1324 Burkemont Ave - Freestanding FOR SALE


Morganton, NC 28655
$1,171,820 USD
404-435-6312
1324 Burkemont Ave, Morganton, NC for Sale
$1,171,820 USD
Freestanding - FOR SALE
1/2
null | 7.75% Cap Rate

1324 Burkemont Ave
Morganton, NC 28655


HIGHLIGHTS

  • Store is currently undergoing a significant remodel solidifying Dollar General’s long-term commitment to the location
  • High performing store ranked in the top 25% statewide and top 30% nationwide for the entire chain of 20,000+ locations (placer.ai)
  • Corporate lease and parent company guaranty (NYSE: DG) with investment grade credit ratings (S&P: BBB; Moody’s: Baa2)
  • Strong retail market with 3.7 million SF of space that is 96.3% leased and experienced a 3.4% increase in asking rents YoY (costar)
  • Heavy traffic counts on Burkemont Ave near the store of 22,000 cars/day and on I-40 of 44,000 cars/day
  • Over 36,300 residents within a 5-mile radius of the store with an average HH income of $82,000 and median HH income of $60,000

OVERVIEW

Trinity Partners is proud to serve as exclusive advisor to ownership and present this net lease retail investment opportunity in Morganton, North Carolina leased to Dollar General, America’s #1 dollar store with over 20,500 locations in 48 states. (“Property”) The Property was developed in 2009 on 1.3+ acres with a 9,000+ square foot building, 40 parking spaces, and large pylon signage. The original 10-year corporate lease commenced in February 2009 and included five 5-year renewal options with Dollar General currently in the second option period. There are 7.5% rent bumps in each option. The Property is well positioned in the market at the busy intersection of Burkemont Ave (US 64) and Old Salem Rd a half mile off I-40 and 3 miles from downtown Morganton. Burkemont Ave experiences the highest traffic counts in the market with 25,000+ cars per day just north of the Property. Morganton is the county seat of Burke County.

FOR SALE DETAILS

PRICE

$1,171,820 USD

PRICE/SF

$130 USD /SF

CAP RATE

7.75%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Dollar General | Western NC

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Convenience Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2009

SPRINKLERS

-

PARKING SPACES

40

LAND DETAILS

LAND ACRES

1.33 AC

LAND SF

57,935 SF

ZONING

HID, C-O

APN/PARCEL ID

1701

ASK ABOUT THIS PROPERTY

Tyson GlasserTrinity PartnersMore Info
404-435-6312

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Tyson GlasserTrinity PartnersMore Info
404-435-6312

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.