| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 73rd | Best |
| Amenities | 30th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2830 16th St NE, Hickory, NC, 28601, US |
| Region / Metro | Hickory |
| Year of Construction | 2001 |
| Units | 24 |
| Transaction Date | 1986-12-01 |
| Transaction Price | $210,000 |
| Buyer | ARGYLE PLACE ASSOCIATES |
| Seller | --- |
2830 16th St NE Hickory Multifamily Investment
Neighborhood occupancy sits in the low‑90s and rent burdens are moderate, indicating durable renter demand and lease retention potential, according to WDSuite’s CRE market data.
The property is in a suburban pocket of Hickory that scores well on neighborhood fundamentals for investors. The area carries an A+ neighborhood rating and ranks 4th among 130 metro neighborhoods, placing it well above the metro median. Schools are a relative strength, with an average rating near 4.0 out of 5 and performance in the top quartile nationally, a factor that can support family‑oriented renter demand.
Operating context is balanced. Neighborhood occupancy is about 91.6% (measured for the neighborhood, not the property), with a modest five‑year softening; this level typically supports ongoing leasing while allowing for pragmatic rent growth management. Neighborhood NOI per unit benchmarks at the top of the metro (ranked 1st of 130; top decile nationally), signaling historically strong operating margins in the immediate area.
Amenities skew practical rather than destination‑driven. Cafe density is competitive among Hickory neighborhoods (8th of 130; above metro median and upper‑quartile nationally), while grocery access is around the metro median. Park, childcare, and pharmacy counts are limited locally, so renters may rely on nearby districts for some services. These patterns are consistent with a suburban setting and tend to favor residents prioritizing quiet neighborhoods with straightforward commutes.
Demographic and tenure signals are constructive for multifamily. Within a 3‑mile radius, population and households have grown over the past five years, expanding the tenant base, and projections point to further household increases that should support occupancy stability. Renter concentration within 3 miles is about 39% of housing units being renter‑occupied, indicating a meaningful but not saturated pool of prospective tenants. Elevated home values relative to incomes (above national norms) suggest a high‑cost ownership market that helps sustain reliance on multifamily rentals, while a rent‑to‑income ratio near 0.15 indicates manageable affordability pressure that can aid retention.
Comparable neighborhood crime data is not available in this dataset. Investors commonly benchmark safety using city and metro trend reports, local law enforcement summaries, and property‑level incident history to contextualize leasing risk and insurance planning.
Proximity to regional employers supports a steady workforce renter base and commute convenience, with access to utilities, retail HQ, pharmaceuticals, and foodservice distribution.
- Duke Energy — utilities (27.5 miles)
- Lowe's — retail HQ (29.6 miles) — HQ
- Merck — pharmaceuticals (42.6 miles)
- Sysco — foodservice distribution (43.6 miles)
Built in 2001, this 24‑unit asset is newer than the neighborhood’s average vintage, positioning it competitively versus older stock while still leaving room for targeted system upgrades or light renovations over a hold. Neighborhood performance indicators are favorable: occupancy in the low‑90s, top‑tier NOI per unit benchmarks relative to other Hickory neighborhoods, and school quality in the top quartile nationally. According to CRE market data from WDSuite, ownership costs in the area trend elevated versus incomes, which reinforces multifamily demand, while rent burdens remain moderate, supporting retention.
Within a 3‑mile radius, recent population and household growth, with additional household gains projected, point to a larger renter pool over time and a supportive leasing backdrop. Amenity access is serviceable—strong for cafes and solid for grocery—though some categories (parks, childcare, pharmacies) are thinner locally, which may influence tenant preferences and marketing positioning.
- Newer 2001 vintage offers competitive positioning versus older area stock, with manageable modernization scope.
- Neighborhood benchmarks show top‑of‑metro NOI per unit and stable low‑90s occupancy, supporting income durability.
- 3‑mile radius shows recent and projected household growth, expanding the tenant base and aiding lease‑up and retention.
- Elevated ownership costs paired with moderate rent burdens sustain multifamily demand and pricing flexibility.
- Risks: modest softening in neighborhood occupancy, thinner nearby parks/childcare/pharmacy options, and potential competition if ownership options gain relative appeal.