| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Good |
| Demographics | 63rd | Best |
| Amenities | 41st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 230 13th Avenue Pl NW, Hickory, NC, 28601, US |
| Region / Metro | Hickory |
| Year of Construction | 1977 |
| Units | 20 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
230 13th Ave Pl NW Hickory Value-Add Multifamily
Neighborhood fundamentals point to steady renter demand and room for operational upside, according to CRE market data from WDSuite, with elevated ownership costs nearby supporting multifamily leasing and retention.
This suburban Hickory location scores competitively within the metro for overall neighborhood quality (top quartile among 130 metro neighborhoods, A-rated), per WDSuite. Local dining access is a relative strength (competitive among Hickory-Lenoir-Morganton neighborhoods), with restaurants concentrated nearby, while parks are a standout amenity presence at the metro level. By contrast, immediate café and grocery density is thinner, so residents may rely on short drives for daily needs.
Measured at the neighborhood level, occupancy has trailed the metro average but has improved over the past five years, suggesting incremental stabilization rather than acute weakness. For investors, that trajectory supports a pragmatic underwriting stance: assume conservative near-term occupancy with potential to tighten through targeted renovations and leasing execution.
Within a 3-mile radius, population and household counts have been growing, and WDSuite’s data indicate continued household expansion over the next five years. A renter-occupied share near the mid-40% range points to a solid tenant base for a 20-unit property, helping support leasing velocity and renewal depth.
Home values in the neighborhood sit on the higher side for the region, and rent-to-income levels remain favorable. For multifamily investors, this balance typically reinforces rental demand and can support pricing power when paired with quality finishes and professional management. Average school ratings sit around the metro midpoint, which is adequate context for workforce and young professional demand profiles.
Comparable crime metrics were not available for this specific neighborhood in WDSuite’s dataset at the time of publication. Investors should review citywide and police department resources to contextualize safety trends and compare them with broader Hickory-Lenoir-Morganton patterns before final underwriting.
Regional employment anchors within commuting range span utilities, home improvement retail headquarters, and pharmaceuticals, supporting a diverse renter base and commute convenience for workforce tenants.
- Duke Energy — utilities (28.0 miles)
- Lowe's — home improvement retail (31.1 miles) — HQ
- Merck — pharmaceuticals (43.5 miles)
Built in 1977, the property offers classic value-add potential: modernize interiors and address building systems to improve competitive positioning against newer stock. Neighborhood-level occupancy has lagged the metro but shows multi-year improvement, while a growing 3-mile renter pool and elevated ownership costs underpin steady demand. According to CRE market data from WDSuite, local amenities skew toward parks and dining, with everyday retail thinner—an underwriting consideration rather than a demand constraint.
For a 20-unit asset, the combination of moderate-to-high renter concentration within 3 miles, favorable rent-to-income dynamics, and regional employers within commuting range supports leasing stability. Execution risk centers on renovation scope, lease-up cadence, and navigating a submarket where occupancy sits below metro averages—but these factors can be mitigated with disciplined capex planning and management.
- Late-1970s vintage with clear value-add and systems-upgrade upside
- Growing 3-mile renter base supports tenant depth and renewal potential
- Elevated ownership costs and favorable rent-to-income reinforce rental demand
- Parks and dining access enhance livability; everyday retail is less dense nearby
- Risks: neighborhood occupancy below metro, renovation execution, and lease-up pacing