Two-Story Commercial Building in
891 ULULANI ST, Hilo, HI 96720
SINGLE_FAMILY - Hilo, HI
Type:Office
Property size:
11,996 SFLot size:
0.57 AcresPrice / SF:
$269/SF- Added:
- Jun 17, 2025
- Days on Market:
- 336
- Last Refresh:
- May 18 at 1:06 am
Property Features for 891 ULULANI ST
General Information
- Property type
- Residential
- Property subtype
- Office
- Zoning
- CG-7.5
- Parking features
- Assigned, Covered
- Window features
- Blinds
- Fencing
- Chain Link
- Standard status
- Active
- APN
- 3240250070000
- Size
- 11,996 SF
- Lot size
- 0.57 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 34066
Utilities
- Utilities
- Cable Available
- Heating system
- Zoned
- Cooling system
- Zoned, Varies by Unit
- Water source
- Public
Building Details
- Year built
- 1995
- Floors in Building
- 2
- Number of units
- 1
- Flooring type
- Carpet, Vinyl
Listing agent Tony Wang (808) 386-5548
Listing office Pacific Image Properties 1888 Kalakaua Ave., #C312, Honolulu, HI (808) 870-1009
Listing date Jun 17, 2025
MLS# 721953
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.
HighLights
- True Triple Net (NNN) long‑term lease with a single tenant, providing passive income.
- High current annual cap rate of 6.78%, offering a strong return on investment.
- Lease includes scheduled rent increases tied to the Honolulu annual CPI, ensuring an inflation‑adjusted income stream.
- Strategically located outside the Tsunami Evacuation Zone, providing added safety.
- Versatile building with approximately 11,996 square feet of ADA‑compliant space, including multiple offices, conference rooms, and flexible‑use areas.
- New air conditioning system installed in 2024.
Overview
This two-story commercial building, encompassing approximately 11,996 square feet, is currently under a True Triple Net (NNN) long-term lease with a single tenant. The building features an elevator and ADA-compliant interior space, including multiple private offices, conference rooms, and flexible-use spaces, some previously configured for residential use. Both floors include central reception areas, men's and women's restrooms, with showers located on the ground floor. A dedicated laundry room with washer/dryer hookups is also available. The property offers a current annual cap rate of 6.78%. The tenant is responsible for all property taxes and maintenance costs, and the lease includes scheduled rent increases tied to the Honolulu annual CPI. Located on Ululani Street directly across from the Hilo Police Department, the property is outside the Tsunami Evacuation Zone and features a south-facing front entrance. The building has served as a residential medical treatment center, an extended educational facility for the University of Hawaii, and temporary offices for County of Hawaii mayors. A new air conditioning system was installed in 2024. Secure, paved, off-street parking is included. The downtown Hilo location offers convenience to government offices, legal centers, and medical facilities. The lot size is 0.5693 acres.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$1.90M
NOI $170,772 @ 9.00% cap · cautious / downside scenario
Moderate
$2.44M
NOI $170,772 @ 7.00% cap · market / base-case scenario
Aggressive
$3.42M
NOI $170,772 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $266.3k | $22.20 |
| − Vacancy | −$38.6k | −$3.22 |
| EGI | $227.7k | $18.98 |
| − OpEx | −$56.9k | −$4.75 |
| NOI | $170.8k | $14.24 |
11,996 SF · lease $22.20/SF/yr · vacancy 14.50% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$2.44M
$2.13M – $2.85M
NOI $170,772 @ 7.0% cap · market cap 5.27%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.09M
$3.58M – $4.78M
NOI $286,580 @ 7.0% cap · market cap 8.85%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Premier Medical Group ...
Medical Clinic
Melissa Garnett
Physician
Nidhi Chabora
Physician
Care Hawaii
Crisis Center
Medipharm Pharmacy
Pharmacy
Map
- City
- Hilo
- County
- Hawaii
- State
- Hawaii
- Longitude
- -155.0847349
- Latitude
- 19.7167245
Nearby Similar for Sale
FAQs
What type of property is this?
Office building - Well-maintained commercial building with long-term NNN lease and strong income.
Where is this office building located?
The property is located at 891 ULULANI ST Hilo, HI.
What is the asking price?
The asking price for this property is $3,238,000.
What are key features of this property?
This property features: True Triple Net (NNN) long‑term lease with a single tenant, providing passive income.; High current annual cap rate of 6.78%, offering a strong return on investment.; Lease includes scheduled rent increases tied to the Honolulu annual CPI, ensuring an inflation‑adjusted income stream.
