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Listed by D-3 Realty Group
$ 785,000
Est. payment | /mo
2,420 SqFt
$ 785,000
Est. payment | /mo
2,420 SqFt
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
Square Footage 2,420 sqft
Price per Sqft $324
MLS Listing ID 10174433
HOA Y/N No
Year Built 1987
Annual Tax Amount $3,861
Lot Size 2,420 Sqft
Property Sub-Type Retail
Source Doorify MLS
Land Area 2420
Property 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.
Location
State NC
County Wake
Interior
Cooling Ceiling Fan(s), Central Air
Fireplace No
Laundry In Unit
Exterior
Utilities Available Cable Available
Garage No
Building
Foundation Slab
Water Public
New Construction No
Others
Security Features See Remarks
Acceptable Financing Other
Listing Terms Other
Schools and Properties Nearby
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