For Sale
$600,000

333 2Nd StHickory, NC 28601

Downtown Hickory Office - NNN Lease

Overview

Added:
Dec 11, 2024
Days on market:
118
This exceptional investment opportunity presents a 3,200 square foot, Class B office building located at 333 2nd Street NW in Hickory, North Carolina. The property, built in 1927 and renovated in 2020, boasts a desirable downtown location and features a single tenant under a triple net (NNN) lease. The current lease, commenced November 1, 2021, has a remaining term of approximately 1.9 years, expiring October 31, 2026, with five one-year renewal options at a fixed rent. The building is fully occupied (100% occupancy) and generates a substantial net operating income (NOI) of $38,450, resulting in an attractive 6.41% capitalization rate. Priced at $600,000, this translates to a price per square foot of $187.50. The two-story structure offers 3,200 square feet of net rentable space. This is a credit-rated tenant, providing added security for investors. The property is a stand-alone building, offering excellent visibility and accessibility. This is an ideal investment for those seeking a stable, income-producing asset in a thriving North Carolina market. The property is not subject to a ground lease.

Highlights

  • 3,200 SF Class B office building in desirable downtown Hickory, NC.
  • NNN lease with a credit-rated tenant, 1.9 years remaining, five one-year renewal options.
  • $600,000 asking price, $187.50/SF, 6.41% cap rate, $38,450 annual NOI.
  • Fully occupied, stand-alone building with excellent visibility and accessibility.
  • Renovated in 2020, built in 1927, not subject to a ground lease.

Property Details for 333 2Nd St

Property type
Office properties
Square Feet
3,200 SF
Class
B
Year Built/Renovated
1927/2020
Stories
2
Units
1

Location Insight

City
Hickory
County
Catawba
State
North Carolina
Latitude
35.736552206593
Longitude
-81.339599964146
333 2Nd St, Hickory, North Carolina

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333 2Nd St
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