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City View Apartments 230 Kapiolani St 24 Unit Apartment Building For Sale Hilo, HI 96720
Investment Highlights
- Fully renovated in 2025, 100% leased, with negligible deferred maintenance and professional management already in place
- New vinyl plank flooring, fresh paint, and curtain rods throughout every room in all 24 units
- New high-end cabinets, granite countertops, faucets, and updated lighting throughout
- Embedded upsize - Condo-Conversion Exit
- New high-end cabinets, granite countertops, sinks, faucets, plus stainless steel refrigerators, stoves, and range hoods
- New ceiling fans installed in all living rooms and bedrooms — improved comfort and energy efficiency
Executive Summary
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!
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!
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Sale Type | Investment | Building Size | 17,868 SF |
| No. Units | 24 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1973/2025 |
| Apartment Style | Low-Rise | Parking Ratio | 1.57/1,000 SF |
| Building Class | C | Opportunity Zone |
Yes
|
| Lot Size | 0.56 AC | ||
| Zoning | RM-1 | ||
| Sale Type | Investment |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.56 AC |
| Building Size | 17,868 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1973/2025 |
| Parking Ratio | 1.57/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM-1 |
Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 3-2-3-019-013-0000 | Improvements Assessment | $1,129,700 (2026) |
| Land Assessment | $391,100 (2026) | Total Assessment | $1,520,800 (2026) |
Property Taxes
Parcel Number
3-2-3-019-013-0000
Land Assessment
$391,100 (2026)
Improvements Assessment
$1,129,700 (2026)
Total Assessment
$1,520,800 (2026)
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City View Apartments | 230 Kapiolani St
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