroom with shower.
Where is this office units located?
The property is located at 101 Aupuni St Hilo, HI.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: 1,518‑square‑foot office offering comprising units 128 and 129; Separate entrances support use by two businesses; Five private offices, kitchen, and bathroom with shower
