Industrial Warehouse with Loading
New
For Sale
Under Contract
$2,300,000
645 11TH Avenue Boulevard SE, Hickory, NC 28602
Commercial Sale, Hickory, NC
Property Size22,000 SF
Lot Size1.50 Acres
Price / SF$104.55
Days on Market2
Property Features for 645 11TH Avenue Boulevard SE
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
IND
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 1, Bathroom 3, Bathroom 2
Parking
10
Standard status
Active Under Contract
APN
370216932800
Lot size
1.50 Acres
Taxes and HOA fees
Tax Description
LOT 7 PL 49-129
Legal Description
LOT 7 PL 49-129
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Building Details
Year built
2000
Flooring type
Carpet, Concrete
Building materials
Brick Partial, Metal
Roof type
Metal
Listing Agency:
Realty Executives of Hickory
(828) 328-8900
Listed By:
Tiffany Ramirez
(828) 310-5109
Added: Sep 15
Last Checked: Sep 16 at 5:06AM
MLS# 4425076
Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2000-built industrial warehouse contains over 22,000 square feet, including approximately 20,400 square feet of warehouse and production area plus approximately 1,600 square feet of office space. The layout includes four offices, a break room, and restrooms, with functional finishes that include concrete and carpet flooring. The main area offers 26-foot clear heights, heating, LED lighting, and a sprinkler system.
Located at 645 11th Avenue Boulevard SE in Hickory, the property occupies 1.5 acres and provides one loading dock and two drive-in doors for receiving, shipping, and equipment movement. The facility is zoned IND (Industrial) and has a metal roof, partial brick and metal construction, heat pump systems, and public sewer.
Located at 645 11th Avenue Boulevard SE in Hickory, the property occupies 1.5 acres and provides one loading dock and two drive-in doors for receiving, shipping, and equipment movement. The facility is zoned IND (Industrial) and has a metal roof, partial brick and metal construction, heat pump systems, and public sewer.
Key Highlights
- Over 22,000 square feet of industrial space
- Approximately 20,400‑square‑foot warehouse and production area
- Approximately 1,600 square feet of office space with 4 offices
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
$140,124
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
6.09%
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%
$2,802,480
$2.8M
Cap Rate 7%
$2,001,771
$2.0M
Cap Rate 9%
$1,556,933
$1.6M
Market Conditions
NOI Build-Up for 22,000 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
$176.9K $8.04/SF
− Vacancy
−$12.0K −$0.55/SF
EGI
$164.9K $7.49/SF
− OpEx
−$24.7K −$1.12/SF
NOI
$140.1K $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%
$2,802,480
Cap Rate 7%
$2,001,771
Cap Rate 9%
$1,556,933
Alternative Uses
Best Use
Warehouse
$2.00M
$1.75M – $2.34M
NOI $140,124 @ 7.0% cap · market cap 6.09%
Second Best
Industrial
$1.65M
$1.44M – $1.92M
NOI $115,397 @ 7.0% cap · market cap 5.02%
Theoretical Best
Office A
$6.43M
$5.62M – $7.50M
NOI $449,856 @ 7.0% cap · market cap 19.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
26 ft
Clear height
1
Dock-high doors
2
Drive-in doors
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
258
Businesses Nearby
Balanced
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
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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Similar Off Market Nearby
- Saver Self Storage — 825-A US Hwy 70 SE, Hickory, NC 28602
- Extra Space Storage — 733 10th Ave SE, Hickory, NC 28602
Frequently Asked Questions
What type of property is this?
Warehouse - IND-zoned facility combines warehouse space, offices, and shipping access for industrial operations.
Where is this warehouse located?
The property is located at 645 11TH Avenue Boulevard SE Hickory, NC.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Over 22,000 square feet of industrial space; Approximately 20,400‑square‑foot warehouse and production area; Approximately 1,600 square feet of office space with 4 offices
