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    Downtown Hickory Investment Opportunity Title is generated by Realmo AI

    118 3rd Ave NW, Hickory, NC 28601

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    Mixed-use building with apartments and commercial space in downtown Hickory.

    Type:Office, Retail
    Property size:
    4,436 SF
    Price / SF:
    $157/SF
    Added:
    Jul 17, 2024
    Days on Market:
    680
    Last Refresh:
    May 12 at 9:42 pm

    Property Features for 118 3rd Ave NW

    General Information

    Standard status
    Active
    Size
    4,436 SF
    Property subtype
    Office, Retail

    Building Details

    Year Built
    1924

    We can help!

    Listing Contact
    Jenny Eckard

    Listing agent Jenny Eckard License #NC 271955

    Listing office Commercial First

    Listing date Jul 17, 2024

    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 Commercial First

    HighLights

    • High Income Potential: Current revenue $5,025/month with potential to exceed $8,000/month.
    • Prime Location: Walking distance to Union Square in Downtown Hickory.
    • Multiple Income Streams: Features two remodeled apartments and a leased commercial office space.
    • Value‑Add Opportunity: Bottom level remodeled and ready to be leased.
    • Expansion Potential: 4th floor suitable for conversion to another apartment.
    • Additional Space: Includes storage with power, potentially convertible to a studio apartment.

    Overview

    This mixed-use property is located in Downtown Hickory and presents an investment opportunity. The building includes two newly remodeled upstairs apartments and a commercial office space that is currently leased on the main floor. The bottom level has been remodeled and is ready to be leased, offering value-add income potential. There is a fourth floor that could be converted into another apartment, if desired. Additional storage space with power is attached, which could potentially be converted into a studio apartment. The property features parking and is within walking distance of Union Square in Downtown Hickory. The current revenue is $5,025 per month, with the potential to exceed $8,000 per month. The property size is 4,436 square feet.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $650.8K
    NOI $58,569 @ 9.00% cap · cautious / downside scenario
    Moderate
    $836.7K
    NOI $58,569 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.17M
    NOI $58,569 @ 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 Office B

    Component $ $/SF
    Gross rent $95.8k $21.60
    − Vacancy −$17.7k −$4.00
    EGI $78.1k $17.60
    − OpEx −$19.5k −$4.40
    NOI $58.6k $13.20
    4,436 SF · lease $21.60/SF/yr · vacancy 18.50% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $836.7K
    $732.1K – $976.2K (±1% cap)
    NOI $58,569 @ 7.0% cap · market cap 8.38%
    Second Best
    Mixed Use
    $641.6K
    $561.4K – $748.6K (±1% cap)
    NOI $44,915 @ 7.0% cap · market cap 6.43%
    Theoretical Best
    Office A
    $1.30M
    $1.13M – $1.51M (±1% cap)
    NOI $90,707 @ 7.0% cap · market cap 12.98%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Birth-Empowered Virtual Childbirth ... Childbirth Class Golden Rule Music ... Vocational School LLB Photography LLC (Bike/Boat/Book/etc) Store Titans Consulting Tax ... Accounting Firm

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hickory
    County
    Catawba
    State
    North Carolina
    Longitude
    -81.3395787
    Latitude
    35.7287863

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use building with apartments and commercial space in downtown Hickory.
    Where is this mixed-use property located?
    The property is located at 118 3rd Ave NW Hickory, NC.
    What is the asking price?
    The asking price for this property is $699,000.
    What are key features of this property?
    This property features: High Income Potential: Current revenue $5,025/month with potential to exceed $8,000/month.; Prime Location: Walking distance to Union Square in Downtown Hickory.; Multiple Income Streams: Features two remodeled apartments and a leased commercial office space.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jenny Eckard
    Real Estate License ID: NC 271955
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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