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    118 3Rd Ave Hickory, NC 28601

    Sponsored
    For Sale
    $699,000

    Value-add office & apartment complex

    Property size:
    4,436 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional investment opportunity in downtown Hickory, NC presents a 4,436 square foot mixed-use building at 118 3rd Ave NW. Built in 1924, the property sits on a 0.32-acre lot and is zoned OI. Currently, the building boasts two recently renovated upstairs apartments and a leased commercial office space on the main floor, generating a monthly income of $5,025. The ground floor has been remodeled and is ready for lease, offering significant value-add potential to increase revenue beyond the projected $8,000 monthly income. An additional, unfinished fourth floor presents the possibility of converting into another apartment unit. Furthermore, an attached storage area with power could be easily transformed into a studio apartment. The property benefits from ample parking and a prime location within walking distance of Union Square in the heart of downtown Hickory. This property offers a unique blend of income-producing assets and significant upside potential for a savvy investor. The building's strong location and existing income stream make it an attractive investment opportunity in a thriving downtown area. This is a rare chance to acquire a well-positioned property with immediate cash flow and substantial room for growth.

    Property Features for 118 3Rd Ave

    General Information

    Property type
    Retail properties
    Square Feet
    4,436 SF
    Lot Size
    13,939 SF

    Building Details

    Year Built
    1924

    HighLights

    • Exceptional mixed‑use investment opportunity in downtown Hickory, NC.
    • 4,436 square foot building on a 0.32‑acre lot, zoned OI.
    • Currently generates $5,025 monthly income from two renovated apartments and a leased commercial space.
    • Ground floor remodeled and ready for lease, projecting $8,000 monthly income.
    • Potential for additional apartment units on the unfinished fourth floor and in the attached storage area.
    • Ample parking and prime downtown location near Union Square.
    Property Profile Location Intelligence

    Current Use by Public Records

    Birth-Empowered Virtual Childbirth ... Childbirth Class Golden Rule Music ... Music School LLB Photography LLC Photography Studio Titans Consulting Tax ... Accounting Firm

    Suggested Use

    Realty agency Restaurant Law Firm Dental Office Spa & Massage Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Hickory
    County
    Catawba
    State
    North Carolina
    Longitude
    -81.339358
    Latitude
    35.735814

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    FAQs

    What type of property is this?
    Retail property - Value-add office & apartment complex
    Where is this retail property located?
    The property is located at 118 3Rd Ave 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: Exceptional mixed-use investment opportunity in downtown Hickory, NC.; 4,436 square foot building on a 0.32-acre lot, zoned OI.; Currently generates $5,025 monthly income from two renovated apartments and a leased commercial space.
    Request Owner's contact information
    118 3Rd Ave Hickory, NC 28601
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    Hickory, NC 28601
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    Realmo Value Estimation

    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.

    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.

    Alternative use

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

    More about this property
    118 3Rd Ave Hickory, NC 28601
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