Full-Brick Duplex with Covered
For Sale
$385,000
328-330 3rd Ave SE, Hickory, NC 28602
Well-maintained two-unit property with updated baths, refinished hardwood floors, private porches, and unfinished basement areas.
Property Size2,542 SF
Price / SF$151.46
Days on Market38
Property Features for 328-330 3rd Ave SE
General Information
Standard status
Active
Size
2,542 SF
Property subtype
Multi-Family
Additional Details
Average Monthly Rent
$1,300
Multifamily Units
2
Amenities
covered front porches
covered rear porches
rear patio
laundry hookups
Building Details
Year Built
1937
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
Keller Williams Unified
(704) 881-1921
Listed By:
Bob Warchol · License #225597
Source:
Lewisandkirk
Added: Jul 24
Changed: Aug 29
Last Checked: Aug 25 at 5:01AM
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 two-unit residential income property offers 2,542 square feet in a full-brick structure completed in 1937. Each unit includes a second-floor bedroom area, a kitchen with an electric stove, refrigerator, and microwave, plus a bathroom with updated fixtures. Refinished hardwood flooring, ceramic tile in both baths, insulated windows, insulated front doors, neutral paint, and wood trim add to the existing character.
Both sides have covered front and rear porches, rear patio access, and separate walk-down, walk-out unfinished basements with laundry hookups. The washer and dryer serving unit 330 are included; the appliances belonging to the occupant of unit 328 are excluded. Gas lines are present but not connected. The property is located at 328-330 3rd Ave SE in Hickory, North Carolina.
Both sides have covered front and rear porches, rear patio access, and separate walk-down, walk-out unfinished basements with laundry hookups. The washer and dryer serving unit 330 are included; the appliances belonging to the occupant of unit 328 are excluded. Gas lines are present but not connected. The property is located at 328-330 3rd Ave SE in Hickory, North Carolina.
Key Highlights
- 2,542‑SF duplex on a 0.06‑acre lot
- Full‑brick construction completed in 1937
- Covered front and rear porches for both units
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
$22,960
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
5.96%
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%
$459,200
$459.2K
Cap Rate 7%
$328,000
$328.0K
Cap Rate 9%
$255,111
$255.1K
Market Conditions
NOI Build-Up for 2,542 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
$35.1K $13.80/SF
− Vacancy
−$2.3K −$0.90/SF
EGI
$32.8K $12.90/SF
− OpEx
−$9.8K −$3.87/SF
NOI
$23.0K $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%
$459,200
Cap Rate 7%
$328,000
Cap Rate 9%
$255,111
Alternative Uses
Best Use
Multifamily LT 5
$328.0K
$287.0K – $382.7K
NOI $22,960 @ 7.0% cap · market cap 5.96%
Second Best
Apartment 5plus
$304.8K
$266.7K – $355.6K
NOI $21,336 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$742.6K
$649.7K – $866.3K
NOI $51,979 @ 7.0% cap · market cap 13.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,383
Businesses Nearby
Explore this area
Business Placement
Demographics for 28602, NC
29,184
Population
12,941
Households
2.3
Avg Household Size
42
Median Age
18%
College-Educated
87%
High-School Grad
70.7 sq mi
ZIP Area
413
Density / Sq Mi
$56,031
Median Household Income
$36,519
Median Earnings
$830
Median Rent
$180,300
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 - Well-maintained two-unit property with updated baths, refinished hardwood floors, private porches, and unfinished basement areas.
Where is this duplex located?
The property is located at 328-330 3rd Ave SE Hickory, NC.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 2,542‑SF duplex on a 0.06‑acre lot; Full‑brick construction completed in 1937; Covered front and rear porches for both units
