230 Kapiolani St, Hilo, HI 96720 (MLS # 732045)
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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!
| DAYS ON MARKET | 7 | LAST UPDATED | 7/16/2026 |
|---|---|---|---|
| TRACT | PONAHAWAI | YEAR BUILT | 1973 |
| COUNTY | Hawaii | STATUS | Active |
| PROPERTY TYPE(S) | Multi Family |
| ADDITIONAL DETAILS | |
| APPLIANCES | Oven, Range Hood |
|---|---|
| LOT | 24573 acre(s) |
| LOT DESCRIPTION | Gentle Sloping |
| LOT DIMENSIONS | 24573.0 |
| PARKING | Assigned |
| SUBDIVISION | PONAHAWAI |
| TAXES | 8785.18 |
| UTILITIES | Electricity Available, Sewer Connected |
| VIEW | Yes |
| VIEW DESCRIPTION | City |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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Listed with Coldwell Banker Realty
Based on information from the Multiple Listing Service of HiCentral MLS, Ltd.
active listings last updated on 7/23/26 4:58 AM PDT.
Information is deemed reliable but not guaranteed.
Copyright: 2026 by HiCentral MLS, Ltd.
IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Some of the active listings appearing on this site may be listed by other REALTORS®. If you are interested in those active listings, our company may represent you as the buyer's agent. If the active listing you are interested in is our company’s active listing, you may speak to one of our agents regarding your options for representation.
active listings last updated on 7/23/26 4:58 AM PDT.
Information is deemed reliable but not guaranteed.
Copyright: 2026 by HiCentral MLS, Ltd.
IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Some of the active listings appearing on this site may be listed by other REALTORS®. If you are interested in those active listings, our company may represent you as the buyer's agent. If the active listing you are interested in is our company’s active listing, you may speak to one of our agents regarding your options for representation.
This IDX solution is (c) Diverse Solutions 2026.