400 North St Raleigh, NC 27603
- Retail properties
- 4,808 SF
Current Use by Public Records
- 400 W North Street Apartments / Condominium Complex
- Spear Consultants Ltd / Business Management Consultant
- Flour and Barrel / Restaurant / Cocktail Bar
- Brookwood Capital Partners / Real Estate Developer
- Family Business USA / Business Management Consultant
Property Details for 400 North St
- Year built
- 2008
- Property size
- 4,808 SF
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This exceptional Class A retail property, located at 400 W North St, Raleigh, NC 27603, presents a compelling investment opportunity. The 4,808 square foot space, currently operating as a bar and restaurant, boasts a strong net lease with a remaining term of 10 years, commencing January 1, 2024, and expiring October 31, 2034. The property features a 6.25% cap rate and a substantial net operating income (NOI) of $129,432, yielding a price per square foot of $430.74. Originally built in 2008, the property underwent renovations in 2014 and again in 2024, including a kitchen addition. Situated in the vibrant Glenwood South area, adjacent to the rapidly developing Smoky Hollow project, this single-tenancy property benefits from high visibility and foot traffic. The property is a ground floor condominium unit (unit 120) within a larger building containing 170 residential units. This is a 1031 exchange eligible property, offering significant tax advantages for qualified investors. The property's strong tenant occupancy of 100% and long-term lease provide exceptional stability and predictable cash flow. This is an ideal investment for those seeking a high-performing asset in a prime Raleigh location. The asking price is $2,071,000.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Raleigh
- County
- Wake
- State
- North Carolina
- Longitude
- -78.6451
- Latitude
- 35.7848
