THE ABBEY | 380 9th Ave Dr NE, Hickory, NC 28601

Waterstone Multi-Housing Advisors is pleased to present The Abbey Apartments, a 44-unit multifamily investment opportunity located at 380 9th Avenue Dr NE, Hickory, NC 28601. Built in 1982, The Abbey offers investors the rare ability to acquire a stable, cash-flowing workforce housing community in one of Hickory’s strongest infill pockets—an area supported by expanding employment, medical demand drivers, and continued population growth.

The property has demonstrated consistent performance with occupancy historically above 90%, reliable collections, and durable tenant demand. The Abbey benefits from excellent proximity to major employers and regional medical hubs, along with convenient access to retail and commuter corridors—positioning the asset for continued operational stability and long-term rent growth.

Importantly, ownership has executed significant capital improvements that reduce near-term CapEx exposure for a new buyer. Recent upgrades include new metal staircases (~$70,000), pool resurfacing, new entry awning, new mailboxes, exterior block and railing improvements, and a sealed/striped parking lot—substantially improving curb appeal, safety, and overall asset quality.

With only three (3) units fully renovated to date, a new owner is positioned to capitalize on a meaningful remaining value-add runway, driving NOI growth through continued unit turns, rent optimization, and standard operational improvements. In a market with limited comparable inventory, The Abbey represents an attractive opportunity to acquire a proven workforce housing asset with built-in upside and major exterior upgrades already completed.

OFFERING MEMORANDUM