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    287 29Th Ave Hickory, NC 28601
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    287 29Th Ave, Hickory, NC 28601

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    • Commercial real estate
    Off-Market
    Property ID
    US53-1792284
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 287 29Th Ave

    Property type
    Commercial real estate

    Description

    Exceptional 7.59-acre commercial land parcel located at 287 29th Avenue NE in Hickory, North Carolina, is offered at $1,200,000. This property presents a unique redevelopment opportunity, boasting a gently sloping, wooded terrain ideal for various projects. Its strategic location along 29th Avenue NE, just one block from Highway 127, ensures excellent accessibility and visibility. Currently zoned R-2, the land offers potential for rezoning to PD, allowing for a high-density development of up to 20 units per acre. Existing infrastructure includes readily available city water and sewer taps. While a brick home and barn are present on the site, their value is considered negligible. Importantly, the North Carolina Department of Transportation (NCDOT) has proposed the Project U-2307B / 29th Ave NE Expansion, a widening project funded and scheduled for right-of-way acquisition in Fall 2025, with construction anticipated to commence in Summer 2029 (dates subject to change). A public planning meeting is slated for Winter 2024. The expansive lot size totals 330,620 square feet, offering ample space for a significant development. This property is a compelling investment for developers seeking a prime location with significant growth potential in a thriving area. The property is located in Catawba County, NC, zip code 28601.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Hickory
    County
    CAtawba
    State
    North Carolina
    Longitude
    -81.3244192
    Latitude
    35.7720893

    Comparable in this City

    • $1,350,000
      Pending

      Commercial Property on North Center

      Commercial property for sale on North Center Street.
      2152 N Center St, Hickory, NC 28601
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    • $850,000
      0.91 Acres

      Hickory Commercial Property Opportunity

      Versatile property suitable for offices, retail, medical, or education.
      925 NE 5Th St NE, Hickory, NC 28601
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      Residential Land in Viewmont, Hickory

      Wooded lot in Viewmont, close to amenities and major highways.
      453 17Th Avenue Cir, Hickory, NC 28601
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    • $175,000
      1.06 Acres

      Hickory, NC Buildable Land

      1.06-acre CC-2 zoned parcel in a key growth node.
      Springs Rd NE, Hickory, NC 28601
      View Details
    • $425,000
      3.29 Acres

      Commercial Land in High-Traffic Area

      3.34 acres of commercial land with high visibility.
      Kool Park Rd NE, Hickory, NC 28601
      View Details
    • $129,995
      0.49 Acres

      Waterfront Land in Hickory, NC

      Waterfront lot with 152 feet of frontage.
      100 Old Ferry Ln, Hickory, NC 28601
      View Details

    Similar Nearby for Sale

    • $1,350,000
      Pending

      Commercial Property on North Center

      Commercial property for sale on North Center Street.
      2152 N Center St, Hickory, NC 28601
      View Details
    • $850,000
      0.91 Acres

      Hickory Commercial Property Opportunity

      Versatile property suitable for offices, retail, medical, or education.
      925 NE 5Th St NE, Hickory, NC 28601
      View Details
    • Contact for pricing

      Residential Land in Viewmont, Hickory

      Wooded lot in Viewmont, close to amenities and major highways.
      453 17Th Avenue Cir, Hickory, NC 28601
      View Details
    • $175,000
      1.06 Acres

      Hickory, NC Buildable Land

      1.06-acre CC-2 zoned parcel in a key growth node.
      Springs Rd NE, Hickory, NC 28601
      View Details
    • $425,000
      3.29 Acres

      Commercial Land in High-Traffic Area

      3.34 acres of commercial land with high visibility.
      Kool Park Rd NE, Hickory, NC 28601
      View Details
    • $129,995
      0.49 Acres

      Waterfront Land in Hickory, NC

      Waterfront lot with 152 feet of frontage.
      100 Old Ferry Ln, Hickory, NC 28601
      View Details

    Similar Nearby for Lease

    • $9 SF/Yr
      39,640 SF

      Hickory Commercial Property For Rent

      Versatile commercial property suitable for offices, retail, medical, or education.
      925 NE 5Th St NE, Hickory, NC 28601
      View Details
    • Contact for pricing

      Commercial Property in Hickory, NC

      Commercial property available for rent in Hickory, North Carolina.
      2511 N Center St, Hickory, NC 28601
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    • Contact for pricing

      Retail Outparcel Opportunity Available

      Retail or restaurant site available in Hickory's premier shopping center.
      3020 N Center St, Hickory, NC 28601
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    • Contact for pricing

      Commercial Land For Lease

      Land for ground lease in a Food Lion anchored center.
      2630 2Nd Ave NW, Hickory, NC 28601
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    • Contact for pricing
      36,520 SF

      Regional Shopping Center Retail Space

      Retail spaces available in Hickory's Belle Hollow shopping center.
      2982-3022 N Center St, Hickory, NC 28601
      View Details
    • Contact for pricing

      Hickory Retail Space Available

      Retail spaces available, ranging from 2,300 to 39,601 SqFt.
      2515 Springs Rd NE, Hickory, NC 28601
      View Details
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    Hickory, NC 28601
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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    287 29Th Ave, Hickory, NC, 28601
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