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400 W North St - The West
4,808 SF Retail Condo Unit Offered at $2,071,000 in Raleigh, NC 27603
Investment Highlights
- Prime location
- Community Features
- Mixed-Use Building
- Historic Redevelopment
- Unique opportunity
- Modern Upgrades
Executive Summary
This unique opportunity sits adjacent to the Smoky Hollow project, with the first downtown Raleigh Publix, nearly 42,000SF retail and two residential apartment towers. The historic Creamery redevelopment will add 41,400SF of retail, 280,000SF of Office at 404 Glenwood, and 306 residential units at Highline Glenwood. In addition, a One-Half acre public plaza.
Property Facts
| Price | $2,071,000 | Sale Type | Investment NNN |
| Unit Size | 4,808 SF | Building Class | B |
| No. Units | 1 | Floors | 1 |
| Total Building Size | 4,808 SF | Typical Floor Size | 4,808 SF |
| Property Type | Retail (Condo) | Year Built | 2008 |
| Property Subtype | Restaurant | Lot Size | 0.95 AC |
| Price | $2,071,000 |
| Unit Size | 4,808 SF |
| No. Units | 1 |
| Total Building Size | 4,808 SF |
| Property Type | Retail (Condo) |
| Property Subtype | Restaurant |
| Sale Type | Investment NNN |
| Building Class | B |
| Floors | 1 |
| Typical Floor Size | 4,808 SF |
| Year Built | 2008 |
| Lot Size | 0.95 AC |
1 Unit Available
Unit 120
| Unit Size | 4,808 SF | Sale Type | Investment |
| Price | $2,071,000 | Cap Rate | 6.25% |
| Price Per SF | $430.74 | NOI | $129,432 |
| Condo Use | Retail |
| Unit Size | 4,808 SF |
| Price | $2,071,000 |
| Price Per SF | $430.74 |
| Condo Use | Retail |
| Sale Type | Investment |
| Cap Rate | 6.25% |
| NOI | $129,432 |
Description
Rare ground floor restaurant, retail condominium, in downtown Raleigh for sale. It is only one of four commercial units at 400 West with 170 residential units above. Built in 2008, renovated in 2014 and a recently added kitchen in 2024; it sits along the bustling Glenwood South area.
Sale Notes
Tenant invested at their sole cost to build out a commercial kitchen. 10 year 10 month lease; rent commencement started June 1, 2024
Amenities
- Restaurant
- Storage Space
- Air Conditioning
- Smoke Detector
Nearby Major Retailers
zoning
| Zoning Code | IND-2 |
| IND-2 |
Learn More About Investing in Retail Properties
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400 W North St - The West
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