Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    229 1st Ave NW Hickory, NC

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    1.85 acres with commercial buildings and rental income.

    Type:RETAIL
    Property size:
    2 SF
    Lot size:
    1.41 Acres
    Price / SF:
    $1,135,135/SF
    Added:
    Nov 12, 2025
    Days on Market:
    167
    Last Refresh:
    Apr 5 at 8:47 pm

    Property Features for 229 1st Ave NW

    General Information

    Standard status
    Active
    Size
    2 SF
    Lot size
    1.41 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Nicholas Marinelli

    Listing agent Nicholas Marinelli

    Listing office Carolina Development Partners

    Listing date Nov 12, 2025

    Source Moodyscre

    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 Carolina Development Partners

    Overview

    Commercial Land in Downtown Hickory

    This property features 1.85 acres of commercial land located in downtown Hickory, at the corner of 1st Ave SE and 2nd St Place SE. The property includes three separate commercial brick buildings, offering a total of four rentable spaces. Currently, two of the buildings are rented. The listing encompasses Catawba County PID numbers 370207791150 and 370207699114.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Shear Grace Institute ... Vocational School

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Hickory
    County
    Catawba
    State
    North Carolina
    Longitude
    -81.3349
    Latitude
    35.7309

    Nearby Similar for Sale

    • $470,000

      Hickory Commercial Property with Vacant Lot

      Commercial building near downtown Hickory with development potential.
      729 1st Avenue SW, Hickory, NC 28602
      View Details
    • $1,500,000

      Hickory Industrial Warehouse Opportunity

      72,557 SF industrial warehouse on nearly 2 acres.
      719 Old Lenoir Road, Hickory, NC 28601
      View Details
    • $750,000

      Hickory Commercial Building For Sale

      Well-maintained commercial building near downtown Hickory with office and warehouse.
      731 Main Avenue SW, Hickory, NC 28602
      View Details
    • $850,000

      Hickory Commercial Property Opportunity

      Versatile property suitable for offices, retail, medical, or education.
      925 NE 5th Street NE, Hickory, NC 28601
      View Details
    • $385,000

      Classic Brick Duplex in Hickory

      Well-maintained duplex with tenant-paid utilities in a desirable area.
      328-330 3rd Avenue SE, Hickory, NC 28602
      View Details
    • $415,000

      Lake View Duplex in Hickory

      Duplex with lake views, near marina and boat access.
      500 Steel Bridge Loop, Hickory, NC 28601
      View Details
    • $599,900

      Hickory Commercial Property For Sale

      Commercial property with furniture store, restaurant, and storage building.
      3506 Springs Road NE, Hickory, NC 28601
      View Details
    • $325,000

      Waterfront Lot with Dock Permit

      Pristine waterfront lot with approved dock permit in Hickory.
      3431 6th Street Drive NW, Hickory, NC 28601
      View Details
    • $259,900

      Hickory Multifamily Investment Opportunity

      Two homes on a spacious lot, ideal for rental income.
      7686 Shoupes Grove Church Road, Hickory, NC 28602
      View Details
    • $399,000

      34 Acres Near Highway 127

      34-acre land parcel near Highway 127, minutes from downtown Hickory.
      2295 1st Street SE, Hickory, NC 28602
      View Details
    • $442,750

      Hickory Land with Highway Access

      3.85 acres with exceptional access to major highways and amenities.
      Short Road, Hickory, NC 28602
      View Details
    • $2,400,000

      Updated Manufacturing Building in Hickory

      55,000 sqft updated manufacturing building ready for new use.
      2146 Highland Avenue NE, Hickory, NC 28601
      View Details

    FAQs

    What type of property is this?
    Retail property - 1.85 acres with commercial buildings and rental income.
    Where is this retail property located?
    The property is located at 229 1st Ave NW Hickory, NC.
    What is the asking price?
    The asking price for this property is $2,100,000.
    What are key features of this property?
    This property features: 1.85 acres of commercial property in downtown Hickory.; Prime corner location at 1st Ave SE and 2nd St Place SE.; Includes 3 separate brick buildings with 4 rentable spaces.
    (704) 622-2772 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Nicholas Marinelli
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!