| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Best |
| Demographics | 49th | Good |
| Amenities | 48th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1790 3rd Ave NW, Hickory, NC, 28601, US |
| Region / Metro | Hickory |
| Year of Construction | 1999 |
| Units | 48 |
| Transaction Date | 2024-04-18 |
| Transaction Price | $1,900,000 |
| Buyer | HICKORY GARDENS RESIDENTIAL LLC |
| Seller | HALLMARK WOODLAND MANOR LLC |
1790 3rd Ave NW Hickory Multifamily Investment
Renter demand is supported by a high renter-occupied share in the neighborhood and occupancy that has trended higher over the past five years, according to WDSuite’s CRE market data. Pricing power appears manageable given rents that sit below national levels while showing steady growth.
Located in an Inner Suburb of Hickory, the area ranks above the metro median overall and is competitive among Hickory-Lenoir-Morganton neighborhoods. Grocery, restaurant, park, and pharmacy access land in the top quartile metro-wide, which supports day-to-day livability and helps with leasing velocity for workforce-oriented product.
The property’s 1999 vintage is newer than the neighborhood average year of 1977, offering a relative competitive edge versus older stock. Investors should still underwrite routine system modernization and common-area refresh to keep positioning current against renovated comparables.
Neighborhood-level rents are below national averages but have risen meaningfully in recent years, while occupancy sits around the national middle with an upward trend. The renter-occupied share is elevated for the metro, indicating a deeper tenant base and support for multifamily absorption and retention.
Within a 3-mile radius, demographics show a stable population with modest growth projected and a forecast increase in households, pointing to a larger tenant base over the next cycle. Median home values are moderate for the region, which can introduce some competition from ownership; however, rent-to-income levels suggest manageable affordability pressure, aiding renewal potential and lease management. These dynamics are based on commercial real estate analysis from WDSuite and reflect neighborhood—not property—metrics.
Safety indicators are mixed in context. Nationally, the neighborhood rates above average overall and lands in stronger percentiles for property and violent offense measures, indicating comparatively safer conditions than many U.S. neighborhoods. Within the Hickory-Lenoir-Morganton metro, however, the neighborhood’s crime rank places it in a less favorable cohort relative to 130 metro neighborhoods.
Recent trends show a one-year increase in violent offense estimates even as property offenses moved lower, suggesting variability that investors should monitor over time. Interpreting these signals at the neighborhood level—not the property—helps frame risk management around security, lighting, and partnership with local policing rather than block-level assumptions.
Regional employment anchors within commuting range support renter demand and lease retention, with notable exposure to utilities, retail HQ operations, and life sciences. The employers below reflect the primary drivers accessible from the neighborhood.
- Duke Energy — utilities (28.3 miles)
- Lowe's — retail HQ operations (32.1 miles) — HQ
- Merck — life sciences (44.1 miles)
This 48-unit, 1999-vintage asset benefits from a renter-heavy neighborhood, improving occupancy momentum, and strong day-to-day amenities that support leasing stability. Neighborhood rents remain below national levels—helpful for demand depth—while recent growth and a rising household count within a 3-mile radius point to a larger tenant base over the medium term. According to CRE market data from WDSuite, the area performs above the metro median on fundamentals relevant to workforce housing.
Key considerations include maintaining competitive finishes versus older but renovated stock, monitoring crime trends that have shown recent variability, and balancing pricing against a market where ownership remains relatively accessible. Overall, the asset’s newer-than-average vintage and neighborhood demand drivers present a straightforward value-preservation and light value-add path.
- Newer 1999 vintage versus area average, with potential to out-compete older stock
- Renter-occupied concentration supports multifamily absorption and renewal stability
- Neighborhood rents below national levels aid demand depth while trending upward
- 3-mile outlook shows rising households, expanding the tenant base
- Risks: variable safety trends and some competition from accessible homeownership options