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    619 MILILANI ST Hilo, HI 96720

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    Claim this Listing
    For Sale
    $715,000

    MULTI_FAMILY - Hilo, HI

    Property size:
    2,904 SF
    Lot size:
    0.25 Acres
    Price / SF:
    $246/SF
    Added:
    Feb 24, 2026
    Days on Market:
    62
    Last Refresh:
    Apr 27 at 9:06 pm

    Property Features for 619 MILILANI ST

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    RS-10
    Bedrooms
    5
    Bathrooms
    3
    Rooms
    Bedroom 4, Bedroom 2, Bedroom 5, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 1
    Parking features
    Covered
    Appliances
    Dryer, Oven, Refrigerator, Washer
    Standard status
    Active
    APN
    3220340080000
    Size
    2,904 SF
    Lot size
    0.25 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    3164

    Utilities

    Utilities
    Electricity Available

    Building Details

    Year built
    1932
    Floors in Building
    2
    Flooring type
    Carpet

    We can help!

    Listing Contact
    Tessie Fontes
    Tessie Fontes

    Listing agent Tessie Fontes

    Listing office Coldwell Banker Island Properties - Hilo 101 Hualalai Street, Kihei, HI

    Listing date Feb 24, 2026

    MLS# 728219 Listing URL

    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.

    Overview

    Hilo Multifamily Investment Opportunity

    This Hilo property presents a unique investment opportunity with two separate homes on a single lot, offering flexibility for multi-generational living or rental income. The property is situated in an area with a mix of residential and commercial properties, and there may be potential to pursue commercial zoning, although buyers should verify this with the County. The first home, a multi-level residence built in 1932 and refreshed in 2020, features two bedrooms and two bathrooms (one 3/4 bath and one 1/4 bath). The second dwelling, a yellow multi-level home built in 1985, offers two bedrooms and one full bathroom on the upper level, with an additional bedroom and 3/4 bathroom on the lower level. The property's total size is 2904 square feet, situated on a 0.2502-acre lot. This versatile property presents multiple possibilities for investors or owner-occupants alike, including generating rental income from both homes, living in one while renting the other, or accommodating multi-generational living. It is conveniently located just minutes from shopping, dining, and outdoor recreation, including the nearby Hilo Shopping Center and Wailoa State Park.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Map

    City
    Hilo
    County
    Hawaii
    State
    Hawaii
    Longitude
    -155.0711212
    Latitude
    19.7138677

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    FAQs

    What type of property is this?
    Multifamily property - Two homes on one lot in Hilo, Hawaii.
    Where is this multifamily property located?
    The property is located at 619 MILILANI ST Hilo, HI.
    What is the asking price?
    The asking price for this property is $715,000.
    What are key features of this property?
    This property features: Two separate homes on one lot offer flexible living arrangements or rental income potential.; Prime location in the heart of Hilo, close to shopping, dining, and Wailoa State Park.; **Multi‑level white home (built in 1932, refreshed in 2020) features two bedrooms and two bathrooms.**
    (808) 640-4077
    We can help!
    Listing Contact
    Tessie Fontes
    Tessie Fontes
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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