9-Unit Apartment
New
For Sale
$1,000,000
1006 3rd St SE, Hickory, NC 28602
One-bedroom apartments include laundry connections, electric baseboard heat, and tenant-paid utilities.
Property Size5,616 SF
Price / SF$178.06
Days on Market2
Property Features for 1006 3rd St SE
General Information
Standard status
Active
Size
5,616 SF
Property subtype
Multi-Family
Units
Unit Mix
9 x 1BR/1BA
Multifamily Units
9
Amenities
washer/dryer hookups
Building Details
Year Built
1978
Listing Agency:
FK and Associates Real Estate Firm
Listed By:
Freddy Karmatz · License #282367
(727) 804-6058
Source:
Lewisandkirk
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 2:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of FK and Associates Real Estate Firm
Investment Insights
Based on property information with market context.
This 9-unit apartment property in Hickory contains 5,616 square feet across apartments configured with 1 bedroom and 1 bath. Every residence includes washer and dryer hookups, electric baseboard heating, and wall-mounted cooling units. Tenants are responsible for their own utilities, providing a clearly defined utility arrangement. The roof was replaced in 2021, and the building dates to 1978. Located at 1006 3rd St SE in Hickory, NC, the property offers an established multifamily configuration with consistent unit layouts and dedicated in-unit laundry connections.
Key Highlights
- 9‑unit apartment complex with 1 bedroom and 1 bath in each unit
- 5,616 square feet of multifamily space
- Washer and dryer hookups provided in every unit
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
$47,136
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
4.71%
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%
$942,720
$942.7K
Cap Rate 7%
$673,371
$673.4K
Cap Rate 9%
$523,733
$523.7K
Market Conditions
NOI Build-Up for 5,616 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
$91.0K $16.20/SF
− Vacancy
−$5.3K −$0.94/SF
EGI
$85.7K $15.26/SF
− OpEx
−$38.6K −$6.87/SF
NOI
$47.1K $8.39/SF
Area
Catawba County, NC
Vacancy
5.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$942,720
Cap Rate 7%
$673,371
Cap Rate 9%
$523,733
Alternative Uses
Best Use
Apartment 5plus
$673.4K
$589.2K – $785.6K
NOI $47,136 @ 7.0% cap · market cap 4.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.64M
$1.44M – $1.91M
NOI $114,836 @ 7.0% cap · market cap 11.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
430
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - One-bedroom apartments include laundry connections, electric baseboard heat, and tenant-paid utilities.
Where is this apartment building located?
The property is located at 1006 3rd St SE Hickory, NC.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 9‑unit apartment complex with 1 bedroom and 1 bath in each unit; 5,616 square feet of multifamily space; Washer and dryer hookups provided in every unit
