400 W North St - West 4,808 SF Retail Condo Unit Offered at $2,071,000 in Raleigh, NC 27603
INVESTMENT HIGHLIGHTS
- sits adjacent to the Smoky Hollow project
- Full commercial kitchen added 2024
- sits along the bustling Glenwood South area
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 |
| Unit Size | 4,808 SF |
| No. Units | 1 |
| Total Building Size | 309,600 SF |
| Property Type | Multifamily (Condo) |
| Property Subtype | Apartment |
| Sale Type | Investment |
| Building Class | A |
| Floors | 17 |
| Typical Floor Size | 17,200 SF |
| Year Built | 2008 |
| Lot Size | 0.97 AC |
1 UNIT AVAILABLE
Unit 120
| 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 | $129,437.50 |
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
Total GLA: 4,808 Square Feet
Pro Forma NOI: $129,432.00
Price: $2,071,000.00
Cap Rate: 6.25%
Occupancy: 100%
Year Renovated: 2024
Term: 10 years and ten months
Lease Expiration: October 31, 2034
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 4 | - | 572 |
| 1+1 | 67 | - | 782 |
| 2+2 | 80 | - | 1,099 |
| 3+2 | 19 | - | 1,344 |
MAJOR TENANT INFORMATION
| TENANT | SF OCCUPIED | LEASE END DATE |
|---|---|---|
| Oak City Market, LLC |
-
|
October 2019
|
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Microwave
- Ceiling Fans
- Double Vanities
- Kitchen
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Warming Drawer
SITE AMENITIES
- Business Center
- Clubhouse
- Fitness Center
- Pool
- Tanning Salon
- Elevator
- Sundeck
ZONING
| Zoning Code | IND-2 (Industrial) |
