Retail Storefront
For Sale
$785,000
2411 E Millbrook Road Suite 104, Raleigh, NC 27609
Tenant-operated laundromat in a retail center with shared parking, updated signage, and access to bus service and major roadways.
Property Size2,420 SF
Days on Market57
Property Features for 2411 E Millbrook Road Suite 104
General Information
Standard status
Active
Size
2,420 SF
Property subtype
Retail
Net Operating Income
$60,000
Financials
Asking Price
$785,000
Cap Rate
7.64%
Additional Details
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
Tenancy
Single
Listing Agency:
D-3 Realty Group
(919) 621-1569
Listed By:
Leon Wright · License #359924
(919) 621-1569
Source:
Dustinbennett
Added: Jun 16
Changed: Aug 11
Last Checked: Aug 11 at 7:08AM
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 storefront condominium is configured for a tenant-operated laundromat and includes a modern second-generation commercial buildout. The premises feature tenant-controlled HVAC, updated storefront signage, and shared parking within the center. The property was built in 1987, and the tenant owns the laundromat equipment and is responsible for equipment maintenance, property repairs, and additional assessments under the current agreement.
The center is positioned along E Millbrook Road in Raleigh, near established neighborhoods and multifamily residential complexes. Bus service is nearby, with access to US-1 and the I-440 beltline. The location combines retail-center exposure with surrounding residential density and an existing service-oriented commercial use.
The center is positioned along E Millbrook Road in Raleigh, near established neighborhoods and multifamily residential complexes. Bus service is nearby, with access to US-1 and the I-440 beltline. The location combines retail-center exposure with surrounding residential density and an existing service-oriented commercial use.
Key Highlights
- Retail storefront condominium with tenant‑operated laundromat
- Tenant owns the laundromat equipment and handles repairs, maintenance, and additional assessments
- 7.64% gross capitalization yield
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
Single-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Tenant-operated laundromat in a retail center with shared parking, updated signage, and access to bus service and major roadways.
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 storefront condominium with tenant‑operated laundromat; Tenant owns the laundromat equipment and handles repairs, maintenance, and additional assessments; 7.64% gross capitalization yield
