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    Five Townhome Rental Portfolio Title is generated by Realmo AI

    2119 - 2111 24th Street Lane SE, Hickory, NC 28602

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    For Sale
    $1,570,000

    MULTI_FAMILY - Other - Hickory, NC

    Property size:
    1,680 SF
    Lot size:
    0.40 Acres
    Price / SF:
    $934/SF
    Added:
    Mar 9, 2026
    Days on Market:
    92
    Last Refresh:
    Jun 8 at 8:06 am

    Property Features for 2119 - 2111 24th Street Lane SE

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Property condition
    Under Construction
    Bedrooms
    15
    Bathrooms
    15
    Rooms
    Bathroom 3, Bathroom 12, Bedroom 5, Bedroom 15, Bedroom 10, Bedroom 14, Bathroom 7, Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 3, Bathroom 15, Bedroom 11, Bathroom 2, Bedroom 1, Bedroom 6, Bedroom 13, Bathroom 13, Bathroom 9, Bedroom 9, Bathroom 10, Bathroom 11, Bedroom 12, Bathroom 14, Bathroom 4, Bathroom 5, Bedroom 7, Bedroom 8, Bathroom 6, Bathroom 8
    Parking features
    Garage - Attached
    Patio and Porch features
    Patio
    Pets allowed
    Yes
    Fencing
    Fenced
    Appliances
    Dishwasher, Microwave, Oven, Refrigerator
    Standard status
    Active
    APN
    3711128599330000
    Lot size
    0.40 Acres

    Taxes and HOA fees

    Tax Description
    LOT 7 PLAT 84-129

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Heat Pump (Heating)
    Cooling system
    Heat Pump
    Water source
    Public

    Building Details

    Year built
    2025
    Floors in Building
    2
    Number of units
    5
    Building materials
    Brick Full
    Architectural style
    Other

    We can help!

    Listing Contact
    Kelsie Blevins

    Listing agent Kelsie Blevins

    Listing office Realty Executives of Hickory 785 Hwy 70 SW, Hickory, NC

    Listing date Mar 9, 2026

    MLS# 4354899 Listing URL

    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.

    HighLights

    • 5‑unit townhome portfolio under construction, built in 2025
    • Each 2‑story unit offers 3 bedrooms and 2.1 bathrooms, with private back patios
    • Unit sizes: middle units 1,588 SF with 1‑car attached garage; end units 1,680 SF with 2‑car attached garage
    • Brick full construction with heat pump heating and heat pump cooling
    • Public utilities: public water and public sewer
    • Includes appliances: dishwasher, microwave, oven, and refrigerator; fenced property

    Overview

    This offering includes five two-story townhome units, each designed with three bedrooms and 2.1 bathrooms. The middle units are described as having approximately 1,588 square feet and include a one-car garage, while the end units are described as having approximately 1,680 square feet and include a two-car garage. Each unit also features a private back patio, and the remarks indicate finishes and layouts intended to appeal to long-term renters.

    The townhomes are located in Hickory, North Carolina, off Highway 70, with quick access to I-40 and US-321. The property is described as less than 13 minutes from Lenoir-Rhyne University and next to Catawba Valley Community College. Nearby shopping and dining mentioned in the remarks include Water Bean Coffee, Dunkin', Target, Ulta, Best Buy, and Valley Hills Mall.

    As a multifamily income property, this five-unit configuration may fit buyers seeking a smaller portfolio with individually accessed townhome living. The mix of one- and two-car garages, private patios, and consistent bedroom and bath layouts can support straightforward leasing, while the central Hickory positioning described in the remarks provides convenience for prospective tenants.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Map

    City
    Hickory
    County
    Catawba
    State
    North Carolina
    Longitude
    -81.294004
    Latitude
    35.695515

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    FAQs

    What type of property is this?
    Apartment building - For sale five two-story townhomes with 3 bedrooms, 2.1 baths, and attached garages in Hickory, NC.
    Where is this apartment building located?
    The property is located at 2119 - 2111 24th Street Lane SE Hickory, NC.
    What is the asking price?
    The asking price for this property is $1,570,000.
    What are key features of this property?
    This property features: 5‑unit townhome portfolio under construction, built in 2025; Each 2‑story unit offers 3 bedrooms and 2.1 bathrooms, with private back patios; Unit sizes: middle units 1,588 SF with 1‑car attached garage; end units 1,680 SF with 2‑car attached garage
    (828) 221-6070
    We can help!
    Listing Contact
    Kelsie Blevins
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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