| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Best |
| Demographics | 50th | Good |
| Amenities | 44th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2101 21st St SE, Hickory, NC, 28602, US |
| Region / Metro | Hickory |
| Year of Construction | 2001 |
| Units | 32 |
| Transaction Date | 2001-09-21 |
| Transaction Price | $720,500 |
| Buyer | THE LEGENDS AT HICKORY LLC |
| Seller | BSP/HICKORY LLC |
2101 21st St SE Hickory Multifamily Investment
Inner-suburb location with strong renter concentration supports a steady tenant base even as neighborhood occupancy trends trail metro medians, according to WDSuite’s CRE market data.
Located in Hickory’s Inner Suburb, the neighborhood ranks in the top quartile among 130 metro neighborhoods with an overall A rating, signaling balanced livability and demand drivers for workforce housing. Cafes and restaurants score above national medians, while groceries are roughly in line with national norms; parks and formal childcare options are limited, which may shape amenity positioning and resident expectations.
For investors, renter-occupied housing is comparatively high (upper national percentiles), indicating a deeper tenant pool and potential leasing stability. By contrast, the neighborhood occupancy rate sits below national medians and has softened over the last five years, so underwriting should reflect realistic lease-up timelines and attention to renewal management. Median school ratings trend below national averages, which can influence target renter profiles and marketing strategy.
The property’s 2001 vintage is slightly newer than the area’s average construction year (late 1990s). That relative youth can be competitive versus older stock, though two-decade-old systems may still benefit from targeted modernization to support rent positioning and retention.
Within a 3-mile radius, recent population growth and an increase in households point to a gradually expanding renter pool. Forecasts show further household gains and a rising share of renter-occupied units, which supports occupancy stability for well-managed assets. Home values sit below national medians and value-to-income ratios are modest for owners; this can introduce some competition from entry-level ownership, but it also underscores the role of well-priced rentals. Rent-to-income ratios are moderate, suggesting manageable affordability pressure and room for disciplined rent growth. These dynamics, based on multifamily property research from WDSuite, favor durable demand with prudent pricing and amenity alignment.
Neighborhood-level crime metrics are not available in this dataset. Investors should compare property performance and leasing strategy against broader Hickory-Lenoir-Morganton trends and owner-reported experience. Use portfolio-appropriate risk controls (lighting, access management, and resident engagement) and review jurisdictional reports to validate assumptions.
Proximity to established regional employers supports renter demand through commute convenience and diversified job bases. Nearby anchors include Duke Energy, Lowe's, Merck, AmerisourceBergen, and Sysco.
- Duke Energy — utilities (23.6 miles)
- Lowe's — home improvement retail (27.4 miles) — HQ
- Merck — pharmaceuticals (39.3 miles)
- AmerisourceBergen Healthcare Consultants — healthcare distribution services (40.4 miles)
- Sysco — foodservice distribution (41.2 miles)
This 32-unit asset at 2101 21st St SE benefits from a top-quartile neighborhood within the Hickory-Lenoir-Morganton metro and a renter base that trends above national medians, supporting depth of demand. According to CRE market data from WDSuite, neighborhood occupancy trails national norms, so the thesis leans on operational execution: targeted renovations, disciplined leasing, and resident retention to capture demand from a growing 3-mile household base and an expanding share of renter-occupied units.
The 2001 vintage is slightly newer than the area’s average stock, offering a competitive edge versus older comparables while leaving room for selective modernization to reinforce rent positioning. Home values and value-to-income ratios indicate a relatively accessible ownership market, which may temper pricing power, but moderate rent-to-income levels and improving household incomes support a sustainable runway for well-amenitized, correctly priced units.
- Top-quartile metro neighborhood with above-median renter concentration supporting tenant depth
- 2001 vintage offers competitive positioning vs. older stock with targeted value-add potential
- 3-mile household growth and rising renter share support leasing and renewal strategies
- Moderate rent-to-income levels align with disciplined rent growth and retention management
- Risk: Neighborhood occupancy lags national medians; plan for measured lease-up and active renewals