| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 73rd | Best |
| Amenities | 30th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4000 N Center St, Hickory, NC, 28601, US |
| Region / Metro | Hickory |
| Year of Construction | 1996 |
| Units | 24 |
| Transaction Date | 2005-05-17 |
| Transaction Price | $7,428,500 |
| Buyer | WATERFORD 4000 LP |
| Seller | LASALLE BANK NA |
4000 N Center St Hickory Multifamily Investment Opportunity
Positioned in a suburban A+–rated neighborhood, the asset benefits from steady renter demand and a growing 3-mile household base, according to WDSuite’s CRE market data. The area’s rent levels sit near metro norms while incomes support retention and measured pricing power.
The property sits within a suburban pocket of Hickory that ranks 4th out of 130 neighborhoods in the metro (A+ neighborhood rating), placing it above most peer areas locally. Neighborhood performance indicators point to durable fundamentals for renters and operators rather than short-term volatility.
Local livability supports leasing. Average school ratings are 4.0 out of 5, ranking 2nd of 130 metro neighborhoods and landing in the top quartile nationally. Food-and-beverage access is competitive among metro peers: restaurant density ranks 23rd and cafes 8th out of 130. By contrast, parks and pharmacies are sparse within the neighborhood boundary, so lifestyle convenience tilts more toward dining and daily retail than green space or on-foot services.
For CRE context, the neighborhood’s occupancy is above the metro median and roughly in line with the national middle of the pack (around the 52nd national percentile). Median contract rents are moderate for the region and have grown meaningfully over the last five years, while neighborhood NOI per unit benchmarks rank 1st of 130 locally (96th percentile nationally), underscoring strong operating potential at the neighborhood level, not the specific property.
Tenure patterns vary by scale. Within the immediate neighborhood, the share of housing units that are renter-occupied is relatively modest, implying a smaller in-neighborhood renter pool. Aggregated within a 3-mile radius, however, population and household counts have increased, broadening the feeder base for multifamily demand and supporting occupancy stability.
Detailed crime metrics for this specific neighborhood are not available in the current WDSuite release, so investors should review city and county sources for additional context. As with any suburban location, safety conditions can vary by block; use trend and comparative data at the city and county level to benchmark the area against broader Hickory-Lenoir-Morganton patterns.
Regional employers within commuting range help support renter demand from utilities, home improvement, and life sciences. The list below highlights nearby anchors relevant to workforce housing and commute convenience.
- Duke Energy — utilities (29.0 miles)
- Lowe's — home improvement retail (31.0 miles) — HQ
- Merck — pharmaceuticals (44.0 miles)
This 24-unit asset in Hickory aligns with a metro-leading neighborhood profile and steady operating backdrop. Neighborhood occupancy trends sit above the metro median, and rent levels have advanced over the past five years while remaining manageable against local incomes. Home values in the area are elevated relative to incomes, which tends to sustain reliance on multifamily rentals and can aid retention. Based on CRE market data from WDSuite, the neighborhood’s NOI-per-unit benchmarks rank at the top of the metro, signaling favorable operating potential at the neighborhood level.
Demographics aggregated within a 3-mile radius show population and household growth over the last five years, with projections indicating further household expansion and rising incomes. This points to a larger tenant base and supports occupancy stability, though the immediate neighborhood’s lower renter-occupied share suggests leasing success may depend on drawing from the broader 3-mile market and regional commuters.
- A+ neighborhood ranking (4th of 130) with above-median occupancy and strong income benchmarks
- 3-mile radius shows population and household growth, expanding the tenant base and supporting demand
- Rent levels track near regional norms with healthy rent-to-income dynamics that favor retention
- Nearby employers in utilities, home improvement, and life sciences provide diversified commuter demand
- Risk: fewer parks/pharmacies within the neighborhood and a smaller in-neighborhood renter-occupied share may require broader demand capture