Brick Duplex with Central
For Sale
$329,900
Pending
1535 & 1537 23rd Street NE, Hickory, NC 28601
Two-bedroom, two-bath brick duplex with one occupied unit and a second unit prepared for leasing or owner occupancy.
Property Size2,122 SF
Days on Market16
Property Features for 1535 & 1537 23rd Street NE
General Information
Standard status
Pending
Size
2,122 SF
Property subtype
Duplex
Amenities
Size: 0.5, Size Units: Acres
Man Level Garage: 0
Details: Central Air
Heating: Forced Air, Natural Gas
Description: Main Level
Days on Market: 5, Listing Price: 329900, Status: Under Contract-Show
Elementary: St. Stephens, Middle/Junior High: Arndt, High School: St. Stephens
Total Bathrooms: 4
Finished Area Above Grade: 2122, Area: 2122, Architecture: Ranch, Building Area: 2122, Construction Materials: Brick Partial, Year Built: 2003, Construction Type: Site Built
City: Hickory, State: NC, Zip: 28601, County: Catawba, Subdivision: None, Directions: Springs Road NE, right on 16th Ave Dr NE, right on 23rd St NE, duplex is on the right, see sign.
Full Bathrooms: 4
Sewer: Public Sewer, Water Source: City
Description: No
Auction Y/N: 0
Description: Dishwasher, Gas Range, Refrigerator
Building Details
Building Size
2,122 SF
Year Built
2003
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
Coldwell Banker Boyd & Hassell
(828) 381-1974
Listed By:
Donna Lane
(828) 381-1974
Source:
Blackstreaminternational
Added: Jul 28
Changed: Aug 8
Last Checked: Aug 4 at 4:44AM
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 Coldwell Banker Boyd & Hassell
Investment Insights
Based on property information with market context.
Built in 2003, this 2122 SF brick duplex includes two-bedroom, two-bath accommodations and practical in-unit features. Each unit is equipped with a gas furnace, central air, gas range, refrigerator, and dishwasher. Residents are responsible for all utilities. One side has an established occupant with four years of tenancy, while the other is vacant and rent-ready for a new lease or owner use.
The property is located at 1535 & 1537 23rd Street NE in Hickory, just off Springs Road. Schools, churches, shopping, and other daily amenities are nearby, providing convenient access to routine services and neighborhood destinations.
The property is located at 1535 & 1537 23rd Street NE in Hickory, just off Springs Road. Schools, churches, shopping, and other daily amenities are nearby, providing convenient access to routine services and neighborhood destinations.
Key Highlights
- 2122 SF brick duplex built in 2003
- Two‑bedroom, two‑bath configuration
- Gas furnace and central air in each 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
$19,166
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
5.81%
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%
$383,320
$383.3K
Cap Rate 7%
$273,800
$273.8K
Cap Rate 9%
$212,956
$213.0K
Market Conditions
NOI Build-Up for 2,122 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
$29.3K $13.80/SF
− Vacancy
−$1.9K −$0.90/SF
EGI
$27.4K $12.90/SF
− OpEx
−$8.2K −$3.87/SF
NOI
$19.2K $9.03/SF
Area
Catawba County, NC
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$383,320
Cap Rate 7%
$273,800
Cap Rate 9%
$212,956
Alternative Uses
Best Use
Multifamily LT 5
$273.8K
$239.6K – $319.4K
NOI $19,166 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$254.4K
$222.6K – $296.8K
NOI $17,810 @ 7.0% cap · market cap 5.40%
Theoretical Best
Office A
$619.9K
$542.4K – $723.2K
NOI $43,391 @ 7.0% cap · market cap 13.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
280
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom, two-bath brick duplex with one occupied unit and a second unit prepared for leasing or owner occupancy.
Where is this duplex located?
The property is located at 1535 & 1537 23rd Street NE Hickory, NC.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: 2122 SF brick duplex built in 2003; Two‑bedroom, two‑bath configuration; Gas furnace and central air in each unit
