For Sale
$1,080,000

1075 7Th AveHickory, NC 28601

8-Unit Multifamily Investment, 6.67% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
115
This stabilized Class B apartment building, located at 1075 7th Ave NW in Hickory, NC 28601, presents a compelling investment opportunity. The property boasts eight units, each a two-bedroom, one-bathroom apartment, totaling 5,632 square feet of net rentable space. Currently operating at 100% occupancy, generating a Net Operating Income (NOI) of $72,000, and offering a 6.67% capitalization rate, this property provides immediate cash flow. The asking price is $1,080,000, or $135,000 per unit. The building features all-brick construction and a recently replaced roof, ensuring long-term durability and minimizing maintenance costs. Its prime location in Hickory, near the new Riverwalk and other significant community developments, promises strong rental demand and future appreciation potential. This turnkey investment is ideal for those seeking a stable, high-yield asset in a rapidly growing area. The property is situated in Catawba County and offers a strong return on investment. This is a fully leased property with a solid rent roll, making it an attractive option for investors seeking immediate income generation.

Highlights

  • $1,080,000 asking price for an 8-unit apartment building.
  • Located in Hickory, NC, at 1075 7th Ave NW, 28601.
  • Multifamily, Class B, stabilized investment with a 6.67% cap rate.
  • 5,632 square feet of net rentable space, currently 100% occupied, generating $72,000 NOI.
  • $135,000 per unit price; features include all-brick construction and a recently replaced roof.

Property Details for 1075 7Th Ave

Property type
Apartment buildings
Class
B
Units
8

Location Insight

City
Hickory
County
Catawba
State
North Carolina
Latitude
35.742895001645
Longitude
-81.357320611673
1075 7Th Ave, Hickory, North Carolina

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1075 7Th Ave
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