Single-Tenant Net-Leased
New
For Sale
$1,950,000
461 19th St SE, Hickory, NC 28602
Industrial warehouse property with a single-tenant net lease structure and 1998 construction.
Property Size24,162 SF
Lot Size4.23 Acres
Price / SF$80.71
Days on Market2
Property Features for 461 19th St SE
General Information
Standard status
Active
Size
24,162 SF
Lot size
4.23 Acres
Property subtype
Warehouse
Additional Details
Cap Rate
6.54%
Amenities
Single Tenant Net Lease Industrial: 24,162 SF on a 4.23-acre lot with retail showroom, 5 exterior dock-height doors, 1 drive-in bay & 14' 6' clear height with separate driveway to rear storage yard.
Double Net Lease: QXO Building Products has just over 2 years remaining on the original Double Net lease with one, 5-year renewal option. Landlord only responsible for roof, structure and parking lot.
Corporate Guarantee: Lease is guaranteed by QXO, one of the largest distributors of commercial and residential roofing products, complementary construction, and building materials.
Fee Simple Ownership: Provides the buyer with the highest form of real estate ownership and absolute control over the asset.
Dense Industrial Location : Situated just off of Interstate 40 in a growing light industrial and logistics hub.
Retail Hub: Located near multiple national tenants including Public Storage, Texas Roadhouse, Bojangles, Target, Home Depot, Harbor Freight, Lowes, Sams Club, Walmart Supercenter, Aldi, Valley Hill Mall and more.
Heavy Traffic Corridor: Located 2 miles from the Interstate 40 exit 125, seeing 68,000 vehicles per day (VPD), just off of Tate Blvd with 13,500 VPD and US-70/US-321 With 20,000 VPD. 2.7 miles from Downtown Hickory and Catawba Valley Hospital.
Stable Demographics: The population exceeds 77,900 within 5-miles and is projected to increase by 2030. Daytime population is over 101,500.
Building Details
Building Size
24,162 SF
Year Built
1998
Tenancy
Single
Listed By:
Giancarlo Mata · License #License(s): FL: SL3564879, NC: LC1039
(904) 672-1424
Source:
Marcusmillichap
Added: Sep 12
Last Checked: Sep 13 at 4:30AM
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 Giancarlo Mata
Investment Insights
Based on property information with market context.
This warehouse property contains 24,162 square feet on approximately 4.23 acres. Constructed in 1998, the asset is associated with QXO Building Materials and is structured as a single-tenant net lease investment.
The property is located at 461 19th St SE in Hickory, North Carolina, within ZIP code 28602. The offering reflects a 6.54% cap rate and provides an industrial real estate profile centered on warehouse use.
The property is located at 461 19th St SE in Hickory, North Carolina, within ZIP code 28602. The offering reflects a 6.54% cap rate and provides an industrial real estate profile centered on warehouse use.
Key Highlights
- 24,162‑SF warehouse property
- Approximately 4.23 acres
- Single‑tenant net lease structure
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
$153,895
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
7.89%
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%
$3,077,900
$3.1M
Cap Rate 7%
$2,198,500
$2.2M
Cap Rate 9%
$1,709,944
$1.7M
Market Conditions
NOI Build-Up for 24,162 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
$194.3K $8.04/SF
− Vacancy
−$13.2K −$0.55/SF
EGI
$181.1K $7.49/SF
− OpEx
−$27.2K −$1.12/SF
NOI
$153.9K $6.37/SF
Area
Catawba County, NC
Vacancy
6.80%
Lease Rate
$8.04 /SF/Yr
Expense Ratio
15.00%
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%
$3,077,900
Cap Rate 7%
$2,198,500
Cap Rate 9%
$1,709,944
Alternative Uses
Best Use
Warehouse
$2.20M
$1.92M – $2.56M
NOI $153,895 @ 7.0% cap · market cap 7.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.06M
$6.18M – $8.23M
NOI $494,065 @ 7.0% cap · market cap 25.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
951
Businesses Nearby
Well-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Similar Off Market Nearby
- Extra Space Storage — 733 10th Ave SE, Hickory, NC 28602
- Pak Records Center Inc — 950 Tate Blvd SE, Hickory, NC 28602
- Public Storage — 1970 Tate Blvd SE, Hickory, NC 28602
Frequently Asked Questions
What type of property is this?
Warehouse - Industrial warehouse property with a single-tenant net lease structure and 1998 construction.
Where is this warehouse located?
The property is located at 461 19th St SE Hickory, NC.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 24,162‑SF warehouse property; Approximately 4.23 acres; Single‑tenant net lease structure
