333 2Nd StHickory, NC 28601

Property Details for 333 2Nd St

Year built

1955

Construction

WOOD

Lot size

0.19 AC

Property size (Sq ft)

2,744 SF

Zone code

OI

Property type

Investment properties

Property subtype

Live-work space

APN

3703-19-61-8155

APU

370319618155

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $641,153

  6.5%

  $591,834

  7%

  $549,560

• Comparable approach

  Method

  Valuation

  Relative Method

  $464,669

  Geo Method

  $464,669

• Alternative Use

  Use

  Valuation

  Residential

  $733,874

  Hospitality

  $672,225

  Educational

  $559,283

  Medical

  $578,518

  Retail

  $869,996

Location Insight

City

Hickory

County

Catawba

State

North Carolina

Latitude

35.7366

Longitude

-81.3359

CBSA code

25860

CBSA name

HICKORY-LENOIR-MORGANTON, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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