Renovated Office with Koi Pond
For Sale
$135,000
Pending
101 Aupuni Street Unit 119, Hilo, HI 96720
Updated office space with balcony, pond view, and pool.
Property Size310 SF
Days on Market1918
Property Features for 101 Aupuni Street Unit 119
General Information
Standard status
Pending
Size
310 SF
Property subtype
Condo / Apartment Building
Zoning
CG-7.5
Taxes and HOA fees
Annual Taxes
$669
Amenities
Community Laundry, Elevator, Landscaped, Restroom-Public, Trash Chute, Walking/Jogging Path
Coin
Central, Air Conditioning
Curtains
Y
Secured Lobby, Video
In Ground
Building Details
Year Built
1971
Listing Agency:
Hara Chun Realty, LLC
Listed By:
Gina Hara Chun · License #RB-20817
(808) 936-3297
Source:
Compass
Added: Jun 11, 2021
Changed: Sep 8
Last Checked: Sep 9 at 8:12PM
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 Hara Chun Realty, LLC
Investment Insights
Based on property information with market context.
Located in Hilo Lagoon Centre, this office unit presents an opportunity to join a community of professionals, including realtors, attorneys, therapists, and med spa specialists. Unit 117, sized at 310 square feet, underwent a complete renovation in 2021, featuring updated flooring, modern light fixtures, fresh paint, and a newly installed sink. The unit's popcorn ceiling has been removed. A new A/C unit was installed in 2024. A sliding glass door opens to a private balcony with views of a koi pond. The building provides access to an in-ground pool with private bathrooms, showers, and a BBQ area. The monthly fee covers electric, water, sewer, trash collection, and maintenance of the grounds and common areas. A spacious conference room is available for meetings and seminars. The building offers 24/7 security. The bottom floor, where Unit 117 is located, is secured with glass doors locked each evening by the security team. According to the original CCRs, this unit previously had a bathroom, however, currently only a sink is installed. It may be possible to install a bathroom again; Buyer and Buyer's Agent to perform their own due diligence with regards to this matter.
Key Highlights
- All‑inclusive monthly fee covers electric, water, sewer, trash, grounds and common area maintenance.
- Fully renovated in 2021 with updated flooring, modern light fixtures, fresh paint, and new sink; popcorn ceiling removed.
- New A/C unit installed in 2024.**
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
$4,413
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
3.27%
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%
$88,260
$88.3K
Cap Rate 7%
$63,043
$63.0K
Cap Rate 9%
$49,033
$49.0K
Market Conditions
NOI Build-Up for 310 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
$6.9K $22.20/SF
− Vacancy
−$998 −$3.22/SF
EGI
$5.9K $18.98/SF
− OpEx
−$1.5K −$4.75/SF
NOI
$4.4K $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%
$88,260
Cap Rate 7%
$63,043
Cap Rate 9%
$49,033
Alternative Uses
Best Use
Office B
$63.0K
$55.2K – $73.6K
NOI $4,413 @ 7.0% cap · market cap 3.27%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$105.8K
$92.6K – $123.4K
NOI $7,406 @ 7.0% cap · market cap 5.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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
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Frequently Asked Questions
What type of property is this?
Office units - Updated office space with balcony, pond view, and pool.
Where is this office units located?
The property is located at 101 Aupuni Street Unit 119 Hilo, HI.
What is the asking price?
The asking price for this property is $135,000.
What are key features of this property?
This property features: All‑inclusive monthly fee covers electric, water, sewer, trash, grounds and common area maintenance.; Fully renovated in 2021 with **updated flooring, modern light fixtures, fresh paint, and new sink**; popcorn ceiling removed.; New A/C unit installed in 2024.**
