Renovated Apartment
For Sale
$5,688,000
230 Kapiolani St, Hilo, HI 96720
Fully leased multifamily asset with updated interiors, on-site parking, and professional management in downtown Hilo.
Property Size17,868 SF
Price / SF$318.33
Days on Market37
Property Features for 230 Kapiolani St
General Information
Standard status
Active
Size
17,868 SF
Total Parking Spaces
28
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
21 x 2BR, 3 x 3BR
Multifamily Units
24
Additional Details
Cap Rate
5.5%
Taxes and HOA fees
Annual Taxes
$8,785
Building Details
Year Renovated
2025
Buildings
1
Listing Agency:
Coldwell Banker Realty
(808) 518-8918
Listed By:
Ashley Clagstone
(808) 518-8918
Source:
Exprealty
Added: Jul 16
Changed: Aug 20
Last Checked: Aug 20 at 1:53PM
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 Coldwell Banker Realty
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 = 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
$245,433
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
4.31%
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%
$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
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
$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 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%
$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
Property Profile
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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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 St 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
