11,996 SqFt
11,996 SqFt
Key Details
Property Type Commercial
Sub Type Office
Listing Status Active
Purchase Type For Sale
Square Footage 11,996 sqft
Price per Sqft $269
Subdivision Kukuau - 1St
MLS Listing ID 721953
HOA Y/N No
Year Built 1995
Annual Tax Amount $34,065
Tax Year 2024
Property Sub-Type Office
Source Hawaii Information Service
Land Area 24800
Property Description
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.
Location
State HI
Community Kukuau - 1St
Area Hi
Zoning CG-7.5
Region South Hilo
City Region South Hilo
Interior
Hot Water Electric
Heating Zoned
Cooling HIS Air Conditioning, HIS Individual Cooling, Zoned
Flooring Carpet, Vinyl
Window Features Blinds
Exterior
Parking Features Covered, Unassigned
Utilities Available Cable Available, Electricity Available, Phone Available, Sewer Connected, Water Available
View Y/N No
Water Access Desc Public
Topography Gentle Slope
Garage No
Private Pool No
Building
Lot Description Cleared, Interior Lot
Story 2
Entry Level Two
Others
Ownership Full
Acceptable Financing 1031 Exchange, Cash, Conventional
Listing Terms 1031 Exchange, Cash, Conventional
Special Listing Condition Fee Simple, Standard
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