1022 2Nd StHickory, NC 28601

Property Details for 1022 2Nd St

Year built

1958

Construction

WOOD

Lot size

1.50 AC

Property size (Sq ft)

18,950 SF

Zone code

NC

Property type

Office properties

Property subtype

Office buildings

APN

3703-11-75-3172

APU

370311753172

Description

This exceptional investment opportunity presents a single-tenant, net-leased medical office building in Hickory, North Carolina. The 18,950-square-foot building, constructed in 1958 and situated on a 1.5-acre lot, is 100% occupied by KEDPLASMA, a leading global plasma collection company. The current lease, commencing June 1, 2017, and expiring May 31, 2032, offers a substantial remaining lease term of 7.5 years. The lease includes four 5-year renewal options with a 10% rent increase every five years, providing significant long-term income growth. The property boasts a strong 7.50% cap rate and a Net Operating Income (NOI) of $355,227. The building benefits from its prime location on 2nd Street NE, a major thoroughfare with over 25,500 vehicles per day, surrounded by a dense retail corridor including Lowe's, Lowes Foods, Starbucks, and other national retailers. Its proximity to Lenoir-Rhyne University (1,600 students), Hickory High School (1,200 students), and Frye Regional Medical Center (355-bed hospital) further enhances its desirability. The property is supported by a corporate guaranty and serves a population of over 73,800 within a five-mile radius, with an average household income exceeding $86,889. This investment offers a compelling combination of strong tenant, long-term lease, and excellent location in a thriving market. The property is e-commerce resistant and benefits from the essential nature of the tenant's business. The asking price is $4,736,365.

• CAP approach

  CAP return

  Valuation

  6%

  $4,427,790

  6.5%

  $4,087,192

  7%

  $3,795,249

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,208,993

  Geo Method

  $3,208,993

• Alternative Use

  Use

  Valuation

  Residential

  $5,068,118

  Hospitality

  $4,642,368

  Educational

  $3,862,396

  Medical

  $3,995,230

  Retail

  $6,008,172

Location Insight

City

Hickory

County

Catawba

State

North Carolina

Latitude

35.7475

Longitude

-81.3343

CBSA code

25860

CBSA name

HICKORY-LENOIR-MORGANTON, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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