Current Use by Public Records
- Northridge Condominium Apartments / Apartment Complex
Property Details for 460 14Th Ave
- Year built
- 1981
- Lot size
- 0.89 lot acres
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a 16-unit apartment building in Hickory, North Carolina, boasting a strong 6.64% cap rate and a substantial net operating income (NOI) of $132,812. The property, situated on a 0.89-acre lot, comprises two, two-story buildings totaling 15,200 square feet, constructed in 1981. Each of the 16 units features two bedrooms and two bathrooms, offering an attractive two-bedroom floorplan with spacious enclosed balconies. Priced at $2,000,000 ($125,000 per unit and $131.58 per square foot), this multifamily property presents significant value-add potential. The property's location, just two miles from Hickory's central business district, provides easy access to major employers, retail amenities, restaurants, interstates, and schools. The Hickory multifamily market is experiencing robust growth, driven by its proximity to Charlotte and its affordability compared to surrounding areas. This growth is further fueled by the presence of major data centers from companies like Apple and Microsoft, establishing Catawba County as a significant technology hub. The Northridge Apartments are ideally positioned to capitalize on this expanding market and the proven value-add opportunities through rent increases to submarket levels. This property offers a compelling investment opportunity for those seeking strong returns in a rapidly growing market.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- Hickory
- County
- Catawba
- State
- North Carolina
- Longitude
- -81.3263
- Latitude
- 35.7517
