460 14Th AveHickory, NC 28601

  • Residential income properties
  • 15,200 SF
For Sale
$2,000,000 View listing

Property Details for 460 14Th Ave

Year built
1981
Lot size
0.89 AC
Property size (Sq ft)
15,200 SF
Property type
Residential income properties
Property subtype
Multifamily properties

Description

This exceptional investment opportunity presents a 16-unit apartment building in Hickory, North Carolina, boasting a strong 6.64% cap rate and a substantial net operating income (NOI) of $132,812. The property, situated on a 0.89-acre lot, comprises two, two-story buildings totaling 15,200 square feet, constructed in 1981. Each of the 16 units features two bedrooms and two bathrooms, offering an attractive two-bedroom floorplan with spacious enclosed balconies. Priced at $2,000,000 ($125,000 per unit and $131.58 per square foot), this multifamily property presents significant value-add potential. The property's location, just two miles from Hickory's central business district, provides easy access to major employers, retail amenities, restaurants, interstates, and schools. The Hickory multifamily market is experiencing robust growth, driven by its proximity to Charlotte and its affordability compared to surrounding areas. This growth is further fueled by the presence of major data centers from companies like Apple and Microsoft, establishing Catawba County as a significant technology hub. The Northridge Apartments are ideally positioned to capitalize on this expanding market and the proven value-add opportunities through rent increases to submarket levels. This property offers a compelling investment opportunity for those seeking strong returns in a rapidly growing market.

460 14Th Ave, Hickory, North Carolina

Location Insight

City
Hickory
County
Catawba
State
North Carolina
Latitude
35.7517
Longitude
-81.3263

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