230 Kapiolani St, Hilo, HI, 96720
About This Home
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!
Getting Around
Very Walkable
Very Limited Transit
BikeableSchools
Construction
Condition
- Year built: 1973
Type & Style
- Home type: MultiFamily
- Property subType: Multi Family
Interior
Appliances
- Appliances included: Oven,Range Hood
Bedrooms & Bathrooms
- Bedrooms: 24
- Bathrooms: 24
- Full bathrooms: 24
Interior Area
- Total structure area: 17,868
- Total interior livable area: 17,868 sqft
Property
Details
- Parcel number: 3230190130000
- Zoning: RM-1
- Special condition: Fee Simple,Standard
Features
- Has view: Yes
- View description: City,Coastline
- Topography of land: Gentle Slope
Lot
- Lot size: 0.56 Acres
Parking
- Parking features: Assigned
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Earthquake
- Inland Flooding
- Volcanic Activity
- Lightning
- Tsunami
How This Home’s Risks Compare
FEMA Declared Disasters Across Hawaii Counties
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $28,761 | $345,132 |
| Home Insurance * | $1,634 | $19,608 |
| Property Taxes | $2,782 | $33,384 |
| Electricity | $5,753 | $69,046 |
| Total | $38,930 | $467,160 |
Income You'd Need if You Spent...
Hawaii FAIR Plan Programs
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-08-03 | Listing removed | $1,650 |
| 2026-07-17 | Listed for sale | $5,688,000 |
| 2026-06-27 | Listed for rent | $1,650 |
| 2026-06-19 | Listing removed | $1,650 |
| 2026-06-02 | Listed for rent | $1,650 |
| 2026-03-12 | Listing removed | $1,650 |
| 2026-03-05 | Listed for rent | $1,650 |
| 2026-02-21 | Listing removed | $1,650 |
| 2025-09-04 | Listed for rent | $1,650 |
| 2025-08-25 | Listing removed | $1,650 |
| 2025-04-02 | Listed for rent | $1,650 |
| 2024-10-10 | Listing removed | $1,650 |
| 2024-09-24 | Listed for rent | $1,650 |
| 2007-02-02 | Sold | $2,800,000 |
| 2004-05-07 | Sold | $1,320,000 |
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