118 3rd Ave NW Hickory, NC 28601
Mixed-use building with apartments and commercial space in downtown Hickory.
- Added:
- Jul 17, 2024
- Days on Market:
- 726
- Last Refresh:
- May 12 at 9:42 pm
Property Features for 118 3rd Ave NW
General Information
- Standard status
- Active
- Size
- 4,436 SF
- Property subtype
- Retail, Office
Building Details
- Year Built
- 1924
Listing office Commercial First (828) 322-8022
Listing date Jul 17, 2024
Source Crexi
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 Commercial First
Investment Insights
Based on property information with market context.
Key Highlights
- High Income Potential: Current revenue $5,025/month with potential to exceed $8,000/month.
- Prime Location: Walking distance to Union Square in Downtown Hickory.
- Multiple Income Streams: Features two remodeled apartments and a leased commercial office space.
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $79.8k | $18.00 |
| − Vacancy | −$8.0k | −$1.80 |
| EGI | $71.9k | $16.20 |
| − OpEx | −$26.9k | −$6.07 |
| NOI | $44.9k | $10.13 |
