2411 E Millbrook Road Suite 104,Raleigh, NC 27609
Raleigh, NC 27609
Description
An exceptional, low-maintenance investment opportunity to acquire a prime commercial retail condominium in Raleigh's highly trafficked Millbrook Lake Center. Offered at $785,000, this property features an established, long-term laundromat tenant generating immediate, reliable cash flow. Because the tenant owns the equipment and handles operational costs, this asset offers an investor a true "hands-off" passive stream of income. Financial & Investment Highlights Immediate Cash Flow: Generates a steady, predictable income of $5,000 per month ($60,000 annually) from day one. Strong Yield: Offering an attractive 7.64% gross capitalization yield at the current asking price. Absolute Passive Structure: The tenant owns 100% of the commercial laundromat equipment. Under the current agreement, the tenant is fully responsible for all equipment maintenance, property repairs, and any additional assessments, insulating the landlord from unexpected operational expenses. Strategic Location & Property Features Prime Raleigh Location: Situated in a high-visibility retail strip right off the bus line with easy access to US-1 and the I-440 beltline. Built-In Customer Base: Surrounded by dense, multi-family residential complexes and established neighborhoods, ensuring a permanent demand for the tenant's services and long-term viability for the location. Excellent Asset Condition: Modern, second-generation commercial buildout featuring tenant-controlled HVAC, updated storefront signage, and ample shared parking within the center. Property Overview Property Type: Retail Commercial Condominium Current Use: Tenant-Operated Laundromat Monthly Income: $5,000/month ($60,000/year) Maintenance & Expenses: 100% Tenant responsibility (Repairs, maintenance, and assessments) Financing Structure Seller Financing Potential: The owner is open to considering flexible owner-financing structures or creative deal structuring for well-qualified buyers with a substantial down payment. Inquire Today: Full lease details, condo association documents, and property specifics are available upon request. Contact the listing team directly to discuss terms or schedule a site visit.
Details
| MLS # | 10174433 |
|---|---|
| Listing Type | For Lease |
| Style | Retail |
| Status | Active |
| Year | 1987 |
| Days On Site | 115 |
| Listing Provided By | D-3 Realty Group | Leon Wright |
Features
| SQ Feet | 2,420 |
|---|
Interior
| Heating Yes / No | Yes |
|---|---|
| Cooling Yes / No | Yes |
| Cooling | Ceiling Fan(s), Central Air |
| Laundry Features | In Unit |
Exterior
| Foundation Details | Slab |
|---|---|
| Construction Materials | Brick Veneer |
| Security Features | See Remarks |
Utilities
| Utilities | Cable Available |
|---|---|
| Sewer | Public Sewer |
Taxes
| Tax Assessed Value | 442829 |
|---|---|
| Tax Legal Description | 2411 MILL BROOK CENTER CONDO UN1A-3 |
| Tax Year | 2025 |
Area Information
| State | NC |
|---|---|
| County | Wake |
| City | Raleigh |
| Zip Code | 27609 |
| Area | Wake |
| Listing VS Median (in 27609) | |
Price: $785,000 low | high Med: $635,000 sqft: 2,420 low | high Med: 2,293 $ / sqft: $324 low | high Med: $277 On site: 115 low | high Med: 78 | |
Market Activity 27609
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Learn More About This Property
| State | NC |
|---|---|
| County | Wake |
| City | Raleigh |
| Zip Code | 27609 |
| Area | Wake |
| Listing VS Median (in 27609) | |
Price: $785,000 low | high Med: $635,000 sqft: 2,420 low | high Med: 2,293 $ / sqft: $324 low | high Med: $277 On site: 115 low | high Med: 78 | |