414 11Th StHickory, NC 28602

Property Details for 414 11Th St

Year built

2001

Construction

FRAME

Lot size

3.75 AC

Property size (Sq ft)

6,732 SF

Zone code

R-4

Property type

Residential income properties

Property subtype

Garden apartment buildings

APN

3702-05-07-3786

APU

370205073786

Description

This exceptional 24-unit apartment building, situated at 414 11th St SW in Hickory, NC, presents a compelling investment opportunity. Built in 2001, the property boasts 15,600 square feet on a 3.75-acre lot and offers an attractive unit mix of one-bedroom, one-bathroom apartments, each featuring an exterior balcony. The property's current Net Operating Income (NOI) is $132,423, yielding a 6.97% capitalization rate, with an asking price of $1,900,000 ($79,167 per unit and $121.79 per square foot). Benefiting from its strategic location just 1.8 miles from the new Appalachian State Graduate Campus and 1.5 miles from Hickory's central business district, the property enjoys easy access to major employers, retail amenities, restaurants, interstates, and schools. Catawba County's robust economic growth, driven by significant investments in data centers from companies like Apple and Microsoft, further enhances the property's long-term potential. The current owner has implemented successful value-add renovations, presenting opportunities to increase rents to market levels and further enhance profitability. This property offers investors a chance to capitalize on the thriving Hickory multifamily market, which is experiencing substantial growth due to its affordability and proximity to Charlotte. The combination of a strong existing NOI, value-add potential, and prime location makes this a highly attractive investment.

• CAP approach

  CAP return

  Valuation

  6%

  $1,950,490

  6.5%

  $1,800,452

  7%

  $1,671,848

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,766,995

  Geo Method

  $1,766,995

• Alternative Use

  Use

  Valuation

  Residential

  $1,800,452

  Hospitality

  $1,649,204

  Educational

  $1,372,119

  Medical

  $1,419,308

  Retail

  $2,134,407

Location Insight

City

Hickory

County

Catawba

State

North Carolina

Latitude

35.7267

Longitude

-81.3579

CBSA code

25860

CBSA name

HICKORY-LENOIR-MORGANTON, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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