Building Details

Year Built 1924

Listing Agency: Commercial First

Listed By: Jenny Eckard · License #NC 271955 Show Phone

Source: Crexi

Added: Jul 17, 2024 Changed: Sep 12 Last Checked: Oct 11 at 6:40AM

Report an Issue

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

Investment Insights

Based on property information with market context.

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.

Key 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.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$44,915

Cap Rate

7.50%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$898,300 $898.3K

Cap Rate 7%

$641,643 $641.6K

Cap Rate 9%

$499,056 $499.1K

Market Conditions

NOI Build-Up for 4,436 SF

Gross rent

$79.8K $18.00/SF

− Vacancy

−$8.0K −$1.80/SF

EGI

$71.9K $16.20/SF

− OpEx

−$26.9K −$6.07/SF

NOI

$44.9K $10.13/SF

Area

Catawba County, NC

Vacancy

10.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$898,300

Cap Rate 7%

$641,643

Cap Rate 9%

$499,056

Alternative Uses

Best Use

Mixed Use

$641.6K

$561.4K – $748.6K (±1% cap)

NOI $44,915 @ 7.0% cap · market cap 7.50%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.30M

$1.13M – $1.51M (±1% cap)

NOI $90,707 @ 7.0% cap · market cap 15.14%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

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

Top Pick Grocery & Convenience Store Daycare Center Bakery Pet Grooming Service (Bike/Boat/Book/etc) Store Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,658

Businesses Nearby

Explore this area Business Placement

Demographics for 28601, NC

53,973

Population

23,400

Households

2.3

Avg Household Size

42

Median Age

35%

College-Educated

90%

High-School Grad

47.1 sq mi

ZIP Area

1,146

Density / Sq Mi

$67,839

Median Household Income

$41,697

Median Earnings

$951

Median Rent

$236,100

Median Home Value

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

C-3 Mixed-Use Property

2210 19th Avenue SE, Hickory, NC 28602

$499,000

0.72 Acres

View details

Mixed-Use Office/Retail Space

1156 Lenoir Rhyne Boulevard SE, Hickory, NC 28602

Contact for pricing

View details

Mixed-Use Campus with Highway Frontage

1855 6th Street SE, Hickory, NC 28602

$4,000,000

18.34 Acres

View details

Mixed-Use Building with Highway Frontage

1720 U.S. Highway 70 Southwest, Hickory, NC 28602

Contact for pricing

19,240 SF

View details

Live-Work Space with Workshops

1306 11th Avenue SE, Hickory, NC 28602

$379,000

0.40 Acres

View details

Viewmont Square Corner Restaurant/Bar Space

1383/1381 N Center Street, Hickory, NC 28601

$875,000

3,833 SF

View details

Fully Leased 8-Unit Apartment Building

1075 7th Ave NW, Hickory, NC 28601

$950,000

5,632 SF

View details

9-Unit Apartment Building

1006 3rd St SE, Hickory, NC 28602

$1,000,000

5,616 SF

View details

C-2-Zoned Warehouse Building

1510 10th Ave SW, Hickory, NC 28602

$199,000

5,120 SF

View details

Renovated Waterfront Short-Term Rental

4852 Midway Sand Rd, Hickory, NC 28601

$699,900

2,174 SF

View details

Full-Brick Duplex with Covered Porches

328-330 3rd Ave SE, Hickory, NC 28602

$385,000

2,542 SF

View details

Flex Space with Dock Access

1651 1st Avenue SW, Hickory, NC 28602

Contact for pricing

5,000 SF

View details

Frequently Asked Questions

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 $599,000.

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.