| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Best |
| Demographics | 46th | Good |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2010 29th Avenue Dr NE, Hickory, NC, 28601, US |
| Region / Metro | Hickory |
| Year of Construction | 1995 |
| Units | 41 |
| Transaction Date | 2012-08-29 |
| Transaction Price | $6,700,000 |
| Buyer | Hickory Health Holdings LLC |
| Seller | Hickory/Packett Med-Corn |
2010 29th Avenue Dr NE Hickory Multifamily Investment
Inner-suburban fundamentals point to steady renter demand, with neighborhood occupancy near the metro middle and a high share of renter-occupied units supporting depth in the tenant base, according to CRE market data from WDSuite. Amenity access is strong for daily needs, reinforcing leasing appeal at the neighborhood level rather than just the property.
Located in Hickory’s inner suburbs, the neighborhood ranks 7th out of 130 metro neighborhoods (A rating), signaling strong local fundamentals for multifamily. Amenity access is a clear advantage: cafes (rank 4 of 130), childcare (rank 3 of 130), restaurants (rank 10 of 130), grocery (rank 12 of 130), and pharmacies (rank 9 of 130) place the area in the top quartile among 130 metro neighborhoods for day-to-day convenience. However, park access is limited (rank 130 of 130), which may matter for tenants prioritizing green space.
Neighborhood occupancy is measured at 90.8% (rank 62 of 130), indicating conditions close to the metro median and supportive of stable leasing rather than outsized volatility. The share of housing units that are renter-occupied is elevated at 49.4% (rank 5 of 130; high national percentile), which speaks to a deep renter pool and a broader base for consistent absorption. Median contract rents in the neighborhood sit near national mid-range levels, while a rent-to-income ratio of 0.20 (lower national percentile) suggests manageable affordability that can aid lease retention and reduce turnover risk.
Within a 3-mile radius, demographics show recent population and household growth, with households projected to expand further over the next five years. This trajectory points to a larger tenant base and supports occupancy stability. Median household income has strengthened in the area and is forecast to continue rising, which can underpin rent growth, though prudent lease management remains important as the renter mix evolves.
Home values in the neighborhood reflect a higher national percentile for value-to-income, indicating a relatively high-cost ownership market in context. For investors, this can reinforce reliance on multifamily housing and support pricing power, provided product positioning aligns with local incomes. School ratings average around 2.0 (below national mid-range), which may be a consideration for family renters; investors can counterbalance with unit features and convenience to amenities. Overall, the submarket’s convenience profile and renter concentration offer a constructive setup for multifamily, anchored by data-driven commercial real estate analysis from WDSuite.
Comparable, neighborhood-level safety metrics are not available in this data release. Investors typically contextualize safety by comparing neighborhood trends to the broader Hickory-Lenoir-Morganton metro and by reviewing multi-year patterns rather than single-period snapshots. Where possible, pair neighborhood context with property-level measures (lighting, access control, and management practices) to support resident retention and leasing stability.
Regional employers within commuting distance help support renter demand through a diverse employment base in energy, retail headquarters, life sciences, food distribution, and healthcare distribution. Nearby anchors include Duke Energy, Lowe's, Merck, Sysco, and AmerisourceBergen Healthcare Consultants.
- Duke Energy — energy (27.0 miles)
- Lowe's — retail HQ and corporate (29.1 miles) — HQ
- Merck — life sciences (42.1 miles)
- Sysco — food distribution (43.1 miles)
- AmerisourceBergen Healthcare Consultants — healthcare distribution (44.1 miles)
This 41-unit asset, built in 1995, is slightly older than the neighborhood’s average vintage, which points to potential value-add through modernization and selective capital projects. The immediate area offers top-quartile amenity access across daily-needs categories, a renter-occupied share that is high among Hickory neighborhoods, and neighborhood occupancy near the metro median — a combination that supports ongoing leasing and reduces exposure to sharp swings. Within a 3-mile radius, population and households have grown and are projected to expand further, indicating a larger tenant base that can support occupancy stability and measured rent growth. According to CRE market data from WDSuite, the ownership landscape skews relatively high-cost in context, which can sustain reliance on multifamily housing and favor well-positioned assets.
Investors should note trade-offs: limited park access and modest school ratings may influence specific renter segments, and as ownership trends evolve, the renter share could fluctuate even as total households increase. These considerations argue for thoughtful unit finishes, competitive amenities, and disciplined leasing to capture demand while managing retention risk.
- 1995 vintage suggests value-add potential via modernization and targeted capex
- Top-quartile neighborhood amenities support leasing velocity and resident retention
- High renter-occupied share and near-median occupancy underpin demand stability
- 3-mile household growth expands the tenant base and supports long-term absorption
- Risks: limited parks, modest school ratings, and shifting ownership trends warrant proactive leasing strategy