| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Good |
| Demographics | 31st | Poor |
| Amenities | 81st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 333 10th Avenue Dr NE, Hickory, NC, 28601, US |
| Region / Metro | Hickory |
| Year of Construction | 1980 |
| Units | 71 |
| Transaction Date | 2019-08-16 |
| Transaction Price | $2,060,000 |
| Buyer | GLP Investments, LLC |
| Seller | --- |
333 10th Avenue Dr NE, Hickory NC — 71-Unit Multifamily
Positioned in an inner-suburb pocket with strong daily-needs access and a renter-leaning housing mix, the asset offers attainable-unit exposure and potential value-add upside, according to WDSuite’s CRE market data.
This Inner Suburb location rates A (ranked 13 of 130 metro neighborhoods), placing it in the top quartile among Hickory–Lenoir–Morganton submarkets for overall neighborhood quality. Daily conveniences are a clear strength: grocery access ranks 1 of 130 and restaurants rank 3 of 130, both competitive among metro neighborhoods and in the top quartile nationally by amenity density. These fundamentals support day-to-day livability and help sustain leasing velocity for smaller units.
Neighborhood occupancy sits slightly below the metro median but has improved over the last five years, suggesting stable renter demand. The renter-occupied share is just over half of housing units (ranked 3 of 130; high 90th national percentile), indicating a deep tenant base for multifamily. Median contract rents in the area are modest relative to income and regional alternatives, which can support retention while leaving room for revenue management under disciplined operations and multifamily property research.
Within a 3‑mile radius, population and household counts have grown in recent years, and forecasts point to further household expansion by the late 2020s. This indicates a larger tenant base over time and supports occupancy stability for efficiently sized units. Average school ratings in the neighborhood are mid-range (competitive among metro peers), which may matter for family renters but is less determinative for studios and one-bedrooms.
Home values in the neighborhood reflect a higher value-to-income ratio than many comparable areas (upper-third nationally), reinforcing continued reliance on rental housing and helping underpin pricing power for well-managed, updated units. Coupled with strong access to parks, pharmacies, cafes, and groceries (each ranking within the top five of 130 locally), the submarket offers solid livability fundamentals for workforce renters.
Comparable crime data at the neighborhood level is limited in the current release. For risk assessment, investors typically benchmark observed conditions against city and metro trends and rely on third-party reports as part of due diligence. Framing safety at this scale helps avoid block-level volatility and supports a consistent underwriting approach.
Regional employers within commuting distance provide a diversified employment base that supports renter demand and lease retention, including utilities, home improvement retail headquarters, life sciences, distribution, and healthcare services.
- Duke Energy — utilities (27.4 miles)
- Lowe's — home improvement retail (30.4 miles) — HQ
- Merck — life sciences (42.9 miles)
- AmerisourceBergen Healthcare Consultants — healthcare services (44.3 miles)
- Sysco — food distribution (44.3 miles)
Built in 1980, the property’s vintage suggests potential value-add through common-area refreshes, kitchen/bath updates, and systems modernization, while its 71 units with efficient average sizes position it for attainable rents versus larger Class B assets. Neighborhood occupancy has trended up and the renter-occupied share is high for the metro, signaling a durable tenant pipeline. Strong daily-needs access (top-tier grocery and restaurant density locally) further supports leasing stability and operational resilience.
Within a 3‑mile radius, sustained population and household growth, coupled with projected household expansion into the late 2020s, point to renter pool expansion and support for steady occupancy. According to CRE market data from WDSuite, neighborhood fundamentals compare favorably on amenity access and renter concentration, while ownership costs remain elevated enough to reinforce reliance on multifamily housing. Key risks include middling school ratings for family renters and occupancy that is only slightly below the metro median, requiring active management to capture rent growth.
- 1980 vintage enables targeted value-add and systems upgrades
- Renter-occupied share above metro median signals deep tenant base
- Top-tier local access to groceries, restaurants, parks, and services supports retention
- 3‑mile household growth outlook supports occupancy stability and revenue management
- Risks: mid-range school ratings and slightly sub-metro occupancy call for focused operations