Property profile

6 1st NW Ave Hickory, NC 28601

OFF-MARKET
Commercial real estate
Property ID
US53-0925404
3,000 SF 0.07 ac lot Built 1949
Trust Owned 14-yr Hold Absentee Owner Free & Clear
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Property summary

AI-generated overview

This exceptional investment opportunity encompasses two buildings totaling approximately 3,860 square feet on a 0.15-acre lot in the heart of downtown Hickory, North Carolina. Located at 6 & 10 1st Avenue NW, this property offers a unique blend of commercial spaces. One building, featuring approximately 860 square feet, is currently leased to a restaurant tenant, providing immediate cash flow. The second building, a former elevator service building boasting approximately 3,000 square feet, showcases original character with exposed brick walls, wooden floors, and large windows. Its adaptable interior presents significant potential for various commercial uses. The property benefits from its strategic location across from the new One North Center Apartments and one block from the new City Walk, ensuring high visibility and foot traffic. Within walking distance of Union Square, diverse dining options, entertainment venues, and retail establishments, this property is ideally positioned to thrive. Ample on-street parking is available directly in front, supplemented by a nearby public parking lot. The property is zoned C-1, offering flexibility for a range of commercial ventures. This is a rare chance to acquire a substantial downtown Hickory property with existing income and significant upside potential. The asking price for both buildings is $550,000.

Property profile

Verified
Property type Commercial real estate
Use group COMMERCIAL (GENERAL)
Year built 1949
Construction WOOD
Total area 3,000 SF
Lot 0.07 ac (3,049 SF)
Zoning code C-1
APN 3703-19-60-1048
UPID US53-0925404

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Location

6 1st NW Ave Hickory, NC 28601-6210
Hickory metro Census 10501 HICKORY-LENOIR-MORGANTON, NC METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$240k
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$250k

Owner & transaction history

since 2012
2 recorded transactions
2012
Price N/A
2009
Price N/A

Zoning & alternative use

C-1 · Hickory, NC
Zoning description

The C-1 is intended to preserve and enhance downtown Hickorys role as a commercial, financial, cultural and governmental center. In recognition of the downtown areas historic building pattern and the communitys planning…

General category CIVIC_INSTITUTIONAL

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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