Mixed-Use Campus with Highway
For Sale
$5,500,000
1855 6th Street SE, Hickory, NC 28602
Commercial Sale, Hickory, NC
Property Size28,472 SF
Lot Size18.34 Acres
Price / SF$193.17
Days on Market64
Property Features for 1855 6th Street SE
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
R-2
Rooms
Basement
Parking features
Parking Lot
Basement
Exterior Entry, Interior Entry, Finished
Lot features
Corner Lot
Standard status
Active
APN
3701089886500000
Lot size
18.34 Acres
Taxes and HOA fees
Tax Description
18TH AVE + 6TH ST SE
Legal Description
18TH AVE + 6TH ST SE
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Amenities
expansive gathering spaces
numerous classrooms
offices
commercial kitchen facilities
meeting rooms
recreational areas
fully finished lower level
Building Details
Year built
1998
Floors in Building
3
Building materials
Brick Full
Roof type
Metal
Listing Agency:
Keller Williams South Park · Keller Williams Realty
(704) 602-0400
Listed By:
Sheila Spencer · License #172728
(828) 217-2342
Added: Jul 22
Changed: Sep 23
Last Checked: Sep 23 at 10:06AM
MLS# 4405010
Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use campus occupies 18.34 acres and includes a 28,472-square-foot brick facility built in 1998. The interior incorporates classrooms, offices, meeting rooms, expansive gathering areas, recreational space, commercial kitchen facilities, and a finished lower level with separate interior and exterior access. Central air, forced-air heating, a metal roof, and a parking lot are among the existing improvements.
The property fronts NC Highway 127 for nearly 1,800 feet and is positioned at 6th Street SE and 18th Avenue SE in Hickory. Access to public sewer service and city water supports the developed site, while the campus setting includes extensive paved parking. Interstate 40, Downtown Hickory, Catawba Valley Medical Center, and nearby residential areas are within the surrounding market context.
The existing configuration has been identified for institutional, educational, medical, nonprofit, corporate, community, event, and mixed-use redevelopment applications.
The property fronts NC Highway 127 for nearly 1,800 feet and is positioned at 6th Street SE and 18th Avenue SE in Hickory. Access to public sewer service and city water supports the developed site, while the campus setting includes extensive paved parking. Interstate 40, Downtown Hickory, Catawba Valley Medical Center, and nearby residential areas are within the surrounding market context.
The existing configuration has been identified for institutional, educational, medical, nonprofit, corporate, community, event, and mixed-use redevelopment applications.
Key Highlights
- 18.34‑acre mixed‑use campus in Hickory, NC
- 28,472‑square‑foot brick facility built in 1998
- Nearly 1,800 feet of frontage on NC Highway 127
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$288,279
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.24%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,765,580
$5.8M
Cap Rate 7%
$4,118,271
$4.1M
Cap Rate 9%
$3,203,100
$3.2M
Market Conditions
NOI Build-Up for 28,472 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$512.5K $18.00/SF
− Vacancy
−$51.2K −$1.80/SF
EGI
$461.2K $16.20/SF
− OpEx
−$173.0K −$6.07/SF
NOI
$288.3K $10.13/SF
Area
Catawba County, NC
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,765,580
Cap Rate 7%
$4,118,271
Cap Rate 9%
$3,203,100
Alternative Uses
Best Use
Mixed Use
$4.12M
$3.60M – $4.80M
NOI $288,279 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.32M
$7.28M – $9.70M
NOI $582,195 @ 7.0% cap · market cap 10.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
35
Businesses Nearby
Explore this area
Business Placement
Demographics for 28602, NC
29,184
Population
12,941
Households
2.3
Avg Household Size
42
Median Age
18%
College-Educated
87%
High-School Grad
70.7 sq mi
ZIP Area
413
Density / Sq Mi
$56,031
Median Household Income
$36,519
Median Earnings
$830
Median Rent
$180,300
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick facility with classrooms, offices, meeting rooms, kitchen space, recreation areas, and a finished lower level.
Where is this mixed-use property located?
The property is located at 1855 6th Street SE Hickory, NC.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: 18.34‑acre mixed‑use campus in Hickory, NC; 28,472‑square‑foot brick facility built in 1998; Nearly 1,800 feet of frontage on NC Highway 127
