719 Old Lenoir Rd 73,000 SF 20% Leased Industrial Building Hickory, NC 28601 $1,760,000 ($24.11/SF) 1.98% Cap Rate

The Art Mill | 72,557 SF Industrial Warehouse on Nearly 2 Acres in Hickory, NC
Exceptional investment opportunity in the heart of Hickory, North Carolina one of the fastest-growing markets in the state. The Art Mill is a massive 72,557 square foot two-story industrial warehouse situated on 1.996 acres, offering unmatched versatility for warehouse, office, retail, flex space, or multi-tenant use. Built in 1943 and freshly renovated in 2024, this historic mill seamlessly blends original character with modern functionality.
The Building:
This heavy-duty masonry and steel construction features original hardwood floors throughout both levels, steel trusses with wood plank sheathing, and an 8-inch concrete perimeter wall foundation built to last. The first floor offers 44,660 SF and the second floor provides an additional 27,897 SF. The property includes 32,947 SF of open warehouse/storage space, 14,336 SF of flex/commercial space, and a second floor ready for additional commercial suites. The building is upfit-ready with proposed multi-tenant layouts available for 10+ suites making this an opportunity for investors or owner-users alike.
Building Features:
Loading docks with multiple dock-high doors, a BendPak HD-9 material lift (9,000 lb capacity), wet pipe sprinkler system throughout, 24-inch ventilation pipes, gated entry with chain link fencing, and 59 paved parking spaces including 1 ADA space. Public water, sewer, and streets are all in place, along with 3 on-site fire hydrants.
Structurally Certified:
Certified structurally sound by a licensed PE (March 2025), compliant with 2018 NC Building Code, with no structural deficiencies identified. Lift foundation PE-certified (April 2025). Full engineering reports are available upon request.
Current Rental Income:
Five tenants currently in place generating $4,475 per month ($53,700 annually) with significant upside potential as additional spaces are leased.
Investment Highlights:
At approximately $24 per square foot, this property offers massive value with incredible flexibility. Whether you're looking for warehouse, office, retail, or flex space or a combination of all, The Art Mill delivers. The two-story layout adds density and flexibility, multiple spaces are move-in ready, and the historic mill character creates a unique aesthetic that today's tenants and buyers are seeking.
The Location:
Hickory, NC is experiencing unprecedented growth, attracting new residents, businesses, and investors from across the region. Situated in Catawba County with easy access to major highways, The Art Mill offers the perfect combination of visibility, accessibility, and opportunity. This is your chance to invest in a property with proven income and massive upside in one of North Carolina's most dynamic markets.
The honest takeaway: At $1,760,000 with only $53,700 in annual gross rent, the current cap rate is roughly 3% - below the 6–8% typical for industrial in this market. The property is significantly underrented. 5 tenants generating $4,475/month on 72,557 SF is essentially nothing.
The upside story (where the real value pitch is): If you stabilize the building at even modest market rents - say $4–5/SF NNN on 60% occupancy — you're looking at $170,000–$215,000 in gross income, which at a 40% expense ratio produces an NOI of $102K–$130K and a stabilized cap rate of 5.8–7.4% on the ask. That's the investment thesis — you're buying the asset at its physical value with upside from lease-up, not buying a stabilized income stream.
This opportunity will not last. Schedule your private tour today!