Renovated Apartment
For Sale
$5,688,000
230 Kapiolani Street, Hilo, HI 96720
Fully leased multifamily asset with updated interiors, on-site parking, and professional management in downtown Hilo.
Property Size17,868 SF
Days on Market83
Property Features for 230 Kapiolani Street
General Information
Standard status
Active
Size
17,868 SF
Total Parking Spaces
28
Property subtype
Residential Income
Zoning
Neighbor Island - See Remarks
Occupancy
100%
Net Operating Income
$312,380
Units
Unit Mix
21 x 2BR, 3 x 3BR
Multifamily Units
24
Additional Details
Cap Rate
5.5%
Taxes and HOA fees
Annual Taxes
$8,748
Amenities
None, Other
City
Building Details
Building Size
17,868 SF
Year Built
1973
Year Renovated
2025
Buildings
1
Listing Agency:
Standard Management LLC
Listed By:
Michael M Okamoto · License #RB-22000
(808) 732-3000
Source:
Evrealestate
Added: Jul 15
Changed: Oct 3
Last Checked: Oct 4 at 9:31AM
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 Standard Management LLC
Investment Insights
Based on property information with market context.
This 24-unit apartment building contains twenty-one 2-bedroom residences and three 3-bedroom residences within 17,868 square feet. A comprehensive renovation completed in 2025 upgraded the interiors with luxury vinyl plank flooring, cabinets, granite countertops, stainless steel appliances, refreshed bathrooms, updated lighting, ceiling fans, and new paint. The property is 100% leased and has professional management in place.
The building is located at 230 Kapiolani St in downtown Hilo, the county seat and a regional center for University of Hawaiʻi at Hilo, healthcare, and government employment. On-site parking includes 28 stalls. The property is reported at a 5.5% cap rate on stabilized income.
The building is located at 230 Kapiolani St in downtown Hilo, the county seat and a regional center for University of Hawaiʻi at Hilo, healthcare, and government employment. On-site parking includes 28 stalls. The property is reported at a 5.5% cap rate on stabilized income.
Key Highlights
- 24 apartment units with a 21‑unit 2‑bedroom and 3‑unit 3‑bedroom mix
- 17,868 SF building renovated in 2025
- 100% leased with professional management in place
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$245,433
Cap Rate
4.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,908,660
$4.9M
Cap Rate 7%
$3,506,186
$3.5M
Cap Rate 9%
$2,727,033
$2.7M
Market Conditions
NOI Build-Up for 17,868 SF
Gross rent
$461.0K $25.80/SF
− Vacancy
−$14.8K −$0.83/SF
EGI
$446.2K $24.97/SF
− OpEx
−$200.8K −$11.24/SF
NOI
$245.4K $13.74/SF
Area
Hawaii County, HI
Vacancy
3.20%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,908,660
Cap Rate 7%
$3,506,186
Cap Rate 9%
$2,727,033
Alternative Uses
Best Use
Apartment 5plus
$3.51M
$3.07M – $4.09M
NOI $245,433 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.10M
$5.34M – $7.11M
NOI $426,859 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
24
Residential units
100%
Occupancy
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased multifamily asset with updated interiors, on-site parking, and professional management in downtown Hilo.
Where is this apartment building located?
The property is located at 230 Kapiolani Street Hilo, HI.
What is the asking price?
The asking price for this property is $5,688,000.
What are key features of this property?
This property features: 24 apartment units with a 21‑unit 2‑bedroom and 3‑unit 3‑bedroom mix; 17,868 SF building renovated in 2025; 100% leased with professional management in place
