1381 Center StHickory, NC 28601

Property Details for 1381 Center St

Year built

2006

Lot size

0.09 AC

Property size (Sq ft)

3,643 SF

Zone code

PD

Property type

Office properties

Property subtype

Other office properties

APN

3703-11-66-2366

APU

370311662366

Description

This exceptional Hickory, NC commercial property, located at 1381 N Center Street, presents a unique investment opportunity. The 0.09-acre corner lot features two interconnected buildings totaling significant square footage, ideally suited for continued operation as a restaurant and bar, or adaptable for other commercial uses. The property boasts over $300,000 in recent upgrades, including a comprehensive restaurant/bar fit-out and high-quality equipment. This includes an extra-large hood system, walk-in coolers, a fully functional draft beer system with integrated cooling, and a dedicated cocktail station. Four bathrooms, ample indoor seating, and an outdoor patio area are also included. The layout is thoughtfully designed, with approximately two-thirds of the space dedicated to food service (full or quick service), and the remaining area configured as a fully operational bar. A separate office area adds to the functionality. The property's current configuration allows for independent or combined operation of the restaurant and bar. Pro forma projections, based on a lease rate of $18-$22 per square foot, indicate a potential cap rate ranging from 6.3% to 7.7%. This prime location and substantial investment in improvements make this a compelling opportunity for savvy investors seeking strong returns. The property is priced at $1,000,000.

• CAP approach

  CAP return

  Valuation

  6%

  $851,211

  6.5%

  $785,733

  7%

  $729,609

• Comparable approach

  Method

  Valuation

  Relative Method

  $616,906

  Geo Method

  $616,906

• Alternative Use

  Use

  Valuation

  Residential

  $974,309

  Hospitality

  $892,462

  Educational

  $742,518

  Medical

  $768,054

  Retail

  $1,155,027

Location Insight

City

Hickory

County

Catawba

State

North Carolina

Latitude

35.7508

Longitude

-81.3383

CBSA code

25860

CBSA name

HICKORY-LENOIR-MORGANTON, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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