Hickory Multifamily Investment
386 17th Ave NE, Hickory, NC 28601
41-unit multifamily property with value-add potential in Hickory, NC.
Type:Multifamily
Property size:
26,000 SFLot size:
2.27 AcresPrice / SF:
$118/SF- Added:
- Feb 23, 2026
- Days on Market:
- 88
- Last Refresh:
- Mar 17 at 1:15 pm
Property Features for 386 17th Ave NE
General Information
- Standard status
- Active
- Size
- 26,000 SF
- Lot size
- 2.27 Acres
- Property subtype
- Multifamily
Listing agent Kimberlee Rosenburgh License #108254
Listing office US Developments
Listing date Feb 23, 2026
Source Crexi
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 US Developments
HighLights
- Value‑add opportunity through interior renovations and rent optimization to increase revenue.
- Strong cash flow with potential for long‑term NOI expansion.
- Located in Hickory, a growing digital infrastructure corridor anchored by major tech investments (Apple, Microsoft, Google).
- Diversified unit mix of Studios, One‑Bedroom, and Two‑Bedroom apartments.
- Commuter‑friendly access to Charlotte's job market and amenities via I‑40 and US‑321.
- Proximity to Western NC destinations like Boone and Asheville, enhancing lifestyle appeal.
Overview
The Eastmont Apartments, located in Hickory, NC, comprises a 41-unit multifamily community situated on approximately 2.27 acres across two contiguous parcels. Constructed in 1966 and 1982, the property features a mix of 16 studio, 10 one-bedroom, one-bathroom, and 15 two-bedroom, one-bathroom residences. The property offers existing cash flow with potential for additional revenue through interior renovations and rent optimization. Hickory is located approximately 58 miles from Charlotte, providing access to Charlotte’s job market, airport, and amenities. The area also provides connectivity to Western NC destinations, including Boone and Asheville. The submarket is emerging as a digital infrastructure corridor, supported by hyperscale operators, Apple’s expanding campus, Microsoft’s multi-site buildout, and Google’s data center investment. The property presents a value-add opportunity with potential through interior upgrades and rent growth. The asset is positioned for long-term NOI expansion in a market supported by Charlotte's proximity and economic drivers, including healthcare, advanced manufacturing, logistics/distribution, higher education, and digital infrastructure. The property size is approximately 26000 square feet.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$2.42M
NOI $218,224 @ 9.00% cap · cautious / downside scenario
Moderate
$3.12M
NOI $218,224 @ 7.00% cap · market / base-case scenario
Aggressive
$4.36M
NOI $218,224 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $421.2k | $16.20 |
| − Vacancy | −$24.4k | −$0.94 |
| EGI | $396.8k | $15.26 |
| − OpEx | −$178.5k | −$6.87 |
| NOI | $218.2k | $8.39 |
26,000 SF · lease $16.20/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$3.12M
$2.73M – $3.64M
NOI $218,224 @ 7.0% cap · market cap 7.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.59M
$6.65M – $8.86M
NOI $531,648 @ 7.0% cap · market cap 17.29%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Eastmont Apartments
Apartment Complex
Pure Roast Coffee
Cafe & Coffee Shop
Location Insight
- Map
- Local Demand
- City
- Hickory
- County
- Catawba
- State
- North Carolina
- Longitude
- -81.3304366
- Latitude
- 35.7544518
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 41-unit multifamily property with value-add potential in Hickory, NC.
Where is this apartment building located?
The property is located at 386 17th Ave NE Hickory, NC.
What is the asking price?
The asking price for this property is $3,075,000.
What are key features of this property?
This property features: Value‑add opportunity through interior renovations and rent optimization to increase revenue.; Strong cash flow with potential for long‑term NOI expansion.; Located in Hickory, a growing digital infrastructure corridor anchored by major tech investments (Apple, Microsoft, Google).
