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!

"Based on information submitted to HiCentral MLS as of August 20, 2026 10:50 PM UTC . All data is deemed reliable but is not guaranteed accurate by the MLS. All information should be independently reviewed and verified for accuracy. IDX information is provided exclusively for consumers’ personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing."

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Property Details of 230 Kapiolani Street

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Kailua

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Property Details of 230 Kapiolani Street

Property Details

Basic Information

Building

Location

Finance

Water

Community

Schools

Area

Map Location

Hi there! How can we help you?

Hi there! How can we help you?

Hi there! How can we help you?

Kailua