| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Best |
| Demographics | 77th | Best |
| Amenities | 44th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 110 29th Avenue Dr NW, Hickory, NC, 28601, US |
| Region / Metro | Hickory |
| Year of Construction | 2013 |
| Units | 49 |
| Transaction Date | 2012-09-05 |
| Transaction Price | $949,500 |
| Buyer | 29 NORTH LLC |
| Seller | 29 N ONE LLC |
110 29th Avenue Dr NW Hickory Multifamily Investment
2013-vintage, 49-unit asset positioned for durable renter demand, with neighborhood occupancy and incomes indicating steady leasing fundamentals, according to WDSuite’s CRE market data.
This suburban Hickory location scores A+ and is the top-ranked neighborhood out of 130 in the Hickory-Lenoir-Morganton metro, per WDSuite. Neighborhood occupancy is strong and in the top quartile among 130 metro neighborhoods, supporting leasing stability for nearby multifamily. The local renter base is reinforced by a 41% renter-occupied share within a 3-mile radius, indicating depth for tenant demand rather than reliance on a narrow segment.
Livability metrics are balanced: grocery and pharmacy access track above national norms (each around the low- to mid-70s national percentiles), while parks are similarly advantaged. Cafés and childcare are less dense locally, so day-to-day offerings skew toward essential services over boutique options. These dynamics can suit workforce-oriented properties that compete on convenience, parking, and in-unit features.
Income and housing indicators are favorable for rent collections and renewal prospects. The neighborhood’s median household income sits in the mid-80s national percentile, while rent-to-income is comparatively low, suggesting manageable rent burdens that can support retention. Neighborhood asking rents have advanced meaningfully over the last five years, and remain competitive relative to the metro, based on CRE market data from WDSuite.
Demographics aggregated within a 3-mile radius show recent population and household growth, with projections calling for a modest population dip alongside continued household expansion over the next five years. For investors, that pattern points to demographic shifts that can still expand the renter pool and support occupancy for well-positioned assets.
Safety metrics compare favorably. The neighborhood ranks in the top quartile among 130 metro neighborhoods for overall crime, and violent-offense rates are particularly low — top decile nationally and ranked 1st out of 130 locally, according to WDSuite’s data. Property-offense levels are also relatively favorable compared with neighborhoods nationwide (high national percentile), though the most recent year shows an uptick worth monitoring as part of underwriting and asset management planning.
Regional employment anchors within commuting range provide a diversified white-collar and industrial base that supports renter demand and retention, including Duke Energy, Lowe's, and Merck.
- Duke Energy — utilities (28.7 miles)
- Lowe's — retail HQ & corporate (31.2 miles) — HQ
- Merck — pharmaceuticals (43.9 miles)
Built in 2013, this 49-unit property is newer than much of the local housing stock (neighborhood average vintage is 1992). That relative youth can be a competitive edge against older comparables on systems and finishes, while still leaving room for selective upgrades to drive rent premiums and reduce near-term capital exposure. Neighborhood fundamentals are supportive: occupancy sits in the top quartile locally and incomes rank well above national norms, reinforcing a stable tenant base and prudent pricing power.
Within a 3-mile radius, households have grown and are projected to continue expanding even as population trends level, which can increase the renter base and support steady absorption. Elevated home values in the neighborhood context further sustain reliance on multifamily, aiding lease retention. According to CRE market data from WDSuite, rent burdens are comparatively manageable here, which aligns with renewal stability and consistent collections for well-managed assets.
- 2013 vintage positions the asset competitively versus older local stock, with targeted value-add potential.
- Top-ranked neighborhood (1 of 130) with above-median occupancy supports leasing stability.
- Strong incomes and manageable rent-to-income ratios underpin collections and renewal prospects.
- Household growth within 3 miles points to a larger tenant base over the medium term.
- Risks: recent property-crime uptick and lighter café/childcare density warrant monitoring and appropriate leasing/amenity strategy.