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    1307 E Union Street Morganton, NC 28655

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    Claim this Listing
    Pending
    $3,199,000

    LAND - Morganton, NC

    Lot size:
    71.00 Acres
    Added:
    Jun 15, 2024
    Days on Market:
    682
    Last Refresh:
    Apr 27 at 12:06 am

    Property Features for 1307 E Union Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    MID
    Standard status
    Pending
    APN
    2704905583
    Lot size
    71.00 Acres

    Taxes and HOA fees

    Tax Description
    Burke County Register of Deeds 2285/185 & 2218/65

    Utilities

    Sewer type
    Public Sewer

    Building Details

    Additional Structures
    Outbuilding

    We can help!

    Listing Contact
    Allen Curtis

    Listing agent Allen Curtis License #287846

    Listing office C Shane Cook & Associates 215 Avery Ave, Morganton, NC

    Listing date Jun 15, 2024

    MLS# 4151645 Listing URL

    Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Morganton Land Investment Opportunity

    This 71-acre property near downtown Morganton presents an investment opportunity with multiple possibilities due to its zoning, which allows for residential development, multi-family homes, or commercial development. The property currently features a historic 2-story farmhouse with 6 bedrooms and 2 bathrooms on E. Union Street. Also situated on the property is a store front on E. Union Street, originally the H.D. Leonhardt Store, circa 1910. This store was a successful general store that served the area between western Burke County and Hickory due to its convenient location. Behind the store front is a 3-bedroom, 1-bathroom cottage. The property, formerly the Leonhardt Estate on Leonhardt Hill, includes the store building, a smokehouse, well house, hen house/barn, and a mother-in-law cottage. The prominent farm home features a wrap-around porch, large kitchen, sitting room, grand dining room, living room, second story balcony, and a second story living area, in addition to the 6 bedrooms and 2 baths.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Farms

    Suggested Use

    Restaurant Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Gym & Fitness Center Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Morganton
    County
    Burke
    State
    North Carolina
    Longitude
    -81.6642002
    Latitude
    35.7548459

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    FAQs

    What type of property is this?
    Farm - 71-acre Morganton property suitable for residential or commercial development.
    Where is this farm located?
    The property is located at 1307 E Union Street Morganton, NC.
    What is the asking price?
    The asking price for this property is $3,199,000.
    What are key features of this property?
    This property features: 71+-acre property near downtown Morganton offers significant investment opportunity.; Zoning allows for residential, multi‑family, or commercial development.; Includes a historic 2‑story, 6BR/2BA farmhouse with wrap‑around porch and multiple living areas.
    (828) 443-7318
    We can help!
    Listing Contact
    Allen Curtis
    Real Estate License ID: 287846
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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