Retail Condominium with Laundromat
For Sale
$785,000
2411 E Millbrook Road Suite 104, Raleigh, NC 27609
Retail condo currently operated as a tenant laundromat with $5,000 monthly income and tenant-responsible maintenance.
Property Size2,420 SF
Days on Market81
Property Features for 2411 E Millbrook Road Suite 104
General Information
Standard status
Active
Size
2,420 SF
Property subtype
Retail
Additional Details
Cap Rate
7.64%
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,861
Amenities
tenant-controlled HVAC
updated storefront signage
ample shared parking
Building Details
Building Size
2,420 SF
Year Built
1987
Listing Agency:
D-3 Realty Group
Listed By:
Leon Wright · License #359924
(919) 621-1569
Source:
Dustinbennett
Added: Jun 16
Changed: Sep 3
Last Checked: Sep 2 at 2:46AM
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.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$40,458
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.15%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$809,160
$809.2K
Cap Rate 7%
$577,971
$578.0K
Cap Rate 9%
$449,533
$449.5K
Market Conditions
NOI Build-Up for 2,420 SF
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.
Gross rent
$61.6K $25.44/SF
− Vacancy
−$3.8K −$1.56/SF
EGI
$57.8K $23.88/SF
− OpEx
−$17.3K −$7.16/SF
NOI
$40.5K $16.72/SF
Area
Raleigh, NC
Vacancy
6.12%
Lease Rate
$25.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$809,160
Cap Rate 7%
$577,971
Cap Rate 9%
$449,533
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
982
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 27609, NC
36,218
Population
19,740
Households
1.8
Avg Household Size
38
Median Age
61%
College-Educated
93%
High-School Grad
10.9 sq mi
ZIP Area
3,323
Density / Sq Mi
$81,538
Median Household Income
$53,670
Median Earnings
$1,393
Median Rent
$441,100
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
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 Road Suite 104 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.
