Tropical Oasis in the Heart of Hawaii - Vacation Rental Business

Rare Legal STR Condo in Hilo with Proven Returns and Built-In Management Option

Some properties offer more than a checklist of features — they offer a shift in lifestyle, a step toward financial freedom, or simply a better use of time and capital. This one-bedroom, one-bath condo in Hilo, Hawai‘i presents that kind of opportunity.

Legally Zoned for Short-Term Rental

Hilo remains one of the most tightly regulated markets for short-term vacation rentals (STRs) in Hawai‘i. Most listings operate under fragile grandfathered exemptions or waitlisted permits. This condo isn’t one of them. Its zoning allows legal STR operation without a permit, which puts it in a rare and durable investment class.

Upgraded, Booked, and Ready

Over $60,000 has been invested in renovations, creating a clean, modern, and guest-ready space. Its appeal is evident — high occupancy, strong reviews, and a repeatable guest experience that continues to convert bookings. The location offers walkability to downtown Hilo, tropical views, and a base for travelers seeking East Hawai‘i’s slower, more authentic pace.

2024 Financials

Gross Revenue: $71,126.46

Total Expenses (incl. HOA, cleaning, taxes): $26,385.38

Net Operating Income (NOI): $44,741.08

These numbers are based on actual operations — not projections. Using conservative investment multiples of 2.5× to 4.0× NOI, the income stream alone values the business component between $111,853 and $178,964.

Use It. Rent It. Or Let It Run.

Want to use the unit yourself part of the year? Block the calendar. Want it to run on autopilot? The current owner is willing to continue managing the bookings, guests, and turnover for a separate fee — offering a ready-to-operate system for remote or passive investors.

The Numbers Align

Purchased two years ago for $200,000

$60,000 in capital improvements

Strong and stable NOI

No licensing hurdles

Offered now at $395,000

For the Right Buyer, This Isn’t Just an Asset — It’s a Lever

Whether you're repositioning capital through a 1031 exchange, entering the Hawai‘i market for the first time, or seeking an income-generating retreat you can actually use — this listing offers both utility and upside.

Inventory like this doesn’t show up often in Hilo. It’s not a matter of if it sells. Just when, and to whom.