903-915 W Union St - Storefront FOR SALE


Morganton, NC 28655
$1,750,000 USD
305-206-1286
903-915 W Union St, Morganton, NC for Sale
$1,750,000 USD
Storefront - FOR SALE
1/24
null | Request Cap Rate

903-915 W Union St
Morganton, NC 28655


HIGHLIGHTS

  • STARTING BID $1,750,000 | Charlotte CSA Retail Center | $518K NOI | 78% Nationals | 5.8 Yr WALT | AUCTION OCTOBER 19-21
  • 93.9% Occupied Neighborhood Retail Center - ±99,100 SF asset generates approximately $518K in-place NOI with diversified tenancy
  • National and Regional Tenant Roster - Ollie’s, Kimbrell’s, Planet Fitness, and Dollar General occupy approximately 78.1% of GLA
  • Primary Morganton Retail Corridor Position - W Union Street/US-70 and W Fleming Drive provide ±35,900 combined VPD near major retailers
  • ±5.8-Year WALT with Built-In Rent Growth - Staggered expirations, rent increases, reimbursements, and options support durable cash flow
  • Defined Lease-Up and Outparcel Upside - ±6,000 SF vacancy and potential pad development create multiple paths to incremental NOI growth

OVERVIEW

Brokered by Marcus & Millichap, Mimosa Hills Shopping Center is a ±99,100-square-foot neighborhood retail center located at 903-915 W Union Street in Morganton, North Carolina. The Property is ±93.9% occupied and generates approximately $518,000 in in-place budgeted NOI, anchored by Ollie’s, Kimbrell’s, Planet Fitness, and Dollar General, which collectively occupy ±78.1% of GLA. Situated on ±9.59 acres, the center includes 390 parking spaces, prominent signage, multiple access points, a ±6,000-square-foot vacancy, and potential outparcel development. Renovated in 2025 following Hurricane Helene-related flooding, all displaced tenants returned after restoration, generally at rents equal to or above prior levels. The Property fronts W Union Street/US-70 near W Fleming Drive, where combined traffic reaches approximately 35,900 VPD, and sits ±0.5 mile from Walmart-anchored Morganton Heights and ±2 miles from I-40. High Intensity District zoning supports continued retail and commercial use, subject to applicable restrictions and approvals.

FOR SALE DETAILS

PRICE

$1,750,000 USD

PRICE/SF

$18 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Auction - Mimosa Hills | $518K NOI

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1968

SPRINKLERS

-

PARKING SPACES

390

LAND DETAILS

CROSS STREETS

Hwy 70 & Golf Course Rd.

LAND ACRES

9.59 AC

LAND SF

417,740 SF

ZONING

NC

APN/PARCEL ID

33221

ASK ABOUT THIS PROPERTY

Philip KatesMarcus & MillichapMore Info
305-206-1286

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

Philip KatesMarcus & MillichapMore Info
305-206-1286

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