| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Best |
| Demographics | 50th | Good |
| Amenities | 44th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2051 21st St SE, Hickory, NC, 28602, US |
| Region / Metro | Hickory |
| Year of Construction | 1998 |
| Units | 20 |
| Transaction Date | 2005-01-28 |
| Transaction Price | $10,504,500 |
| Buyer | FH HICKORY LP |
| Seller | FOREST HILLS LP |
2051 21st St SE Hickory Multifamily Investment
Neighborhood renter concentration and rising household counts point to a durable tenant base for small multifamily assets, according to WDSuite’s CRE market data.
Hickory’s inner-suburban setting around 2051 21st St SE ranks in the top quartile among 130 metro neighborhoods, indicating broadly competitive fundamentals versus the local market. Dining access is a relative strength (restaurants and cafes benchmark above the national middle), while everyday conveniences like groceries track near national averages. Limited nearby parks and childcare options are notable gaps investors should factor into tenant profile and marketing.
For the neighborhood (not this specific property), renter concentration sits higher than most areas nationwide, reinforcing depth of demand for multifamily units and potential leasing stability. By contrast, neighborhood occupancy trends are below the metro median and have softened over the last five years, suggesting operators may need to emphasize tenant retention and targeted concessions during slower periods.
Within a 3-mile radius, demographics show modest population growth and a faster increase in households alongside slightly smaller average household sizes. This combination typically expands the renter pool and supports absorption for well-managed Class B assets. Household incomes are around the national midpoint, which can sustain steady leasing in workforce-oriented product.
Ownership costs in the neighborhood are lower than many national markets, which can create some competition from entry-level ownership. However, that backdrop also supports pricing power for well-maintained rentals that present as convenient and “rent-ready,” especially where access to jobs and services offsets the homeownership alternative.
Comparable neighborhood-level safety metrics are not available for this location in WDSuite at this time. Investors typically benchmark property operations against city and county trend data and incorporate on-the-ground diligence (lighting, access control, and visibility) to manage risk and resident experience.
Proximity to regional employers supports commuter convenience and a broad workforce renter base, led by utilities, home improvement retail, pharmaceuticals, healthcare consulting, and foodservice distribution.
- Duke Energy — utilities (23.7 miles)
- Lowe's — home improvement retail (27.4 miles) — HQ
- Merck — pharmaceuticals (39.3 miles)
- AmerisourceBergen Healthcare Consultants — healthcare consulting (40.5 miles)
- Sysco — foodservice distribution (41.2 miles)
This 20-unit asset benefits from a neighborhood that ranks in the top quartile locally, with above-average dining access and a renter concentration higher than most areas nationwide. Within a 3-mile radius, households are increasing and expected to continue rising, indicating a growing tenant base that can support occupancy and steady leasing. According to CRE market data from WDSuite, neighborhood occupancy trends are below the metro median, so execution will hinge on property-level operations and positioning.
Relative home values are more accessible than in high-cost metros, creating some competition from ownership but also supporting retention for rentals that deliver convenience and maintenance-free living. With thoughtful asset management and targeted upgrades, operators can lean into workforce demand drivers while monitoring school perceptions and limited park/childcare amenities that may shape the resident mix.
- Higher renter concentration than most neighborhoods nationally supports demand depth
- Household growth within 3 miles expands the renter pool and supports absorption
- Competitive neighborhood standing in the metro with strong dining and everyday services
- Accessible ownership market may temper rent growth but can aid retention for well-run assets
- Risks: below-median neighborhood occupancy, limited parks/childcare, and mixed school perceptions