241 16Th AveHickory, NC 28601

Property Details for 241 16Th Ave

Year built

1984

Lot size

0.35 AC

Property size (Sq ft)

5,850 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Hickory

County

Catawba

State

North Carolina

Latitude

35.7539

Longitude

-81.3354

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