241 16Th Ave Hickory, NC 28601
- Apartment buildings
- 5,850 SF
- 0.35 lot acres
Current Use by Public Records
- Woodside Apartments / Apartment Building
- xxloremxxjayxxstarxx / Market Researcher
Property Details for 241 16Th Ave
- Year built
- 1984
- Lot size
- 0.35 lot acres
- Property size
- 5,850 SF
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents the Woodside Apartments, a nine-unit apartment building situated in Hickory, North Carolina's central business district at 241 16th Ave NE, 28601. Built in 1984, this three-story building sits on a 0.35-acre lot and offers 5,850 square feet of space. The property boasts a compelling unit mix of nine one-bedroom, one-bathroom apartments, each featuring spacious exterior balconies. Currently generating a Net Operating Income (NOI) of $46,906, resulting in a 6.06% capitalization rate, this property is priced at $774,000, or $86,000 per unit, and $132.31 per square foot. The property's location provides easy access to major economic drivers, retail amenities, restaurants, interstates, and schools. Significant value-add potential exists through continued interior renovations and rent increases to market levels. The Hickory multifamily market is experiencing robust growth, driven by its proximity to Charlotte and its affordability compared to surrounding areas. This growth is fueled by a thriving local economy, attracting significant investment in data centers and other industries. This presents a unique opportunity to capitalize on the expanding Hickory market and its increasing investor appeal. The Woodside Apartments are ideally positioned to benefit from this ongoing growth.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Hickory
- County
- Catawba
- State
- North Carolina
- Longitude
- -81.3354
- Latitude
- 35.7539
