Open-Layout Retail
For Sale
$400,000
1381 N Center Street, Hickory, NC 28601
The unit includes a retained bar, two restrooms, and a compact rear room suited to storage or preparation.
Property Size2,006 SF
Days on Market26
Property Features for 1381 N Center Street
General Information
Standard status
Active
Size
2,006 SF
Property subtype
Office
Amenities
Size: 0.09, Size Units: Acres
Details: Central Air
Heating: Central
Days on Market: 4, Listing Price: 400000, Status: Active
Year Built: 2006, Construction Type: Site Built
City: Hickory, State: NC, Zip: 28601, County: Catawba
Sewer: Public Sewer, Water Source: City
Auction Y/N: 0
Building Details
Building Size
2,006 SF
Year Built
2006
Listing Agency:
C. Rice and Associates LLC
Listed By:
Becca Ramsey
(828) 502-9197
Source:
Blackstreaminternational
Added: Aug 20
Changed: Sep 13
Last Checked: Sep 14 at 7:58AM
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 C. Rice and Associates LLC
Investment Insights
Based on property information with market context.
This retail unit offers an open interior configuration with a bar remaining from its prior restaurant use. The space also includes two restrooms and a small rear room that can support storage or preparation. The property is being separated from a larger unit, and final boundaries will be established when the division is completed.
Located at 1381 N Center St in Hickory, the space sits steps from Main Street within the downtown business area. Surrounding activity includes local businesses, events, and pedestrian movement. Its existing layout and downtown setting support consideration for retail, office, restaurant, or mixed-use occupancy, subject to final configuration and applicable approvals.
Located at 1381 N Center St in Hickory, the space sits steps from Main Street within the downtown business area. Surrounding activity includes local businesses, events, and pedestrian movement. Its existing layout and downtown setting support consideration for retail, office, restaurant, or mixed-use occupancy, subject to final configuration and applicable approvals.
Key Highlights
- Open interior layout with a retained bar from the prior restaurant use
- Two restrooms included within the unit
- Small rear room provides storage or preparation space
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
$26,814
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
6.70%
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%
$536,280
$536.3K
Cap Rate 7%
$383,057
$383.1K
Cap Rate 9%
$297,933
$297.9K
Market Conditions
NOI Build-Up for 2,006 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
$38.0K $18.96/SF
− Vacancy
−$2.3K −$1.14/SF
EGI
$35.8K $17.82/SF
− OpEx
−$8.9K −$4.46/SF
NOI
$26.8K $13.37/SF
Area
Catawba County, NC
Vacancy
6.00%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
25.00%
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%
$536,280
Cap Rate 7%
$383,057
Cap Rate 9%
$297,933
Alternative Uses
Best Use
Specialty Retail
$383.1K
$335.2K – $446.9K
NOI $26,814 @ 7.0% cap · market cap 6.70%
Second Best
Retail
$312.7K
$273.7K – $364.9K
NOI $21,892 @ 7.0% cap · market cap 5.47%
Theoretical Best
Office A
$586.0K
$512.7K – $683.7K
NOI $41,019 @ 7.0% cap · market cap 10.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
800
Businesses Nearby
199k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 50%
Home Improvements & Furnishings 18%
Groceries 16%
Shops & Services 9%
Lowe's
Home Improvements & Furnishings
36,057 visits/mo
0.2 miles
Lowes Foods
Groceries
32,129 visits/mo
0.3 miles
Cook Out
Dining
24,257 visits/mo
0.2 miles
Wendy's
Dining
14,692 visits/mo
0.2 miles
El Paso Mexican Restaurant
Dining
12,335 visits/mo
0.2 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Retail space - The unit includes a retained bar, two restrooms, and a compact rear room suited to storage or preparation.
Where is this retail space located?
The property is located at 1381 N Center Street Hickory, NC.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Open interior layout with a retained bar from the prior restaurant use; Two restrooms included within the unit; Small rear room provides storage or preparation space
