Unique investment opportunity in the heart of Hilo featuring two separate homes on one lot, offering flexibility for multi-generational living or rental income. Surrounded by a mix of residential and commercial properties, there may be potential to pursue commercial zoning (buyers to verify with the County) The first home, a charming multi-level residence (white home), was originally built in 1932 and refreshed in 2020, featuring two bedrooms and two bathrooms (one ¾ bath and one ¼ bath). The second dwelling, a yellow multi-level home built in 1985, offers two bedrooms and one full bathroom on the upper level, with an additional bedroom and ¾ bathroom on the lower level. This versatile property presents multiple possibilities for investors or owner-occupants alike — generate rental income from both homes, live in one while renting the other, or accommodate multi-generational living. Conveniently located just minutes from shopping, dining, and outdoor recreation, including the nearby Hilo Shopping Center and Wailoa State Park. **Information herein is based on county records and may not reflect actual property details. Buyers and buyer’s agents are advised to independently verify all material facts deemed important to their purchase.**
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.
WELCOMING BACK UP OFFERS on this rare opportunity in Hilo Town! This unique RS-10 zoned property features two homes on one lot, offering flexible potential for multi-generational living, rental income, or investment. Both dwellings are being sold AS-IS and will require some TLC to restore them to their full potential. With the right vision and improvements, this property presents an excellent chance to create a versatile living space or income-producing asset in a convenient Hilo location. Conveniently located just minutes from the Hospital, University of Hawaii Hilo, and downtown Hilo - this property offers the perfect blend and easy city access. Don’t miss this versatile property with endless possibilities!
High-Cash-Flow Investment in Downtown Hilo –Now $495,500 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 $495,500 — 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.
Interested in a successful, income producing, multi-unit property just outside of historic and vibrant Hilo town? Looking for acreage on a well-maintained, beautifully landscaped, fenced lot? Perhaps a country estate, private compound or tranquil oasis is what you seek? If so, look no further, as this property offers infinite possibilities! Situated on 1.14 acres in the upper elevations of Hilo, this special property offers multiple permitted structures - including a main home and Ohana cottage, an oversized warehouse and separate storage/flex buildings. Multiple tenants currently call this property home so it could continue to be used as a thriving rental or an alternative opportunity, the owners had previous plans for the construction and operation of a multi-unit independent elderly care facility. With beautifully crafted tongue & groove open beam ceilings, the main home is airy and bright, boasting an open floor plan, perfect for gathering and entertaining. The cheerful living room flows seamlessly into the kitchen and dining area where a functional kitchen with plenty of space to cook and create awaits! Offering a primary ensuite with extra space for an office, craft corner or reading nook, a second bedroom and an additional bathroom, the main home totals approximately 1,720 sqft under roof. The renovated Ohana is a quaint 1/1 cottage with its own private entrance and covered parking. The cottage provides for a separate electric meter, phone and cable option, totaling 960 sqft under roof. With over 1,800 sqft to offer, partitioned spaces and a full bath, the warehouse features high ceilings, plenty of storage, enough space for multiple vehicles/equipment and an additional detached garage. A storage/flex building beside the main home offers even more uses, with two rooms and a bath, totaling more than 800 sqft. Income potential on a country estate close to conveniences, this property is surely a rare find!
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.
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.
