| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Best |
| Demographics | 49th | Good |
| Amenities | 48th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1227 10th Street Blvd NW, Hickory, NC, 28601, US |
| Region / Metro | Hickory |
| Year of Construction | 1981 |
| Units | 118 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1227 10th Street Blvd NW Hickory Multifamily Investment
Neighborhood occupancy near 92% and a five-year uptrend point to steady renter demand and lease retention, according to WDSuite's CRE market data. With 118 units and 1981 vintage, the asset offers operational scale with room to enhance competitiveness through targeted upgrades.
This Inner Suburb location balances daily convenience with stable housing dynamics. Grocery and pharmacy access index well, with neighborhood amenities landing around the top quartile nationally for both grocery and restaurant density, supporting day-to-day livability that aids retention. Parks access is also comparatively strong for the metro, while cafes and childcare are limited nearby.
For investors, the rental market reads as durable: neighborhood occupancy is approximately 91.9% with a meaningful five-year improvement, and the renter-occupied share sits in the low-to-mid 40% range. Together, these indicators suggest a sufficiently deep tenant base for a 100+ unit asset and support for ongoing leasing stability.
Within a 3-mile radius, population increased over the last five years and is projected to continue growing modestly, with households expected to expand by roughly 10% by 2028. This points to a larger tenant base over time and a gradual renter pool expansion that can support occupancy and pricing discipline without relying on outsized absorption.
Rent levels remain relatively accessible for the area and align with a rent-to-income ratio near the mid-teens, which reduces affordability pressure and supports renewal probability. Median home values are moderate by national standards; while this can introduce some competition from ownership, it also supports balanced pricing power for well-managed multifamily assets.
The 1981 construction year is slightly newer than the neighborhood average stock, indicating competitive positioning versus older nearby assets, though investors should plan for selective modernization to systems and finishes to sustain performance. These local dynamics, combined with measured household growth, create a constructive backdrop for income stability and targeted value-add. Based on commercial real estate analysis from WDSuite, the neighborhood’s trends compare favorably to national mid-market peers without relying on speculative assumptions.
Safety indicators benchmark above national norms on several measures, with property crime reading comparatively favorable nationally and violent crime closer to the safer side of the spectrum. Recent data also show a year-over-year decline in estimated property offenses, while violent incidents ticked up over the same period. Investors should underwrite with standard precautions: monitor recent comp data, assess on-site lighting and access controls, and review police blotter trends for confirmation.
Within the Hickory-Lenoir-Morganton metro, safety varies by neighborhood. This area compares as mixed relative to other local neighborhoods, so property-level controls and resident engagement programs can be meaningful in shaping outcomes over a hold period. Framing performance against both metro peers and national context supports more balanced risk assessment.
Regional employment is anchored by established corporates within commuting range, supporting workforce housing demand and retention. Key employers include Duke Energy, Lowe's, and Merck, which contribute to a diversified white- and blue-collar tenant base.
- Duke Energy — utilities (28.6 miles)
- Lowe's — home improvement retail (31.9 miles) — HQ
- Merck — pharmaceuticals (44.2 miles)
Positioned in a Hickory Inner Suburb with occupancy around 91.9% and a five-year improvement, the asset benefits from a stable renter base and accessible rent levels that support renewals. The 1981 vintage is slightly newer than the neighborhood average, offering a competitive edge versus older stock while leaving room for focused modernization to refresh common areas, systems, and interiors over time.
Within a 3-mile radius, population growth and a projected increase in households by 2028 point to a larger tenant base and sustained leasing depth. Ownership costs are moderate for the region, which can introduce some competition with for-sale housing, but rent-to-income levels suggest manageable affordability pressure that supports occupancy stability. According to CRE market data from WDSuite, local amenities compare favorably to national mid-market peers, reinforcing day-to-day livability that helps retention.
- Stable neighborhood occupancy with five-year improvement supports consistent leasing
- 1981 vintage slightly newer than area average enables targeted value-add while remaining competitive
- 3-mile household growth outlook through 2028 points to a larger renter pool
- Amenities and grocery access support retention and day-to-day livability
- Risk: moderate ownership costs and variable local safety metrics warrant conservative underwriting and property-level controls