Hickory, NC Net Leased
For Sale
Contact for pricing
1022 2nd St NE, Hickory, NC 28601
Single tenant net leased KEDPLASMA property for sale.
Property Size18,950 SF
Price / SF$249.94
Days on Market253
Property Features for 1022 2nd St NE
General Information
Standard status
Active
Size
18,950 SF
Property subtype
Retail, Office
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$355,227
Building Details
Year Built
1958
Tenancy
Single
Listing Agency:
The Boulder Group
(847) 562-0003
Listed By:
Randy Blankstein · License #IL 471005983
Source:
Crexi
Added: Dec 11, 2025
Changed: Aug 13
Last Checked: Aug 19 at 9:27PM
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 The Boulder Group
Investment Insights
Based on property information with market context.
This single tenant net leased KEDPLASMA property is located in Hickory, North Carolina. The 18,950 square-foot building is under a 15-year lease that began in 2017 and runs through May 2032. The lease contains 10% rental escalations throughout the primary term and includes four 5-year renewal options. The lease also includes a guaranty from KEDRION S.p.A. The property benefits from its location along 2nd Street, which experiences over 25,500 vehicles per day. 2nd Street is a main corridor in Hickory, hosting a variety of tenants including Lowe’s Home Improvement, Lowes Foods, Starbucks, Chick-fil-A, CVS, Wells Fargo, and Smoothie King. The asset is strategically located near Lenoir-Rhyne University and Hickory High School, which have enrollments of 1,600 and 1,200 students, respectively. Additionally, KEDPLASMA is less than one mile north of the Frye Regional Medical Center, a 355-bed hospital. There are over 73,800 people living within a five-mile radius, with an average household income of $86,889. KEDPLASMA operates over 70 plasma donation centers across the United States, and contributes to the collection of approximately 800,000 liters of plasma annually. As a subsidiary of Kedrion Biopharma, an Italian company with over 2,500 employees and a presence in more than 100 countries, KEDPLASMA supports the treatment of rare and serious diseases.
Key Highlights
- Long‑term net lease with KEDPLASMA in place until May 2032
- Lease includes 10% rental escalations throughout the primary term and four 5‑year renewal options
- Guaranteed by KEDRION S.p.A.
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
$203,930
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
4.31%
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%
$4,078,600
$4.1M
Cap Rate 7%
$2,913,286
$2.9M
Cap Rate 9%
$2,265,889
$2.3M
Market Conditions
NOI Build-Up for 18,950 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
$379.8K $20.04/SF
− Vacancy
−$39.9K −$2.10/SF
EGI
$339.9K $17.94/SF
− OpEx
−$136.0K −$7.17/SF
NOI
$203.9K $10.76/SF
Area
Catawba County, NC
Vacancy
10.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
40.00%
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%
$4,078,600
Cap Rate 7%
$2,913,286
Cap Rate 9%
$2,265,889
Alternative Uses
Best Use
Healthcare Medical
$2.91M
$2.55M – $3.40M
NOI $203,930 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.54M
$4.84M – $6.46M
NOI $387,490 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
800
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical center - Single tenant net leased KEDPLASMA property for sale.
Where is this medical center located?
The property is located at 1022 2nd St NE Hickory, NC.
What is the asking price?
The asking price for this property is $4,736,365.
What are key features of this property?
This property features: Long‑term net lease with KEDPLASMA in place until May 2032; Lease includes 10% rental escalations throughout the primary term and four 5‑year renewal options; Guaranteed by KEDRION S.p.A.
