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 Market186
Property Features for 224 HAILI ST
General Information
Property type
Residential
Property subtype
Office
Zoning
CDH
Bathrooms
7
Half bathrooms
7
Rooms
Bathroom 2, Bathroom 1, Bathroom 6, Bathroom 3, Bathroom 4, Bathroom 5, Bathroom 7
Parking features
Assigned
Subdivision
HILO TOWN
Lot features
Cleared, Grassy
Standard status
Active
APN
3230130060000
Size
4,816 SF
Lot size
0.44 Acres
Additional Details
Tenant in Place
Yes
Medical Specialty
dental
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
Buildings
2
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: Oct 29
Last Checked: Nov 2 at 2:06PM
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.
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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 / Yr
$68,559
Cap Rate
4.16%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
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
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office unit - Multi-suite commercial asset with established occupancy and on-site parking near central Hilo.
Where is this office unit 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
