Waterfront Duplex with Fixed
For Sale
$699,900
4852 Midway Sand Road, Hickory, NC 28601
Residential Income, Hickory, NC
Property Size2,174 SF
Lot Size0.89 Acres
Price / SF$321.94
Days on Market34
Property Features for 4852 Midway Sand Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
County R20
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 3, Basement, Laundry Room
Parking features
Carport, Driveway
Window features
Insulated Windows
Patio and Porch features
Patio
Pets allowed
Yes
Basement
Finished, Walk-Out Access, Daylight, Exterior Entry, Interior Entry, Walk-Up Access, Full
Appliances
Dishwasher, Electric Oven, Electric Range, Refrigerator, Tankless Water Heater, Washer/Dryer
Lot features
Sloped, Views, Waterfront
View
Water
Elementary school
Granite Falls
Middle school
Granite Falls
High school
South Caldwell
Standard status
Active
APN
08 71 1 17
Lot size
0.89 Acres
Taxes and HOA fees
Tax Description
BK 2110 PG 909 YR 24 ST 838.00
Legal Description
BK 2110 PG 909 YR 24 ST 838.00
Utilities
Heating system
Heat Pump (Heating), Ductless (Heating)
Cooling system
Heat Pump, Ductless
Water source
Well
Water front
1
Amenities
direct waterfront access
updated HVAC systems
replacement windows
new supply plumbing
5-bedroom septic system
on-demand water heater
separate laundry areas
concrete pathway to the water
fixed dock
Building Details
Year built
1962
Number of units
2
Flooring type
Vinyl
Building materials
Brick Partial, Stone
Roof type
Metal
Architectural style
Ranch
Listing Agency:
C Shane Cook & Associates
(828) 437-7400
Listed By:
Allen Curtis · License #287846
(828) 443-7318
Added: Jul 28
Changed: Aug 19
Last Checked: Aug 30 at 11:06PM
MLS# 4408754
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 renovated duplex in Hickory offers a flexible two-level layout with 5 bedrooms, 2 full bathrooms, and 2,174 heated square feet. Three bedrooms are located on the main level, while each level includes a full bathroom and separate laundry area. The property has operated as a short-term rental and can also accommodate occupancy of one level while the other is rented. Interior and systems updates include replacement windows, updated HVAC, new supply plumbing, a 5-bedroom septic system, and a tankless water heater.
Set on 0.89 waterfront acres, the property provides lake views, direct access to the water, a concrete pathway, and a fixed dock. There is no HOA. Additional features include a ranch-style design, partial brick and stone construction, metal roofing, vinyl flooring, a carport, driveway parking, and a patio. The home is served by a private well and includes a dishwasher, electric oven and range, refrigerator, and washer/dryer.
Set on 0.89 waterfront acres, the property provides lake views, direct access to the water, a concrete pathway, and a fixed dock. There is no HOA. Additional features include a ranch-style design, partial brick and stone construction, metal roofing, vinyl flooring, a carport, driveway parking, and a patio. The home is served by a private well and includes a dishwasher, electric oven and range, refrigerator, and washer/dryer.
Key Highlights
- 0.89 waterfront acres with lake views and direct water access
- 2,174 heated square feet with 5 bedrooms and 2 full bathrooms
- Main level includes 3 bedrooms; each level has a full bathroom and separate laundry
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
$19,636
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
2.81%
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%
$392,720
$392.7K
Cap Rate 7%
$280,514
$280.5K
Cap Rate 9%
$218,178
$218.2K
Market Conditions
NOI Build-Up for 2,174 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
$30.0K $13.80/SF
− Vacancy
−$2.0K −$0.90/SF
EGI
$28.1K $12.90/SF
− OpEx
−$8.4K −$3.87/SF
NOI
$19.6K $9.03/SF
Area
Catawba County, NC
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$392,720
Cap Rate 7%
$280,514
Cap Rate 9%
$218,178
Alternative Uses
Best Use
Multifamily LT 5
$280.5K
$245.5K – $327.3K
NOI $19,636 @ 7.0% cap · market cap 2.81%
Second Best
Apartment 5plus
$260.7K
$228.1K – $304.1K
NOI $18,247 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$635.1K
$555.7K – $740.9K
NOI $44,454 @ 7.0% cap · market cap 6.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
48
Businesses Nearby
Explore this area
Business Placement
Demographics for 28601, NC
53,973
Population
23,400
Households
2.3
Avg Household Size
42
Median Age
35%
College-Educated
90%
High-School Grad
47.1 sq mi
ZIP Area
1,146
Density / Sq Mi
$67,839
Median Household Income
$41,697
Median Earnings
$951
Median Rent
$236,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Renovated two-level property with lake views, direct water access, and separate laundry areas serving each level.
Where is this duplex located?
The property is located at 4852 Midway Sand Road Hickory, NC.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 0.89 waterfront acres with lake views and direct water access; 2,174 heated square feet with 5 bedrooms and 2 full bathrooms; Main level includes 3 bedrooms; each level has a full bathroom and separate laundry
