230 KAPIOLANI ST, HILO, HI 96720

DO NOT DISTURB TENANTS - SHOWINGS BY APPOINTMENT ONLY.

Listing Provided by: Coldwell Banker Realty
MLS #: 732045

Description

This exceptional property offers 24 fully renovated apartment units — twenty-one 2-bedroom and three 3-bedroom units — in the heart of Hilo. The building underwent a comprehensive $952,000 gut renovation in 2025, inside every unit, including new luxury vinyl plank flooring, new high-end cabinets, granite countertops, sinks and faucets, all new stainless steel refrigerators, stoves and range hoods, updated bathrooms with new vanities and lighting, new ceiling fans in all bedrooms and living rooms, and fresh interior paint throughout. The property is 100% leased with professional management in place and includes 28 on-site parking stalls. Located in downtown Hilo — the county seat and regional hub for UH Hilo, healthcare, and government employment — supporting deep, stable rental demand. A recent condo conversion at a comparable Hilo building validates an embedded condo-conversion exit as additional upside. This is a trophy, renovated asset in a submarket where fully stabilized investment properties are rarely available for sale and is truly "turnkey" for a buyer. 5.5% cap rate on stabilized income!

Property Details

Price: $5,688,000
Sold Price:
Address: 230 KAPIOLANI ST, HILO, HI 96720
Ownership: Full
Status: Active
Category: Residential Income
Type:

Total Bedrooms: 24
Total Bathrooms: 24
Full Baths: 24
Living Area: 17,868 Square Feet

Listed by: Coldwell Banker Realty
Year Built: 1973
Levels:

Features and Amenities

Interior Features:
Exterior Features:
View: City, Coastline
Pool:
Pool Features:

Appliances: Oven, Range Hood
Fireplace Features:
Flooring:
Security:
Laundry:

Garage Spaces:
Carport Spaces:
Parking Features: Assigned
Additional Structures:
Home Warranty:

Community Information

Project Name: City View
Subdivision Name: PONAHAWAI
Association Fee: $0 Monthly

Stories:
Year Established:

Lava Zone: 3
Flood Zone: X

Land Information

Lot Size: 24,573 Square Feet
Waterfront:
Land Lease Rent:
Lease Type:
Land Tenure: Fee Simple

Lot Features:
Frontage Type:
Roads: Paved
Roads Frontage Type: Road/Street

Zoning: RM-1
Horse Amenities:

Additional Details

Assessed Tax Value: $1,520,800
Annual Tax: $8,785
Tax Year: 2026
Tax Lot:
Tax Block:

Utilities: Electricity Available, Sewer Connected
Cooling:
Heating:
Sewer:
Water:
Solid Waste Disposal: County-No Charge

First Listed July 16, 2026, 3:28 pm
Last Updated July 16, 2026, 3:28 pm
Listing Conditions: Fee Simple, Standard
Property Condition: Updated/Remodeled
Financial Info Available:

© 2026 Hawaii Information Service. All Rights Reserved. This website is for personal, non-commercial use only. IDX and Information provided herein is deemed reliable but is not guaranteed by the Hawaii Information Service, Inc. Listing Service.