Retail Condominium with Laundromat
2411 E Millbrook Raleigh, NC 27609
2411 E Millbrook, Raleigh, NC, 27609
$785,000
For Sale
$785,000
Retail condo currently operated as a tenant laundromat with $5,000 monthly income and tenant-responsible maintenance.
Property Size2,420 SF
Price / SF$324.38
Days on Market36
Property Features for 2411 E Millbrook
General Information
- Standard status
- Active
- Size
- 2,420 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1987
Listing agency
D-3 REALTY GROUP
(919) 672-3196
Listed by
LEON WRIGHT
Source
Corcoran
Added: Jun 17 Updated: Jul 22 at 2:57PM Checked: Jul 22 at 2:57PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of D-3 REALTY GROUP
Investment Insights
Based on property information with market context.
This retail commercial condominium is currently tenant-operated as a laundromat. The space is described as a modern, second-generation buildout with tenant-controlled HVAC and updated storefront signage. Under the current agreement, the tenant owns the equipment and is responsible for maintenance, repairs, and any additional assessments, placing property-level maintenance responsibility on the tenant.
The property is located at 2411 E Millbrook in the Millbrook Lake Center retail strip in Raleigh. It is described as high-visibility and situated right off the bus line, with easy access to US-1 and the I-440 beltline. The listing notes ample shared parking within the center.
The laundromat generates $5,000 per month ($60,000 annually) per the provided remarks. Full lease details and condo association documents are available upon request.
The property is located at 2411 E Millbrook in the Millbrook Lake Center retail strip in Raleigh. It is described as high-visibility and situated right off the bus line, with easy access to US-1 and the I-440 beltline. The listing notes ample shared parking within the center.
The laundromat generates $5,000 per month ($60,000 annually) per the provided remarks. Full lease details and condo association documents are available upon request.
Key Highlights
- Retail commercial condominium built in 1987; currently operated as a tenant laundromat.
- Tenant generates $5,000/month ($60,000/year) from day one under the current arrangement.
- Gross capitalization yield of 7.64% at the current asking price of $785,000.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $61.6k | $25.44 |
| − Vacancy | −$3.8k | −$1.56 |
| EGI | $57.8k | $23.88 |
| − OpEx | −$17.3k | −$7.16 |
| NOI | $40.5k | $16.72 |
2,420 SF · lease $25.44/SF/yr · vacancy 6.12% · expense 30.00%
Alternative Uses
Best Use
Retail
$578.0K
$505.7K – $674.3K
NOI $40,458 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$665.1K
$581.9K – $775.9K
NOI $46,555 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Hibachi Xpress Food ...
Restaurant
Vision Radio 540 ...
Radio Station
Hardy Leslie M
Physician
Sweepstakes, Fish Game ...
Hotel & Motel
Christ Community Fellowship
Church
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FAQs
What type of property is this?
Storefront property - Retail condo currently operated as a tenant laundromat with $5,000 monthly income and tenant-responsible maintenance.
Where is this storefront property located?
The property is located at 2411 E Millbrook Raleigh, NC.
What is the asking price?
The asking price for this property is $785,000.
What are key features of this property?
This property features: Retail commercial condominium built in 1987; currently operated as a tenant laundromat.; Tenant generates $5,000/month ($60,000/year) from day one under the current arrangement.; Gross capitalization yield of 7.64% at the current asking price of $785,000.
