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$146.47
Days on Market200
Property Features for 1921 24th St NE
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Multifamily
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: Sep 2
Last Checked: Sep 4 at 12:09PM
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.
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 = 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
$15,355
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
6.17%
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%
$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
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
$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 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%
$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 6.17%
Second Best
Apartment 5plus
$203.8K
$178.4K – $237.8K
NOI $14,268 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$496.6K
$434.5K – $579.4K
NOI $34,762 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
224
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-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 $249,000.
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
