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    Hickory NC Multifamily Investment Opportunity Title is generated by Realmo AI

    218 37th Street SW, Hickory, NC 28602

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    For Sale
    $675,000

    MULTI_FAMILY - Hickory, NC

    Property size:
    600 SF
    Lot size:
    2.52 Acres
    Price / SF:
    $1,125/SF
    Added:
    Sep 8, 2025
    Days on Market:
    249
    Last Refresh:
    May 14 at 10:06 pm

    Property Features for 218 37th Street SW

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    24
    Bathrooms
    12
    Rooms
    Bathroom 10, Bathroom 5, Bedroom 6, Bedroom 20, Bedroom 18, Bedroom 21, Bathroom 2, Bathroom 3, Bedroom 5, Bathroom 7, Bedroom 14, Bathroom 9, Bathroom 11, Bedroom 2, Bedroom 17, Bedroom 10, Bedroom 8, Bedroom 12, Bathroom 1, Bedroom 13, Bedroom 16, Bedroom 22, Bedroom 4, Bedroom 7, Bedroom 24, Bedroom 3, Bedroom 11, Bedroom 23, Bathroom 12, Bedroom 15, Bathroom 8, Bathroom 4, Bedroom 1, Bedroom 19, Bathroom 6, Bedroom 9
    Standard status
    Active
    APN
    0032356
    Size
    600 SF
    Lot size
    2.52 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    3165

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Varies by Unit (Heating)
    Cooling system
    Wall/Window Unit(s), Window Unit(s)

    Building Details

    Year built
    2013
    Floors in Building
    2
    Number of units
    4
    Flooring type
    Carpet, Vinyl

    We can help!

    Listing Contact
    Michelle Edwards Mitchell

    Listing agent Michelle Edwards Mitchell License #121569

    Listing office Keller Williams Elite Realty 245 NC Hwy 54 E Suite 101, Durham, NC

    Listing date Sep 8, 2025

    MLS# 10120646 Listing URL

    Copyright © 2026 Doorify MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Investment opportunity: Purchase 12 units to expand your real estate portfolio.
    • Income potential: 7 out of 12 units are currently leased.
    • Growth potential: 5 units are being prepared for leasing.
    • Situated on approximately 2.5 acres.
    • Relatively new construction: Built in 2013.
    • Expansion Possibility: Option to purchase an additional 10 units.

    Overview

    This multifamily property in Hickory, NC, presents an investment opportunity with 12 units situated on approximately 2.5 acres. Currently, 7 of the 12 units are leased, with the remaining 5 undergoing preparation. The property offers potential for portfolio growth and other possibilities. The property has 600 square feet of space and is located in Hickory, NC.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy Big Box & Wholesale Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hickory
    County
    Catawba
    State
    North Carolina
    Longitude
    -81.397384
    Latitude
    35.725286

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    FAQs

    What type of property is this?
    Apartment building - Multifamily investment opportunity featuring 12 units on approximately 2.5 acres.
    Where is this apartment building located?
    The property is located at 218 37th Street SW Hickory, NC.
    What is the asking price?
    The asking price for this property is $675,000.
    What are key features of this property?
    This property features: Investment opportunity: Purchase 12 units to expand your real estate portfolio.; Income potential: 7 out of 12 units are currently leased.; Growth potential: 5 units are being prepared for leasing.
    (919) 484-2280
    We can help!
    Listing Contact
    Michelle Edwards Mitchell
    Real Estate License ID: 121569
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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