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903-915 W Union St
Morganton, NC 28655
Auction - Mimosa Hills | $518K NOI · Retail Property For Sale
Investment Highlights
- STARTING BID $1,750,000 | Charlotte CSA Retail Center | $518K NOI | 78% Nationals | 5.8 Yr WALT | AUCTION OCTOBER 19-21
- National and Regional Tenant Roster - Ollie’s, Kimbrell’s, Planet Fitness, and Dollar General occupy approximately 78.1% of GLA
- ±5.8-Year WALT with Built-In Rent Growth - Staggered expirations, rent increases, reimbursements, and options support durable cash flow
- 93.9% Occupied Neighborhood Retail Center - ±99,100 SF asset generates approximately $518K in-place NOI with diversified tenancy
- Primary Morganton Retail Corridor Position - W Union Street/US-70 and W Fleming Drive provide ±35,900 combined VPD near major retailers
- Defined Lease-Up and Outparcel Upside - ±6,000 SF vacancy and potential pad development create multiple paths to incremental NOI growth
Executive Summary
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.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
99,100 SF
Building Class
C
Year Built/Renovated
1968/2025
Price
$2,421,300 CAD
Price Per SF
$24.43 CAD
Percent Leased
94%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
4 Exterior
Building FAR
0.24
Lot Size
9.59 AC
Opportunity Zone
Yes
Zoning
NC - General Commercial
Parking
390 Spaces (3.94 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Pylon Sign
- Signage
Property Taxes
| Parcel Number | 33221 | Improvements Assessment | $454,326 CAD |
| Land Assessment | $1,104,929 CAD | Total Assessment | $1,559,255 CAD |
Property Taxes
Parcel Number
33221
Land Assessment
$1,104,929 CAD
Improvements Assessment
$454,326 CAD
Total Assessment
$1,559,255 CAD
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