1324 Burkemont Ave Morganton, NC 28655

This net lease retail investment opportunity is located in Morganton, North Carolina. The property, leased to Dollar General, is situated at the intersection of Burkemont Ave (US 64) and Old Salem Rd, a half mile from I-40 and 3 miles from downtown Morganton. Developed in 2009 on 1.3+ acres, the property includes a 9,000+ square foot building with 40 parking spaces and pylon signage. The original 10-year corporate lease commenced in February 2009 and included five 5-year renewal options. Dollar General is currently in the second option period, with 7.5% rent increases in each option. The store underwent a significant interior remodel in early 2025. The property is located in a strong retail market with 3.7 million square feet of space that is 96.3% leased, and has experienced a 3.4% increase in asking rents year-over-year. The location benefits from high traffic counts, with over 22,000 cars per day on Burkemont Ave near the store and 44,000 cars per day on I-40. Western Piedmont Community College (1800 students) is a mile from the store and UNC Health Blue Ridge (184 beds) is 3 miles away. Over 36,300 residents live within a 5-mile radius of the store, with an average household income of $82,000 and a median household income of $60,000.