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    Property profile & analytics

    615 Main Ave SW Hickory, NC 28602

    • Office buildings
    • 1,920 SF
    • 0.43 lot acres
    For Sale
    View listing
    $495,000
    Last Sale
    Apr 30, 2020
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1736029
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Office buildings

    Property Details for 615 Main Ave SW

    Year built
    1993
    Construction
    WOOD
    Lot size
    0.43 lot acres
    Property size
    1,920 SF
    Zone code
    C-2
    Property type
    Office buildings
    APN
    3702-06-39-0440
    APU
    370206390440

    Description

    This exceptional 1,806 square foot brick office building is ideally situated in downtown Hickory, just blocks from the town square and conveniently located off the city walk. The property boasts four existing offices in the front section, complemented by a shared break or meeting area. A significant advantage is the presence of a loading dock and temperature-controlled storage in the rear of the building. This storage area offers considerable potential for expansion into additional office space and is already plumbed for an extra bathroom. The building is equipped with three-phase power, enhancing its versatility and capacity. Security features include a keypad entry system for the offices and a currently separate security system for the front and back sections, allowing for either independent or combined operation. A convenient buzzer system is installed at the front entrance. Furthermore, data lines are strategically run throughout the offices, providing excellent infrastructure for modern business needs. The 0.43-acre lot provides ample space and the prime location makes this a truly exceptional opportunity to own a building in a highly desirable area of Hickory. This property presents a unique blend of existing office space and significant expansion potential, making it an attractive investment for a variety of business needs.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $250,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $154,000
      Market price range: $91.7k - $245k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $165,000
      Current use
      MEDICAL BUILDING
      $365,000
      Change: +119% Conversion: Easy
      AUTO REPAIR, GARAGE
      $230,000
      Change: +37% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $150,000
      Change: -9% Conversion: Easy
      RETAIL STORES
      $150,000
      Change: -9% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Hickory
    County
    Catawba
    State
    North Carolina
    Longitude
    -81.3486
    Latitude
    35.7315
    CBSA code
    25860
    CBSA name
    HICKORY-LENOIR-MORGANTON, NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $1,005
    $30,000
    $87,800
    $117,800
    -
    $30,000
    $87,800
    $117,800

    Comparable in this City

    • Value Estimation
      $355,000
      15,014 SF

      1040 Southgate Corporate SW Park

      OFFICE BUILDING • 15,014 SF
      1040 Southgate Corporate SW Park, Hickory, NC 28602-1518
      View Details
    • Value Estimation
      $535,000
      27,679 SF

      320 Main Ave SE Way

      OFFICE BUILDING • 27,679 SF
      320 Main Ave SE Way, Hickory, NC 28602
      View Details
    • Value Estimation
      $260,000
      9,832 SF

      1930 3rd Ave SE Ln

      OFFICE BUILDING • 9,832 SF
      1930 3rd Ave SE Ln, Hickory, NC 28602-2959
      View Details
    • Value Estimation
      $365,000
      17,425 SF

      1121 Lenoir Rhyne SE Blvd

      OFFICE BUILDING • 17,425 SF
      1121 Lenoir Rhyne SE Blvd, Hickory, NC 28602-5128
      View Details
    • Value Estimation
      $270,000
      1,802 SF

      803 Us Hwy 70th SW

      OFFICE BUILDING • 1,802 SF
      803 Us Hwy 70th SW, Hickory, NC 28602-5021
      View Details
    • Value Estimation
      $980,000
      98,368 SF

      1375 13th Ave SE Dr

      OFFICE BUILDING • 98,368 SF
      1375 13th Ave SE Dr, Hickory, NC 28602
      View Details

    Similar Nearby for Sale

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    • New
      $495,000
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      Hickory Commercial Building For Sale

      Full brick building with flexible office and workspace.
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      View Details
    • $495,000
      1,806 SF

      Prime Hickory Office Building

      Downtown Hickory Office Space - 1806 sq ft
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      7.79 Acres

      Hickory NC Development Land

      7.79 Acres, C-3 Zoning, High Visibility
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    Hickory, NC 28602
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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.

    More about this property
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