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    Property profile & analytics

    5891 Blue Grass Dr Hickory, NC 28602-9282

    • Warehouses
    • 7,890 SF
    • 1.71 lot acres
    OFF-MARKET
    Last Sale
    Jun 30, 2020
    $450,000
    Value Estimations
    $525,000
    Show details
    Cap Rate Potential
    9.7%
    Warehouses
    Location Intelligence
    Property ID
    US53-2210509
    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.

    Current Use by Public Records

    • Warehouses

    Property Details for 5891 Blue Grass Dr

    Year built
    1974
    Lot size
    1.71 lot acres
    Property size
    7,890 SF
    Zone code
    HC
    Property type
    Warehouses
    APN
    2790-05-18-2797
    APU
    279005182797

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $520,000
      ML approach
      $500,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $840,000
      6.5%
      $775,000
      7%
      $720,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $455,000
      Market price range: $124k - $518k
      AI Estimate
      $418,000
      Market price range: $152k - $432k

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

    Location Insight

    • Map
    • Local Demand
    City
    Hickory
    County
    Catawba
    State
    North Carolina
    Longitude
    -81.3865
    Latitude
    35.6741
    CBSA code
    25860
    CBSA name
    HICKORY-LENOIR-MORGANTON, NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $1,731
    $89,400
    $277,800
    $367,200
    -
    $89,400
    $277,800
    $367,200

    Comparable in this City

    • Value Estimation
      $250,000
      1,824 SF

      4647 Moretz Dr

      WAREHOUSE, STORAGE • 1,824 SF
      4647 Moretz Dr, Hickory, NC 28602-9440
      View Details
    • Value Estimation
      $275,000
      3,480 SF

      160 15th SE St

      WAREHOUSE, STORAGE • 3,480 SF
      160 15th SE St, Hickory, NC 28602-1310
      View Details
    • Value Estimation
      $255,000
      2,210 SF

      263 1st SW Ave

      WAREHOUSE, STORAGE • 2,210 SF
      263 1st SW Ave, Hickory, NC 28602-2922
      View Details
    • Value Estimation
      $245,000
      5,280 SF

      17 11th Ave Swa

      WAREHOUSE, STORAGE • 5,280 SF
      17 11th Ave Swa, Hickory, NC 28602-3433
      View Details
    • Value Estimation
      $275,000
      4,052 SF

      2311 John Bowman Rd

      WAREHOUSE, STORAGE • 4,052 SF
      2311 John Bowman Rd, Hickory, NC 28602-9414
      View Details
    • Value Estimation
      $245,000
      2,400 SF

      Lenoir Rhyne SE Blvd

      WAREHOUSE, STORAGE • 2,400 SF
      Lenoir Rhyne SE Blvd, Hickory, NC 28602
      View Details

    Similar Nearby for Sale

    • $2,300,000
      31,000 SF

      Hickory Warehouse with New Upgrades

      Warehouse in Hickory featuring new HVAC, electrical, and plumbing systems.
      343 23Rd St SW, Hickory, NC 28602
      View Details
    • $225,000
      0.29 Acres

      Hickory Warehouse with Business Potential

      5120 Sq Ft warehouse with C 2 zoning.
      1510 10Th Ave SW, Hickory, NC 28602
      View Details
    • $2,950,000
      44,152 SF

      Hickory Warehouse with Expansion Potential

      44,152 SF warehouse near I-40 with expansion options.
      175 18Th St SE, Hickory, NC 28602
      View Details
    • $336,000

      Hickory Industrial Land - 25+ Acres

      Prime Hickory industrial land, 25+ acres, commercial zoning.
      000 13Th St, Hickory, NC 28602
      View Details
    • $75,000
      1.01 Acres

      Hickory Industrial Land - $75K

      1+ Acre Wooded Industrial Lot in Hickory, NC
      SE Avenue Ct, Hickory, NC 28602
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    • $495,000
      0.43 Acres

      Hickory Commercial Building For Sale

      Full brick building with flexible office and workspace.
      615 Main Ave SW, Hickory, NC 28602
      View Details

    Similar Nearby for Lease

    • $1,850 /Mo
      64,033 SF

      Hickory Flex Space For Rent

      Flex space with storefront, offices, warehouse, and drive-in door.
      1252 26Th Street Blvd, Hickory, NC 28602
      View Details
    • $12 SF/Yr
      14,289 SF

      Hickory Flex Space For Lease

      Modern flex space in prime Hickory location.
      920-935 Tate Blvd, Hickory, NC 28602
      View Details
    • $3,500 /Mo
      18,731 SF

      Hickory Commercial Flex/Office Space

      Flex/office space near City Walk with expansion potential.
      615 Main Ave SW, Hickory, NC 28602
      View Details
    • $12 SF/Yr
      1,968 SF

      Hickory Flex Space For Rent

      Flex space with loading docks and convenient transportation access.
      920 Tate Blvd SE, Hickory, NC 28602
      View Details
    • Contact for pricing

      Commercial Land For Lease

      Land and outparcels available for lease in Hickory, NC.
      Startown Rd, Hickory, NC 28602
      View Details
    • Contact for pricing
      56,150 SF

      Retail Space Available for Lease

      Spacious retail property available for lease in Hickory, North Carolina.
      1155 U.S Hwy 70 Southwest, Hickory, NC 28602
      View Details
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    Hickory, NC 28602-9282
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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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