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$5,688,000
24 Beds ⋅ 24 Baths ⋅ 732045 MLS ⋅ ['Fee Simple'] Tenure ⋅ City View BLDG.
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!

230 Kapiolani St, HILO

Listing courtesy of Coldwell Banker Realty.

$7,999,999
8 Beds ⋅ 8 Baths ⋅ 731551 MLS ⋅ ['Fee Simple'] Tenure
Set on 9.63 acres outside Hilo, this furnished 8-bedroom, 8-bath estate combines ocean views, agricultural land, handcrafted architecture, and flexible living across three levels. The custom teak residence offers 7,270 sqft of living area, 3,577 sqft of covered lanais. Currently operating as a BnB, suited for hosted accommodations, retreats, multi-generational living, or private guest use. Major 2020–2024 renovation, the home includes updated plumbing, electrical, Andersen insulated windows and sliders, new fixtures, split A/C in every bedroom and living area, and a new metal roof. Inside the home: - Split A/C in every bedroom and living area - Custom woodwork, including teak, koa, rainbow eucalyptus, monkeypod, robusta, ironwood, and silky oak - Hand-carved full-wall sculptures, live-edge details, island wood inlays, murals, and custom artwork - Granite counters, custom cabinetry. - Porcelain and stone showers, double vanities, soaking tub, and walk-in showers - Laundry room on each level - Game room Outside the home: - 3,577 sqft across 5 covered lanais - 720 sqft garage - Glass bridge over a lava-stamped koi pond - Custom rock walls and handcrafted gated entrance - Jacuzzi and surfboard-style outdoor shower - Panoramic ocean and sunrise views Farm, shop, and land features: - 2,430 sqft barn/shop and wood mill - 8 fenced paddocks, some with shelters - Mature edible landscaping including mango, citrus, lychee, guava, avocado, banana, papaya, ulu/breadfruit, starfruit, pomegranate, white pineapple, and more - A waterfall with swimming hole along the property line. - A list of plants, animals, and a full features list is available. Located minutes from Honoli‘i Beach Park. Featured on Staycation Hawaii: Building Aloha. Video Tour: https://player.vimeo.com/video/1098413866

120 Woa Rd, HILO

Listing courtesy of NextHome Paradise Realty.