386 17th Avenue NE

Description

The Eastmont Apartments, located at 386 17th Ave NE and 1601 4th St NE in Hickory, NC, is a 41-unit multifamily community situated on ±2.27 acres across two contiguous parcels. Built in 1966 and 1982, the property features a diversified, high-utility unit mix of 16 Studios, 10 One-Bedroom x One-Bathroom, and 15 Two-Bedroom x One-Bathroom residences. Eastmont Apartments offers durable in-place cash flow with a clear path to additional revenue through continued interior value-add renovations and rent optimization toward prevailing submarket levels. Hickory is strategically positioned at the crossroads of I-40 and US-321, approximately 58 miles from Charlotte, providing residents and employers with commuter-friendly access to Charlotte’s job base, airport connectivity, and amenities while maintaining a more attainable cost profile. The market also benefits from gateway connectivity to Western NC destinations, including Boone, NC, and Asheville, NC, reinforcing a compelling lifestyle draw that supports renter depth. A key differentiator for the submarket is its emergence as a Western Piedmont AI-era digital infrastructure corridor, anchored by hyperscale operators, Apple’s expanding $5 Billion Campus, Microsoft’s $1 Billion multi-site buildout, and nearby Google’s $1.2 Billion Lenoir data center investment, driving sustained infrastructure and capital investment tied to rising AI compute demand. For investors, Eastmont Apartments presents a compelling value-add opportunity with clear upside through continued interior upgrades and rent growth to prevailing market levels. The asset is positioned for long-term NOI expansion in a market supported by Charlotte's proximity and durable economic generators, including healthcare, advanced manufacturing, logistics/distribution, higher education, and AI-era digital infrastructure.