2-Unit
New
For Sale
$214,900
439 2nd Ave SE, Hickory, NC 28602
Separate residences offer six bedrooms and three and a half baths across the property.
Property Size1,795 SF
Lot Size0.23 Acres
Price / SF$119.72
Days on Market2
Property Features for 439 2nd Ave SE
General Information
Standard status
Active
Size
1,795 SF
Lot size
0.23 Acres
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
current lack of heat and central air
Units
Unit Mix
1 x 4BR/2.5BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Asking Price
$214,900
Amenities
hardwood floors
fireplace
covered front porch
laundry
Building Details
Year Built
1923
Buildings
1
Listed By:
Lynn Alvarez
(704) 975-2429
Source:
Livingingreatercharlotte
Added: Sep 30
Last Checked: Sep 30 at 11:39AM
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 Lynn Alvarez
Investment Insights
Based on property information with market context.
Built in 1923, this duplex contains two living units on a 0.23-acre lot. The main-level residence has four bedrooms, 2.5 baths and approximately 1,795 heated and cooled square feet, with hardwood floors, an open kitchen, a living-area fireplace and a covered front porch. The upper unit includes two bedrooms, one bath and approximately 850 square feet, along with hardwood floors and a kitchen with laundry. It currently has no heat or central air. A parking area serves the property.
The property is in Hickory’s Kenworth district, near downtown Hickory and Lenoir-Rhyne University. Shopping and dining are also identified nearby.
The property is in Hickory’s Kenworth district, near downtown Hickory and Lenoir-Rhyne University. Shopping and dining are also identified nearby.
Key Highlights
- Two separate living units with six bedrooms and 3.5 baths combined
- Main‑level unit: 4 bedrooms, 2.5 baths and approximately 1,795 heated/cooled square feet
- Upper‑level unit: 2 bedrooms, 1 full bath and approximately 850 square feet
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
$16,213
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
7.54%
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%
$324,260
$324.3K
Cap Rate 7%
$231,614
$231.6K
Cap Rate 9%
$180,144
$180.1K
Market Conditions
NOI Build-Up for 1,795 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
$24.8K $13.80/SF
− Vacancy
−$1.6K −$0.90/SF
EGI
$23.2K $12.90/SF
− OpEx
−$6.9K −$3.87/SF
NOI
$16.2K $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%
$324,260
Cap Rate 7%
$231,614
Cap Rate 9%
$180,144
Alternative Uses
Best Use
Multifamily LT 5
$231.6K
$202.7K – $270.2K
NOI $16,213 @ 7.0% cap · market cap 7.54%
Second Best
Apartment 5plus
$215.2K
$188.3K – $251.1K
NOI $15,066 @ 7.0% cap · market cap 7.01%
Theoretical Best
Office A
$524.3K
$458.8K – $611.7K
NOI $36,704 @ 7.0% cap · market cap 17.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,383
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate residences offer six bedrooms and three and a half baths across the property.
Where is this duplex located?
The property is located at 439 2nd Ave SE Hickory, NC.
What is the asking price?
The asking price for this property is $214,900.
What are key features of this property?
This property features: Two separate living units with six bedrooms and 3.5 baths combined; Main‑level unit: 4 bedrooms, 2.5 baths and approximately 1,795 heated/cooled square feet; Upper‑level unit: 2 bedrooms, 1 full bath and approximately 850 square feet
