| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Good |
| Demographics | 31st | Poor |
| Amenities | 81st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 380 9th Avenue Dr NE, Hickory, NC, 28601, US |
| Region / Metro | Hickory |
| Year of Construction | 1982 |
| Units | 45 |
| Transaction Date | 2022-07-01 |
| Transaction Price | $3,950,000 |
| Buyer | VCG ABBEY INVESTMENTS LLC |
| Seller | MARTYN PROPERTIES LLC |
380 9th Avenue Dr NE, Hickory Multifamily Opportunity
Neighborhood occupancy trends sit near 90% with a majority of housing renter-occupied, pointing to a durable tenant base according to WDSuite’s CRE market data.
Located in an inner suburb of Hickory, the property benefits from everyday convenience and steady renter demand. Neighborhood renter concentration is above half of housing units, which generally supports depth of the tenant base and leasing stability. The local occupancy rate has edged up over the past five years, indicating resilience through cycles.
Amenity access is a relative strength: the neighborhood ranks competitive among 130 metro neighborhoods for cafes and restaurants, and is top quartile nationally for grocery access. Parks, pharmacies, and childcare options are also above typical national availability, providing day-to-day livability that tends to aid retention.
The average neighborhood construction year is 1976, and this asset’s 1982 vintage is modestly newer than nearby stock. For investors, that can translate into comparatively fewer immediate modernization needs versus older properties, while still planning for system updates typical of 1980s construction.
Within a 3-mile radius, population and households have expanded over the past five years, with forecasts calling for additional household growth through 2028. This points to a gradually expanding renter pool that can support occupancy stability. School ratings in the neighborhood sit near the national midpoint; not a draw for premium rents, but adequate for broad workforce demand.
Ownership costs in the neighborhood are elevated relative to incomes compared with many areas nationwide, which can reinforce reliance on rental housing. At the same time, rents remain generally manageable in income terms, a mix that supports tenant retention while allowing measured pricing power rather than outsized increases.
Comparable, block-level crime estimates are not available for this neighborhood in the current release. Investors typically evaluate safety by comparing neighborhood trends to broader Hickory-Lenoir-Morganton patterns, reviewing multi-year trajectories and on-the-ground factors. Given the inner-suburb context, a balanced assessment using multiple sources is prudent.
Regional employers within commuting range support workforce housing dynamics and leasing stability, including utility, home improvement, life sciences, distribution, and healthcare logistics operations listed below.
- Duke Energy — utilities (27.3 miles)
- Lowe's — home improvement (30.3 miles) — HQ
- Merck — life sciences (42.7 miles)
- AmerisourceBergen Healthcare Consultants — healthcare logistics (44.2 miles)
- Sysco — food distribution (44.2 miles)
This 45-unit property built in 1982 aligns with steady neighborhood fundamentals: majority renter-occupied housing, amenity-rich surroundings, and occupancy trends near 90% that have inched higher over five years. Based on CRE market data from WDSuite, the area’s grocery, restaurant, and daily-needs access ranks competitively within the metro and stacks up well nationally, factors that typically help support retention for workforce-oriented assets.
Within a 3-mile radius, population and household growth over the last cycle, alongside projected household expansion through 2028, point to a gradually larger tenant base. The asset’s slightly newer vintage relative to neighborhood averages can be a competitive edge versus older inventory, though investors should plan for aging-system upgrades typical of 1980s buildings. Ownership costs relative to incomes are elevated in context, which supports sustained rental demand, while rents remain broadly manageable—favoring stable occupancy over aggressive rent pushes.
- Majority renter-occupied neighborhood supports a deeper tenant base and demand resilience.
- Amenity-rich location (strong grocery and dining access) aids leasing and retention.
- 1982 vintage slightly newer than area norms, offering competitive positioning with planned system updates.
- 3-mile population and household growth, with further household gains forecast, supports long-run occupancy stability.
- Risk: school ratings are mid-range and homeownership may remain a viable alternative for some households, tempering outsized rent growth.