For Sale
$774,000

241 16Th AveHickory, NC 28601

Nine-unit apartment building, strong ROI.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents the Woodside Apartments, a nine-unit apartment building situated in Hickory, North Carolina's central business district at 241 16th Ave NE, 28601. Built in 1984, this three-story building sits on a 0.35-acre lot and offers 5,850 square feet of space. The property boasts a compelling unit mix of nine one-bedroom, one-bathroom apartments, each featuring spacious exterior balconies. Currently generating a Net Operating Income (NOI) of $46,906, resulting in a 6.06% capitalization rate, this property is priced at $774,000, or $86,000 per unit, and $132.31 per square foot. The property's location provides easy access to major economic drivers, retail amenities, restaurants, interstates, and schools. Significant value-add potential exists through continued interior renovations and rent increases to market levels. The Hickory multifamily market is experiencing robust growth, driven by its proximity to Charlotte and its affordability compared to surrounding areas. This growth is fueled by a thriving local economy, attracting significant investment in data centers and other industries. This presents a unique opportunity to capitalize on the expanding Hickory market and its increasing investor appeal. The Woodside Apartments are ideally positioned to benefit from this ongoing growth.

Highlights

  • Value-add opportunity: Increase rents to market rates and continue existing value-add program.
  • Central location: Hickory CBD, near major employers, retail, restaurants, interstates, and schools.
  • Unit mix: Desirable one-bedroom units with balconies.
  • Strong economic drivers: Catawba County hosts Apple's large data center and multiple planned Microsoft data centers.
  • High growth, affordable market: Hickory's proximity to Charlotte fuels investor interest.

Property Details for 241 16Th Ave

Property type
Apartment buildings
Square Feet
5,850 SF
Year Built
1984
Buildings
1
Stories
3
Lot Size (sq. ft)
15,246 SF
Units
9

Location Insight

City
Hickory
County
Catawba
State
North Carolina
Latitude
35.7538693
Longitude
-81.3353597
241 16Th Ave, Hickory, North Carolina

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241 16Th Ave
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