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$3,249,000
30 Beds ⋅ 15 Baths ⋅ 732420 MLS ⋅ ['Fee Simple'] Tenure
Fantastic Turnkey Multifamily INCOME Property in Hilo Opportunity Zone. An exceptional investment opportunity located near downtown Hilo. This professionally managed 15-unit apartment building features 15 onsite parking stalls and consists entirely of 2-bedroom, 1-bathroom units (approx. 660 sq. ft. each, totaling 9,900 sq. ft. of living area). Tenants enjoy ocean views from the second and third-floor walkways and a newly installed on-site laundry facility. The building has undergone extensive, high-quality capital improvements. All 15 units boast fully remodeled interiors with brand-new flooring, fresh paint, and completely updated bathrooms. The modernized kitchens include new cabinetry, quartz countertops, new refrigerators, stove hoods, and individual water heaters. Major structural and systemic upgrades provide immediate peace of mind for the new owner. All exterior walkways and stairways have been completely rebuilt. Crucial plumbing updates include a newly replaced main sewer line to the County road and new under-slab main floor sewer lines. Located in a highly desirable Opportunity Zone, this turnkey asset is perfectly positioned for a seamless transition. NDA required to review financials.

256 Kapiolani St, HILO

Listing courtesy of Sherrill A Erickson dba HALE 414.

$3,500,000
3 Baths ⋅ 721902 MLS ⋅ ['Fee Simple'] Tenure
An exceptional opportunity to acquire fee simple commercial real estate in one of Hilo’s most accessible corridors. Located just off of Kanoelehua Ave between Kamehameha Ave and Kalanianaole, this 1.79-acre property offers an excellent opportunity. High visibility with easy ingress/egress that is well-positioned for future commercial development or redevelopment. Strategically located near the Banyan Drive resort area, Hilo International Airport, Hilo Harbor and Hawaii Island's state and county offices. This property is ideal for investors, owner-users, or developers seeking a flexible commercial asset with strong infrastructure and an irreplaceable location. Property Highlights: Land Area: 1.79 acres (Fee Simple) Zoning: V-.75 (Urban, Resort, Commercial Use) State Land Use: Urban Building Size: Approx. 4,540 SF Utilities: Water: County Department of Water Supply via existing 12-inch main; 3 active water services already on site. Wastewater: Served by County sewer system via 30-inch main along Kalanianaole Street; two stub outs, one currently in use. Site Improvements: Existing commercial structure. Paved parking lot and additional graded parking areas. Cleared and fully graded site with minor landscaping along perimeter. Prime Commercial Property – 92 Kalanianaole Street, Hilo, HI 96720

92 Kalanianaole St, HILO

Listing courtesy of Aloha Sotheby's Intl Realty - Hawai'i.

$3,238,000
721953 MLS ⋅ ['Fee Simple'] Tenure
Exceptional opportunity to acquire a well-maintained, two-story commercial building currently under a True Triple Net (NNN) long-term lease with a single tenant. Encompassing approximately 11,996 square feet of ADA-compliant interior space, the building features an elevator, 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 adds further utility. Offering a solid return on investment with a current annual cap rate of 6.78%, this property presents a rare chance for income-focused investors. The tenant pays all property taxes and maintenance costs, and the lease includes scheduled rent increases tied to the Honolulu annual CPI, ensuring a strong, inflation-adjusted income stream. Strategically located on Ululani Street directly across from the Hilo Police Department, this property is outside the Tsunami Evacuation Zone and offers a south-facing front entrance—a desirable attribute for those mindful of Feng Shui. The building’s design and history of use provide exceptional versatility. It has served as a residential medical treatment center, 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, adding further value and comfort for current and future occupants. Secure, paved, off-street parking is included. Its downtown Hilo location offers convenience to government offices, legal centers, and medical facilities. Please do not disturb the tenant or access the property without authorization. No site visits permitted.

891 Ululani St, HILO

Listing courtesy of Pacific Image Properties.