| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 41st | Fair |
| Demographics | 36th | Fair |
| Amenities | 20th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 950 20th St NE, Hickory, NC, 28601, US |
| Region / Metro | Hickory |
| Year of Construction | 1973 |
| Units | 100 |
| Transaction Date | --- |
| Transaction Price | $4,225,000 |
| Buyer | Silver Springs Housing, LP |
| Seller | Catawba-Hickory Lmtd Partnership |
950 20th St NE, Hickory NC Multifamily Opportunity
Stabilized neighborhood occupancy and a broad regional workforce suggest steady renter demand, according to WDSuite’s CRE market data. The submarket’s moderate ownership costs and suburban setting point to retention potential with disciplined lease management.
This suburban Hickory location carries a B- neighborhood rating and sits roughly mid-pack among 130 metro neighborhoods, per WDSuite. Neighborhood occupancy has trended slightly higher over the past five years and is above the metro median, supporting baseline stability for multifamily income streams.
Vintage matters: the property was built in 1973, while the surrounding area skews newer (early 1980s on average). That age delta often implies planned capital expenditures and value-add potential to remain competitive versus younger stock, particularly in unit interiors, building systems, and common areas.
Livability signals are mixed. Grocery access ranks in the top quartile among 130 metro neighborhoods and restaurants are also competitive locally, but the immediate area is thin on cafes, parks, and pharmacies. Average school ratings in the neighborhood trend lower versus national benchmarks, which can influence family renter preferences and marketing strategy.
Tenure patterns indicate a moderate renter base within the neighborhood (about a quarter of housing units are renter-occupied), which supports demand but may limit pricing power relative to more renter-heavy areas. Within a 3-mile radius, demographics show modest population growth and a larger household count over the past five years, pointing to a gradually expanding tenant base. Educational attainment is slightly above the national midpoint, and rent-to-income metrics suggest manageable affordability, which can aid lease retention with prudent renewal strategies.
Home values in the area are not elevated by coastal-market standards, which means ownership remains relatively accessible. For investors, that can translate to occasional competition from for-sale options; positioning, amenities, and updated finishes become important to sustain leasing velocity and reduce turnover. These dynamics, taken together with above-median neighborhood occupancy, frame a practical, operations-first thesis rather than a pure growth play.
Neighborhood-level crime statistics were not available in this dataset for precise comparison. Investors typically benchmark safety by reviewing city and county trend data, touring at varied times, and referencing property-level incident history. Where neighborhood safety trends are favorable relative to the metro, owners often see benefits in retention and marketing efficiency; if trends are weaker, active on-site management and lighting/visibility improvements can help mitigate risk.
Proximity to regional employers supports commute convenience and a diversified renter pool. Key nearby employers include energy, home improvement headquarters, pharmaceuticals, and food distribution.
- Duke Energy — energy utility offices (25.6 miles)
- Lowe's — home improvement retail — HQ (28.3 miles)
- Merck — pharmaceuticals (40.9 miles)
- Sysco — food distribution (42.2 miles)
- AmerisourceBergen Healthcare Consultants — healthcare services (42.6 miles)
The asset’s 1973 vintage is older than the neighborhood average, creating clear value-add angles through interior modernization and targeted system upgrades while the surrounding area maintains above-median neighborhood occupancy. According to CRE market data from WDSuite, occupancy in this Hickory neighborhood has edged up over the past five years, indicating steady renter demand rather than a speculative growth profile.
Within a 3-mile radius, recent population and household gains point to a gradually expanding renter pool, reinforcing day-to-day leasing fundamentals. Ownership costs are relatively accessible for the region, which can occasionally compete with rentals; however, a suburban B- setting with practical access to daily needs and major employers supports stable tenancy when the property is well-positioned on finishes, amenities, and service.
- Above-median neighborhood occupancy with modest upward trend supports income stability
- 1973 vintage offers value-add potential via renovations and system upgrades
- 3-mile area shows growth in population and households, expanding the tenant base
- Regional employers within commuting distance help sustain leasing and retention
- Risks: competition from relatively accessible homeownership and lower local school ratings may temper pricing power