Two-Unit Warehouse Flex
For Sale
$759,000
1707 10th Ave Ne, Hickory, NC 28601
One building with two leased warehouse/light manufacturing spaces, offices, docks, and approximately 12-foot ceilings.
Property Size12,000 SF
Price / SF$63.25
Days on Market137
Property Features for 1707 10th Ave Ne
General Information
Standard status
Active
Size
12,000 SF
Warehouse & Industrial
Clear Height
12 ft
Drive-In Doors
1
Sprinkler System
Yes
Additional Details
Road Access
Yes
Building Details
Tenancy
Multi
Listing Agency:
Keller Williams Unified
(704) 799-3700
Listed By:
Fletcher Edens · License #226103
(828) 228-2010
Source:
Exprealty
Added: Apr 23
Changed: Sep 5
Last Checked: Sep 5 at 12:15PM
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 Keller Williams Unified
Investment Insights
Based on property information with market context.
This single flex/industrial building contains two separate warehouse/light manufacturing spaces with dedicated office areas. The property is roughly split into two units of approximately 6,000 square feet each, totaling about 12,000 square feet, and is fully sprinkled.
The building spans between 10th Ave NE and 11th Ave NE and has frontage on each street. Both unit entrances include dock doors, and each side also features a 9' x 9' drive-in garage door entry, along with adequate parking.
Each unit is leased long term and has its own street access via the 10th and 11th entrances. Please do not disturb tenants.
The building spans between 10th Ave NE and 11th Ave NE and has frontage on each street. Both unit entrances include dock doors, and each side also features a 9' x 9' drive-in garage door entry, along with adequate parking.
Each unit is leased long term and has its own street access via the 10th and 11th entrances. Please do not disturb tenants.
Key Highlights
- Single building spans 10th Ave NE to 11th Ave NE with frontage on both streets
- +/-12,000 SF total split into two spaces of +/-6,000 SF each for warehouse/light manufacturing with offices
- Both units have leased long‑term tenant occupancy (10th and 11th street entrances)
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
$62,944
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
8.29%
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%
$1,258,880
$1.3M
Cap Rate 7%
$899,200
$899.2K
Cap Rate 9%
$699,378
$699.4K
Market Conditions
NOI Build-Up for 12,000 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
$96.5K $8.04/SF
− Vacancy
−$6.6K −$0.55/SF
EGI
$89.9K $7.49/SF
− OpEx
−$27.0K −$2.25/SF
NOI
$62.9K $5.25/SF
Area
Catawba County, NC
Vacancy
6.80%
Lease Rate
$8.04 /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%
$1,258,880
Cap Rate 7%
$899,200
Cap Rate 9%
$699,378
Alternative Uses
Best Use
Flex RnD
$1.75M
$1.53M – $2.04M
NOI $122,279 @ 7.0% cap · market cap 16.11%
Second Best
Warehouse
$1.09M
$955.4K – $1.27M
NOI $76,431 @ 7.0% cap · market cap 10.07%
Theoretical Best
Office A
$3.51M
$3.07M – $4.09M
NOI $245,376 @ 7.0% cap · market cap 32.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
1
Drive-in doors
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
418
Businesses Nearby
Under-served
Demand for This Use
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 Industrial 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?
Flex space - One building with two leased warehouse/light manufacturing spaces, offices, docks, and approximately 12-foot ceilings.
Where is this flex space located?
The property is located at 1707 10th Ave Ne Hickory, NC.
What is the asking price?
The asking price for this property is $759,000.
What are key features of this property?
This property features: Single building spans 10th Ave NE to 11th Ave NE with frontage on both streets; +/-12,000 SF total split into two spaces of +/-6,000 SF each for warehouse/light manufacturing with offices; Both units have leased long‑term tenant occupancy (10th and 11th street entrances)
