117 Union StMorganton, NC 28655

Property Details for 117 Union St

Year built

1901

Lot size

0.06 AC

Property size (Sq ft)

5,460 SF

Zone code

CENTRAL BUSINESS DIST

Property type

Retail space

APN

2954

APU

2954

Description

This exceptional 5,000 square foot restaurant space is ideally situated at 117 East Union Street in Morganton, North Carolina, at the corner of East Union Street and South Green Street. The property boasts a single-tenant occupancy and is currently vacant, presenting a unique opportunity for a high-end establishment. The building is zoned for CBD use and offers convenient access to ample street parking, supplemented by several nearby free parking lots. The location is highly desirable, situated directly across from the historic Morganton Center Square, placing it in the heart of downtown activity. This prime location is further enhanced by its proximity to other bars and entertainment venues, creating a vibrant atmosphere. Within three blocks, you'll find an 80-room hotel, along with numerous VRBO and Airbnb properties, ensuring a steady flow of potential customers. The property is equipped with both electric and natural gas power. For aspiring restaurateurs, low-interest loans and funding options are available through Main Street programs, making this an attractive opportunity for new ventures. The space is envisioned for a restaurant operating lunch and dinner services, with the potential for a late-night bar area, operating five or more days a week.

• CAP approach

  CAP return

  Valuation

  6%

  $1,875,374

  6.5%

  $1,731,114

  7%

  $1,607,463

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,329,983

  Geo Method

  $2,329,983

• Alternative Use

  Use

  Valuation

  Residential

  $1,460,260

  Hospitality

  $1,337,590

  Educational

  $1,112,859

  Medical

  $1,151,132

  Retail

  $1,731,114

Location Insight

City

Morganton

County

Burke

State

North Carolina

Latitude

35.745

Longitude

-81.6884

CBSA code

25860

CBSA name

HICKORY-LENOIR-MORGANTON, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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