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 Market126
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: Oct 5
Last Checked: Oct 16 at 3:36PM
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
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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 / Yr
$40,458
Cap Rate
5.15%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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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.
