| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Best |
| Demographics | 46th | Good |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1632 18th Ave NE, Hickory, NC, 28601, US |
| Region / Metro | Hickory |
| Year of Construction | 1972 |
| Units | 22 |
| Transaction Date | 2015-05-01 |
| Transaction Price | $875,000 |
| Buyer | 2500 Bedford Avenue |
| Seller | Story Properties |
1602 18th Ave NE Hickory 22-Unit Multifamily
Positioned in an inner-suburb pocket with steady renter demand and value-add potential, this 22-unit asset benefits from neighborhood occupancy around the low-90s and a renter concentration near half, according to CRE market data from WDSuite.
The property sits in an Inner Suburb neighborhood rated A and ranked 7th among 130 Hickory-Lenoir-Morganton neighborhoods, indicating competitive fundamentals for multifamily. Neighborhood occupancy is around 91%, suggesting generally stable lease-up and retention conditions at the neighborhood level rather than the property itself. Renter-occupied housing accounts for roughly half of occupied units in the neighborhood, which supports a consistent tenant base and ongoing leasing velocity.
Local daily-needs access is a relative strength. Neighborhood amenity density for cafes and childcare ranks in the top tier metro-wide (ranks 4 and 3 of 130, respectively), and grocery and pharmacy access are competitive (ranks 12 and 9). Nationally, these categories benchmark above the median, supporting livability and day-to-day convenience that can aid resident satisfaction and renewal probabilities. Average school ratings in the neighborhood trend below the national median, which may warrant positioning toward workforce renters rather than family-driven premium school demand.
Vintage matters for underwriting. Built in 1972, the asset is older than the neighborhood’s average construction year (2000), pointing to potential capital planning for systems, exteriors, and interior modernization. For investors, this can represent a value-add path to improve competitiveness versus newer stock while managing scope to align with achievable rent levels.
Within a 3-mile radius, the population has grown in recent years and households have increased at a faster clip, with additional household growth projected through the forecast period. This indicates a larger tenant base over time and supports occupancy stability for well-managed assets. Neighborhood home values and a value-to-income ratio that trends higher than many markets in this price tier suggest a high-cost ownership context for local incomes, which can sustain reliance on multifamily rentals and bolster lease retention. At the same time, neighborhood rent-to-income around 20% points to manageable affordability pressure, allowing room for disciplined, renovation-driven rent steps while monitoring retention risks.
Crime data specific to this neighborhood are not available in the provided WDSuite extract, so no comparative rank to other Hickory-Lenoir-Morganton neighborhoods is shown here. Investors typically contextualize safety by reviewing multi-year city and county trend reports alongside neighborhood-level indicators and property-level security measures during due diligence.
Regional employment access is diversified across utilities, home improvement retail headquarters, pharmaceuticals, foodservice distribution, and healthcare services — a mix that supports workforce housing demand and commute convenience for renters.
- Duke Energy — energy utility (26.8 miles)
- Lowe's — home improvement retail (29.2 miles) — HQ
- Merck — pharmaceuticals (41.9 miles)
- Sysco — foodservice distribution (43.1 miles)
- AmerisourceBergen Healthcare Consultants — healthcare services (43.8 miles)
This 22-unit asset offers a straightforward value-add thesis in an A-rated Inner Suburb of Hickory with neighborhood occupancy around the low-90s and a renter-occupied share near half, supporting depth of tenant demand and stable leasing. According to CRE market data from WDSuite, local amenity access for daily needs benchmarks above metro and national medians in several categories, helping reinforce resident satisfaction and renewal prospects.
Constructed in 1972, the property is older than the neighborhood average vintage, creating clear pathways for targeted renovations to improve competitiveness against newer stock. Within a 3-mile radius, recent and projected household growth points to an expanding renter pool, while neighborhood rent-to-income near 20% suggests manageable affordability pressure for measured, renovation-led rent increases. Key risks include capital expenditures typical of 1970s construction and sub-median school ratings that may limit appeal to families seeking top academic performance.
- A-rated Inner Suburb with competitive occupancy and renter depth
- Daily-needs amenities benchmark above median, supportive of retention
- 1972 vintage enables value-add plan to enhance positioning
- 3-mile household growth expands the tenant base over time
- Risks: capex for older systems and below-median school ratings