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.
For sale
$3,249,000
256 Kapiolani St, Hilo, HI 96720
30beds
9,900sqft
Multi Family
Built in 1973
-- sqft lot
$2,913,300 Zestimate®
$328/sqft
$-- HOA
What's special
New refrigeratorsFully remodeled interiorsIndividual water heatersCompletely updated bathroomsModernized kitchensFresh paintNew cabinetry
- 55 days
- 291
- 31
Zillow last checked:
Listing updated:
Listed by:
Sherrill A Erickson 8089600921,
Sherrill A Erickson dba HALE 414
Source: Hawaii Information Service,MLS#: 732420
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 30
- Bathrooms: 15
- Full bathrooms: 15
Heating
- None
Cooling
- None
Appliances
- Included: Dryer, Range, Refrigerator, Washer
- Laundry: Common Area
Features
- Flooring: Vinyl
- Has fireplace: No
Interior area
- Total structure area: 9,900
- Total interior livable area: 9,900 sqft
Property
Parking
- Parking features: Assigned
Features
- Stories: 3
- Fencing: Chain Link,Stone
- Has view: Yes
- View description: Garden, Ocean
- Has water view: Yes
- Water view: Ocean
Lot
- Size: 0.36 Acres
- Features: Cleared
- Topography: Fairly Level
Details
- Parcel number: 3230190370000
- Zoning: RM-1
- Special conditions: Fee Simple,Standard
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
Materials
- Wood Frame
Condition
- Updated/Remodeled
- Year built: 1973
Utilities & green energy
- Utilities for property: Cable Available, Electricity Available, Phone Available, Sewer Connected
Community & HOA
Community
- Security: Key
- Subdivision: PONAHAWAI
Location
- Region: Hilo
Financial & listing details
- Price per square foot: $328/sqft
- Tax assessed value: $1,317,400
- Annual tax amount: $7,575
- Date on market: 9/10/2026
- Listing terms: 1031 Exchange,Cash,Conventional
- Ownership: Full
- Electric utility on property: Yes
Estimated market value
$2,913,300
$2.74M - $3.06M
$1,666/mo
Price history
| Date | Event | Price |
|---|---|---|
| 9/10/2026 | Listed for sale | $3,249,000+316.5%$328/sqft |
Source:  Hawaii Information Service #732420 Report a problem | ||
| 3/23/2004 | Sold | $780,000$79/sqft |
Source: Public Record Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $8,232 +1.1% | $1,383,500 +1.1% |
| 2024 | $8,144 -3.3% | $1,368,700 |
| 2023 | $8,418 -47.4% | $1,368,700 |
| 2022 | $16,014 +64% | $1,368,700 +64% |
| 2021 | $9,767 -2.8% | $834,800 -2.8% |
| 2020 | $10,050 | $859,000 |
| 2019 | $10,050 -2.8% | $859,000 -2.1% |
| 2018 | $10,335 | $877,400 -0.7% |
| 2017 | -- | $883,300 +0.7% |
| 2016 | -- | $877,100 +1.5% |
| 2015 | -- | $864,400 -1.9% |
| 2014 | -- | $880,900 |
Find assessor info on the county website
Monthly payment
Est. payment
