Not too far, not too close—JUST RIGHT! Located in the highly desirable Panaewa Houselots, this centrally placed and spacious property presents a rare opportunity for investors or extended-family living. Properties of this type seldom become available in this area. Conveniently situated near Prince Kuhio Plaza and Puainako Town Center, the location offers an ideal balance of privacy and accessibility. Owned by a longtime kama?aina family, this is the first time the property has ever been offered for sale—truly a unique opportunity. Situated at 360 Lama Street, the large rectangular lot features two fully permitted, detached homes, each with easy road access and its own carport parking. The rear portion of the land provides generous outdoor space, ideal for gardening, recreation, or future possibilities. Currently operated as long-term rentals and professionally managed by a Hilo property management company, the house lot offers immediate income potential. Property Details: 1. 360-A: 3 Bedrooms 2 Bath Extended Living Room Carport Approx. 968 sqft. (Tenant occupied, month-to-month; easy to show) 2. 360-B: 3 Bedrooms 2 Bath Extended Living Room Carport Approx. 924 sqft. (Vacant) Perfect for investors, multi-generational living, or owner-occupants seeking flexibility, this versatile property offers endless potential and is a must-see. Information deemed reliable but not guaranteed. Buyers and buyers’ agents to independently verify all material facts. Bathroom count does not match county records.
Discover two enchanting homes nestled on a generously sized lot, perfect for generating rental income or accommodating your extended family. **Home 1:** Step inside this beautifully maintained residence, where modern comfort meets inviting charm. Featuring three spacious bedrooms and two well-appointed bathrooms, ready for you to move in with ease. The bright and airy layout is enhanced by a small screened deck, providing an ideal spot to relax and enjoy a gentle breeze. The expansive carport offers ample space for vehicles, adding to the convenience of this lovely property. **Home 2:** Embrace the timeless allure of old Hawaii in this captivating plantation home. Rich in character, it features beautifully crafted built-ins and stunning hardwood floors that whisper stories of the past. With two cozy bedrooms and one charming bathroom, this home maximizes its space in a delightful way. The highlight is the large covered porch, an entertainer's dream, perfect for hosting gatherings or simply enjoying the enchanting surroundings. Accompanied by a two-car carport, this property is a true gem that blends historical charm with functionality. Imagine the possibilities with a covered breezeway and an unfinished basement at your disposal! These versatile spaces can be transformed into essential storage areas, inviting outdoor retreats, or a functional workshop—perfect for unleashing your creativity.
High-Cash-Flow Investment in Downtown Hilo –Now $535,000 Hoku Street,Hilo,HI 96720 This Downtown Hilo property offers strong income and even higher potential through room-by-room rentals. Homes rented by the room typically earn significantly more monthly income, provide more stable cash flow, and generate higher long-term returns. With 9 rentable rooms, 3 bathrooms, and 2 full kitchens (upstairs and downstairs), the property is already producing solid revenue and can be improved further. Income & ROI: • Current gross income: $70,000–$80,000+ per year • At $535,000 — gross ROI of 13.1% at $70K/year or 15% at $80K/year • Opportunity to increase ROI through optimized room-by-room rentals • Additional tax benefits from depreciation and write-offs • Multi-tenant setup reduces vacancy risk and enhances income stability Why Room-by-Room Works Well Here: • Higher total income than whole-house rentals • Strong demand from students, workers, and medical professionals • Ideal for investors seeking high NOI and rent per square foot • Flexible layout suited for shared housing, workforce rentals, or multi-family use Property Details: • 9 total rooms • 3 bathrooms • 2 full kitchens • Flexible layout for shared housing or rentals • Potential to raise rental value with updates Prime Downtown Hilo Location — walking distance to major employers, hospitals, colleges, stores, restaurants, beaches, parks, and public transportation. High rental demand and rare availability in this area.
Big, Bold, and Beautiful 28-Unit Apartment Complex – Prime Hilo Location! Well-maintained and income-producing 28-unit multifamily property just minutes from downtown Hilo and the beach. Two buildings connected by walkways, offering a total of 24 two-bedroom units and 4 one-bedroom units. Fully renovated in 2018: Granite countertops, updated flooring, fresh interior/exterior paint. New Roof along with new asphalt for parking. The building was fumigated in 2024. Strong rental history with annual rental income over $500,000 Short-term vacation rental potential Three stories: First level is covered parking; second and third levels are residential On-site laundry facility Newer roof and building fumigated in 2024 Covered parking for all units plus guest parking in front Units feature spacious lanais, ideal for relaxing and enjoying island life Excellent opportunity for investors looking for stable income with upside potential in a highly desirable area. Steps from Hilo’s beaches, dining, and shopping.
Unique investment opportunity located in the heart of Hilo, featuring two separate homes on one lot. The first home, a charming multi-level classic (white home), was built in 1932 and refreshed in 2020. It includes two bedrooms and two bathrooms (one 3/4 bath and one 1/4 bath). The second home, a yellow multi-level home, was built in 1985. The upper level offers two bedrooms and one full bathroom, while the lower level has an additional bedroom with a 3/4 bathroom. This property presents a variety of appealing options for an investor. You could generate rental income from both homes, live in one while renting out the other, or even utilize both to accommodate a multi-generational family. The location is truly excellent, with just a short drive to the Hilo Shopping Center, a variety of restaurants, and the beautiful Wailoa State Park. **Please note that county records information and actual details may differ, and buyers and buyer's agents are advised to verify any material facts deemed important to the purchase**
This is a wonderful opportunity to own a large family home that is conveniently located above the University of Hilo on a large lot in a very well maintained, safe and desirable neighborhood. This attractive, fully fenced property offers the potential for multi-family generational living or as a successful rental property. Existing home has partitions between sections to provide privacy between parties and have been built for easy removal as new owner may wish. According to the County this property qualifies for 3 ADU (Additional Dwelling Units) in addition to the main unit. Utility and cesspool upgrades likely. Residents have a wide variety of shopping options, restaurants with schools/day care nearby and reasonable proximity to Hilo hospital /Urgent Care centers. Many recreational and cultural experiences are easily accessed from this prime location. All in all, this property has excellent upside development potential.
Attention Investors! Exceptionally Rare Income-generating opportunity. Property offers 3 separate buildings. •First home is currently rented. Lease expires 8/31/2025. •Second home recently upgraded and rent ready. •Third building is a large unfinished structure constructed as a house but permitted as storage shed. Well-maintained property offers exceptional potential for passive rental income. This rare investment is conveniently located in Hilo in close proximity to most amenities such as shopping, dining and schools. Buyers and buyers agent to perform due diligence regarding permits and all pertinent facts.
Fully functioning 15 unit multi-family building just a few minutes from downtown Hilo. This permitted three-story building was converted from a single-family residence to a 15 unit congregate dwelling with three and a half bathrooms and three full kitchens to service each floor. The lower level consists of six units, the second level consist of five units and the third floor consist of four units. All units being rented for $600/month. The community of tenants are required to follow a set of house rules, and “good neighbor” principles guided by the mutual respect and trust of their fellow tenants. Such a methodology has been the cornerstone for the continued success of this prosperous multifamily rental business. Information herein deemed reliable but not guaranteed. Buyer and Buyers Agent to do their own due diligence of all pertinent facts.
Hilo is located in Hawaii. Hilo, Hawaii has a population of 46,559. Hilo is less family-centric than the surrounding county with 24.55% of the households containing married families with children. The county average for households married with children is 25.67%.
The median household income in Hilo, Hawaii is $70,356. The median household income for the surrounding county is $68,399 compared to the national median of $69,021. The median age of people living in Hilo is 39.9 years.
The average high temperature in July is 81 degrees, with an average low temperature in January of 63 degrees. The average rainfall is approximately 143.1 inches per year, with 0 inches of snow per year.
