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230 Kapiolani St, 
Hilo, HI 96720

$5,688,000

24

Beds

24

Baths

17,868

Sq Ft

Multi-Family

Active

Listed by

Ashley Clagstone
Coldwell Banker Realty

808-261-3314

Last updated:

July 17, 2026, 11:56 AM

MLS#

732045

Source:

HI HIS

Company Logo

About This Home

230 Kapiolani St

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!

Home Facts

Multi-Family

24 Baths

24 Bedrooms

Built in 1973

Price Summary

5,688,000

$318 per Sq. Ft.

MLS #:

732045

Last Updated:

July 17, 2026, 11:56 AM

Added:

2 day(s) ago

Rooms & Interior

Bedrooms

Total Bedrooms:

24

Bathrooms

Total Bathrooms:

24

Full Bathrooms:

24

Interior

Living Area:

17,868 Sq. Ft.

Structure

Structure

Building Area:

17,868 Sq. Ft.

Year Built:

1973

Lot

Lot Size (Sq. Ft):

24,573

Finances & Disclosures

Finances

Price:

$5,688,000

Price per Sq. Ft:

$318 per Sq. Ft.

Source:HI HIS
Listing information © 2021 MLS Hawaii, Inc. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. The MLS may, at its discretion, require use of other disclaimers as necessary to protect participants or the MLS from liability.

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Contact an Agent

Yes, I would like more information. Please use and/or share my information with a Coldwell Banker ® affiliated agent to contact me about my real estate needs. By clicking Contact, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If a Coldwell Banker affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (BHGRE®, CENTURY 21®, Corcoran®, ERA®, or Sotheby's International Realty®). I acknowledge that I have read and agree to the terms of use and privacy notice.