| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Good |
| Demographics | 31st | Poor |
| Amenities | 81st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 331 9th Avenue Dr NE, Hickory, NC, 28601, US |
| Region / Metro | Hickory |
| Year of Construction | 1985 |
| Units | 20 |
| Transaction Date | 2020-05-13 |
| Transaction Price | $917,000 |
| Buyer | THE ELMS APARTMENT LLC |
| Seller | HOLLAR ANN BELK |
331 9th Avenue Dr NE, Hickory NC — 20-Unit 1985 Multifamily Opportunity
Neighborhood indicators point to steady renter demand and amenity convenience, with occupancy trending near metro norms and a high renter-occupied share in the surrounding area, according to WDSuite’s CRE market data.
Situated in an Inner Suburb pocket of Hickory, the property benefits from strong day-to-day convenience. Amenity access is competitive among Hickory-Lenoir-Morganton neighborhoods, with grocery options ranking first out of 130 metro neighborhoods and restaurants and cafes also positioned near the top of the metro. Nationally, the neighborhood’s amenity density sits in the top quartile, supporting leasing appeal and tenant retention.
The 1985 vintage is newer than the neighborhood’s average construction year (1976 across the area), which can help the asset compete against older stock. Investors should still plan for system modernization and common-area upgrades aligned to current renter preferences to sustain pricing power.
Unit tenure patterns are favorable for multifamily demand: the neighborhood shows an elevated share of renter-occupied housing units, indicating a deeper local tenant base and potential for stable absorption. Neighborhood occupancy trends track near the metro median, which supports baseline leasing stability without relying on outsized rent growth assumptions.
Within a 3-mile radius, WDSuite data shows recent population growth alongside an increase in households, expanding the local renter pool. Forward-looking projections indicate additional household growth by 2028, which typically supports occupancy stability and incremental rent growth for well-managed assets.
Home values in the neighborhood remain moderate for the region, and rent-to-income levels are manageable by national standards. This context can support retention while suggesting that ownership remains accessible for some households—an element to monitor when calibrating renewal strategies and underwriting lease trade-outs.
Comparable crime statistics for this neighborhood are not available in the current WDSuite release. Investors typically benchmark safety by comparing neighborhood trends to broader metro patterns and by validating on-the-ground conditions through standard diligence. Use a consistent framework across Hickory-Lenoir-Morganton submarkets to keep assumptions conservative and comparable.
Nearby regional employers support a diversified commuting base, reinforcing workforce housing demand and weekday traffic. The following employers provide scale within practical driving distance, which can aid leasing velocity and renewal stability for well-located assets.
- Duke Energy — energy utility (27.3 miles)
- Lowe's — home improvement retail (30.4 miles) — HQ
- Merck — pharmaceuticals (42.8 miles)
- AmerisourceBergen Healthcare Consultants — healthcare distribution/consulting (44.2 miles)
- Sysco — foodservice distribution (44.3 miles)
This 20-unit, 1985 multifamily asset at 331 9th Avenue Dr NE is positioned in a high-amenity Inner Suburb location where renter concentration is elevated and neighborhood occupancy trends sit near the metro median. The vintage is newer than surrounding stock, offering relative competitiveness versus older properties while leaving room for selective renovations to enhance curb appeal and improve operating efficiency. According to CRE market data from WDSuite, the neighborhood’s grocery, restaurant, and cafe access ranks among the strongest in the metro, a factor that typically supports leasing velocity and renewal rates.
Within a 3-mile radius, recent increases in population and households expand the local tenant base, with forecasts pointing to additional household growth through 2028. Neighborhood-level rent-to-income reads as manageable, which can support retention, while moderate home values suggest some competition from ownership—underscoring the importance of value-oriented finishes, amenity programming, and disciplined lease management to sustain NOI.
- Amenity-rich Inner Suburb location with top-tier grocery and dining access that supports leasing and renewals.
- 1985 vintage offers a competitive edge versus older local stock, with value-add potential via targeted upgrades.
- Elevated renter-occupied share and household growth within 3 miles reinforce tenant base depth and occupancy stability.
- Manageable rent-to-income context supports retention; calibrate renewals and finishes to stay competitive against attainable ownership.
- Risk: income levels and average school ratings may temper premium rent growth; returns rely on disciplined operations and cost-effective improvements.