| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Good |
| Demographics | 31st | Poor |
| Amenities | 81st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 720 7th Ave NE, Hickory, NC, 28601, US |
| Region / Metro | Hickory |
| Year of Construction | 1981 |
| Units | 28 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
720 7th Ave NE Hickory Multifamily Investment
Neighborhood fundamentals point to steady renter demand supported by strong nearby amenities and a majority of renter-occupied housing, according to WDSuite’s CRE market data. Focus is on durable occupancy and everyday convenience rather than outsized rent growth.
Located in an Inner Suburb of Hickory, the property sits in a neighborhood rated A and ranked 13 out of 130 metro neighborhoods, placing it in the top quartile locally. Daily-needs access is a clear strength: grocery options rank 1st among 130, with restaurants and cafes also competitive (ranks 3rd and 3rd). These amenity concentrations test well against national peers (generally above the 80th percentile), reinforcing convenience that supports leasing and retention.
Neighborhood occupancy is measured at the neighborhood level and trends modestly below the metro median (rank 73 of 130) but has edged higher over the past five years. Importantly for multifamily demand, the share of housing units that are renter-occupied is elevated at the neighborhood scale (rank 3 of 130; high 90th percentile nationally), signaling a deeper tenant base for small and mid-size assets.
Rent levels are below national norms, while the value-to-income relationship is higher than many areas nationally, indicating a relatively high-cost ownership landscape locally. For investors, that combination generally sustains reliance on rental options and can support pricing power within a reasonable range, though close lease management is still prudent.
The average construction year in the area is 1976. With a 1981 vintage, this asset is newer than the neighborhood average, which can offer competitive positioning versus older stock while still warranting targeted system upgrades and selective renovations for modernization and energy efficiency.
Within a 3-mile radius, demographic data show recent population and household growth with further gains expected over the next five years. This trajectory points to a gradually expanding renter pool that can support occupancy stability and absorption for well-managed units. School ratings in the neighborhood sit around the national middle, which is serviceable for a broad renter profile but not a distinct draw.
Neighborhood-level crime metrics are not available in WDSuite for this location. Investors should review city and county trend reports to benchmark safety perceptions and compare them with similar Inner Suburb areas of the Hickory-Lenoir-Morganton metro. Use property-specific measures (lighting, access control, and coordination with local law enforcement) to align with tenant expectations.
Regional employment access is diversified across utilities, retail headquarters, pharmaceuticals, healthcare distribution, and foodservice supply, supporting a broad renter base and commute convenience for workforce housing. Nearby employers include Duke Energy, Lowe's, Merck, AmerisourceBergen Healthcare Consultants, and Sysco.
- Duke Energy — utilities (26.7 miles)
- Lowe's — retail HQ and corporate services (29.9 miles) — HQ
- Merck — pharmaceuticals (42.2 miles)
- AmerisourceBergen Healthcare Consultants — healthcare distribution (43.6 miles)
- Sysco — foodservice distribution (43.8 miles)
The investment case centers on durable renter demand supported by top-tier daily amenities and a renter-occupied concentration that is high relative to the metro and many U.S. neighborhoods. While neighborhood occupancy trends just below the metro median, five-year improvement and a broadening tenant base suggest stable leasing potential. According to CRE market data from WDSuite, local rent levels are modest by national standards while ownership costs run comparatively high versus incomes, a setup that often reinforces reliance on multifamily housing.
Built in 1981, the asset is somewhat newer than the neighborhood average, offering an edge versus older comparables while still presenting value-add scope through targeted system upgrades and interior refreshes. Within a 3-mile radius, recent and projected gains in population and households indicate a larger tenant base ahead, supporting occupancy stability and measured rent growth for well-managed properties. Balance these positives against below-median neighborhood occupancy and income/NOI levels that trail national leaders.
- Amenity-rich Inner Suburb location; grocery, dining, and cafes rank among the metro's strongest
- Elevated renter-occupied share supports a deeper tenant base and leasing durability
- 1981 vintage offers competitive positioning with clear value-add and modernization potential
- 3-mile demographics show population and household growth, pointing to gradual renter pool expansion
- Risks: neighborhood occupancy sits below metro median; income/NOI levels are modest versus national leaders