891 Ululani St, HILO, HI 96720

Property Description

Exceptional opportunity to acquire a well-maintained, two-story commercial building currently under a True Triple Net (NNN) long-term lease with a single tenant. Encompassing approximately 11,996 square feet of ADA-compliant interior space, the building features an elevator, multiple private offices, conference rooms, and flexible-use spaces—some previously configured for residential use. Both floors include central reception areas, men’s and women’s restrooms, with showers located on the ground floor. A dedicated laundry room with washer/dryer hookups adds further utility. 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.