| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Good |
| Demographics | 31st | Poor |
| Amenities | 81st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 420 10th Avenue Dr NE, Hickory, NC, 28601, US |
| Region / Metro | Hickory |
| Year of Construction | 1974 |
| Units | 24 |
| Transaction Date | 2022-05-18 |
| Transaction Price | $4,325,000 |
| Buyer | DA CAPO LLC |
| Seller | SHARLTON MANOR OWNER LLC |
420 10th Avenue Dr NE Hickory 24-Unit Multifamily
Neighborhood renter concentration and strong day-to-day amenities suggest steady tenant demand and leasing resilience, according to WDSuite’s CRE market data.
This Inner Suburb location in Hickory benefits from a dense mix of daily conveniences. Grocery access ranks 1st among 130 metro neighborhoods, placing the area in the top tier locally, with restaurant and cafe density also competitive versus peers. Nationally, these amenity counts sit in the upper quartiles, supporting resident retention and everyday livability that matter for occupancy stability.
Renter-occupied housing accounts for a majority share within the neighborhood, indicating a deep tenant base for multifamily. Neighborhood occupancy has trended stable in recent years, providing a foundation for consistent collections and lease management. School quality sits around the national middle, which can attract cost-conscious households while putting a premium on amenity access and commute convenience.
Within a 3-mile radius, recent population and household growth point to a gradually expanding renter pool, with forward-looking projections indicating additional household gains. This supports sustained demand for rental units and can aid renewal rates as the area’s housing stock absorbs incremental renters over time.
Home values in the neighborhood are elevated relative to local incomes (value-to-income ratio ranks 20th of 130), which tends to reinforce reliance on multifamily rentals and supports pricing power at attainable rent levels. Median asking rents are still relatively accessible compared to national benchmarks, and five-year rent growth has been positive, a combination that can help balance lease-up velocity with retention. For investors conducting multifamily property research, these dynamics translate into demand depth with measured upside rather than outsized volatility.
Comparable crime statistics for this specific neighborhood are not available in the current WDSuite release. Investors commonly benchmark safety using city and metro sources, property-level incident reports, and recent leasing performance to assess resident comfort and management needs.
Practical underwriting steps include reviewing third-party crime trend reports, engaging local law enforcement community data, and validating site-level security measures. This comparative approach helps frame risk relative to nearby neighborhoods and informs operating assumptions without overreliance on any single dataset.
Regional employment centers within commuting range—including Duke Energy, Lowe's, Merck, AmerisourceBergen, and Sysco—support renter demand by broadening the potential tenant base and aiding retention for workforce-oriented units.
- Duke Energy — utilities (27.2 miles)
- Lowe's — home improvement retail corporate (30.2 miles) — HQ
- Merck — pharmaceuticals (42.7 miles)
- AmerisourceBergen Healthcare Consultants — healthcare services (44.1 miles)
- Sysco — foodservice distribution (44.1 miles)
Built in 1974, this 24-unit asset offers classic value-add potential through unit modernization and systems upgrades while targeting a renter-heavy neighborhood that has shown steady occupancy. Amenity density—especially groceries, restaurants, and pharmacies—supports daily livability, reinforcing lease retention and reducing frictions in leasing. According to CRE market data from WDSuite, neighborhood conditions indicate stable renter demand at accessible rent levels, with homeownership costs relatively high versus incomes locally, which helps sustain multifamily reliance.
Within a 3-mile radius, recent and projected gains in households suggest a larger tenant base over the medium term, supporting occupancy stability and measured rent growth. School quality is around the national middle, which may skew demand toward value-focused product and underscores the case for targeted renovations rather than premium repositioning. Neighborhood NOI-per-unit trends run below national norms, so conservative underwriting and disciplined capex planning are prudent.
- Renter-occupied concentration supports depth of tenant demand and renewal potential
- 1974 vintage with clear value-add levers via interior updates and building systems
- Strong daily amenities (groceries, restaurants, pharmacies) aid retention and leasing velocity
- 3-mile household growth and projected increases expand the renter pool, supporting occupancy
- Risk: neighborhood NOI-per-unit trends and mid-tier schools favor disciplined underwriting and targeted renovations over premium repositioning