Rented Duplex with CC-1
For Sale
Contact for pricing
1921 24th St NE, Hickory, NC 28601
Two-unit duplex is currently rented and zoned CC-1, with commercial conversion requiring city approval steps.
Property Size1,700 SF
Price / SF$140.59
Days on Market245
Property Features for 1921 24th St NE
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Multifamily, Office
Zoning
CC-1
Additional Details
Multifamily Units
2
Building Details
Year Built
1965
Units
2
Listing Agency:
Commercial First
Listed By:
Jenny Eckard · License #NC 271955
(828) 322-8022
Source:
Crexi
Added: Feb 17
Changed: Oct 13
Last Checked: Oct 19 at 7:20AM
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
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Investment Insights
Based on property information with market context.
This currently rented duplex offers immediate income as a two-unit residential income property. The property is zoned CC-1, which allows for a range of commercial uses; however, converting the site to commercial use would require additional steps and consultation with the City of Hickory.
The property is located in a growing corridor of Hickory near Springs Road and adjacent retail and service amenities including Walmart Neighborhood Market, Sheetz, Starbucks, and Walgreens. The site is also projected to be impacted by future DOT road widening, though no finalized maps are currently available; buyers are advised to consult DOT for details.
The property is located in a growing corridor of Hickory near Springs Road and adjacent retail and service amenities including Walmart Neighborhood Market, Sheetz, Starbucks, and Walgreens. The site is also projected to be impacted by future DOT road widening, though no finalized maps are currently available; buyers are advised to consult DOT for details.
Key Highlights
- Two‑unit duplex built in 1965 and currently rented
- Zoned CC‑1, allowing a range of commercial uses
- Commercial conversion would require additional steps and consultation with the City of Hickory
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,355
Cap Rate
6.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$307,100
$307.1K
Cap Rate 7%
$219,357
$219.4K
Cap Rate 9%
$170,611
$170.6K
Market Conditions
NOI Build-Up for 1,700 SF
Gross rent
$23.5K $13.80/SF
− Vacancy
−$1.5K −$0.90/SF
EGI
$21.9K $12.90/SF
− OpEx
−$6.6K −$3.87/SF
NOI
$15.4K $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 Rate 5%
$307,100
Cap Rate 7%
$219,357
Cap Rate 9%
$170,611
Alternative Uses
Best Use
Multifamily LT 5
$219.4K
$191.9K – $255.9K
NOI $15,355 @ 7.0% cap · market cap 6.42%
Second Best
Apartment 5plus
$203.8K
$178.4K – $237.8K
NOI $14,268 @ 7.0% cap · market cap 5.97%
Theoretical Best
Office A
$496.6K
$434.5K – $579.4K
NOI $34,762 @ 7.0% cap · market cap 14.54%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
224
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit duplex is currently rented and zoned CC-1, with commercial conversion requiring city approval steps.
Where is this duplex located?
The property is located at 1921 24th St NE Hickory, NC.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1965 and currently rented; Zoned CC‑1, allowing a range of commercial uses; Commercial conversion would require additional steps and consultation with the City of Hickory
