| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Best |
| Demographics | 46th | Good |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1820 20th Avenue Dr NE, Hickory, NC, 28601, US |
| Region / Metro | Hickory |
| Year of Construction | 1986 |
| Units | 108 |
| Transaction Date | 2008-04-01 |
| Transaction Price | $2,300,000 |
| Buyer | Tuxxi Corp. |
| Seller | 1820 20th Avenue Drive NE, LLC |
1820 20th Avenue Dr NE Hickory Multifamily Investment
Neighborhood signals point to a stable renter base and steady leasing potential, based on CRE market data from WDSuite for the surrounding area. All references to occupancy and renter mix reflect neighborhood conditions rather than the specific property.
Positioned in an Inner Suburb of Hickory, the area carries an A neighborhood rating and ranks 7 out of 130 metro neighborhoods—competitive among Hickory-Lenoir-Morganton sub-areas. Amenity access is solid for day-to-day needs (grocery, pharmacy, dining), though park access is limited nearby. Average school ratings sit below national norms, an input for family-oriented leasing strategies and pricing.
Operationally, neighborhood occupancy trends near the national median, indicating manageable lease-up risk. The renter-occupied share of housing units ranks 5 of 130 in the metro—an elevated renter concentration that supports a deeper tenant base and steadier demand for multifamily units. Neighborhood-level median contract rents are mid-market nationally, a backdrop that can aid retention.
Demographics within a 3-mile radius show population and household growth in recent years, with projections pointing to additional household expansion by 2028. That trajectory implies a larger renter pool and supports occupancy stability for well-managed assets serving workforce demand.
Ownership costs are moderate in dollar terms but comparatively elevated relative to local incomes (higher national percentile for value-to-income), which reinforces reliance on rental housing. At the same time, rent-to-income levels are relatively manageable nationally—supportive of renewal rates and disciplined rent optimization without undue affordability pressure.
Neighborhood-specific crime ranks were not available in the provided dataset. For underwriting, investors often pair city and metro sources with multi-year trend reviews to gauge relative safety and directional changes rather than relying on single-year snapshots.
Regional employment anchors within commuting range help support renter demand and retention, including energy & utilities, home improvement corporate, life sciences, food distribution, and healthcare services.
- Duke Energy — energy & utilities offices (26.8 miles)
- Lowe's — home improvement (29.1 miles) — HQ
- Merck — life sciences (41.9 miles)
- Sysco — food distribution (43.1 miles)
- AmerisourceBergen Healthcare Consultants — healthcare services (43.9 miles)
Built in 1986 with 108 units averaging 661 square feet, the asset is older than the neighborhood s average construction year. That vintage supports a value-add or modernization thesis—selective interior and systems upgrades can enhance competitive positioning versus newer 2000s stock, while capital planning should account for aging components. According to CRE market data from WDSuite, the surrounding neighborhood shows renter concentration above metro norms and occupancy near national medians—conditions that support stable day-to-day leasing and renewal activity.
Within a 3-mile radius, population and households have increased and are projected to expand further by 2028, pointing to a larger tenant base over time. Neighborhood ownership costs relative to incomes lean high, which tends to sustain reliance on rental housing, while rent-to-income appears manageable nationally—constructive for retention and thoughtful rent growth. Key watch items include limited nearby parks and below-average school ratings, which may influence family demand and amenity strategy.
- Elevated neighborhood renter concentration supports demand depth and renewal stability
- 1986 vintage enables value-add through interior and system upgrades versus newer local stock
- 3-mile radius population and household growth expands the tenant base through 2028
- Ownership costs vs. incomes reinforce multifamily reliance; rent-to-income remains relatively manageable
- Risks: limited park access and below-average school ratings may temper family-oriented demand