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400 W North St
Raleigh, NC 27603 Capital District

$2,071,000 USD

Apartments Condo For Sale  •  4,808 SF

Property Details

  • Property Type Apartments
  • Total Building Size 309,600 SF
  • Lot Size 0.97 AC
  • Building Class A
  • Year Built 2008
  • Cap Rate 6.25 %
  • Zoning IND-2
50 Transit Score
70 Walk Score

1 Unit Available

Name Condo Use Size Price Details
1st Floor - Unit 120 Retail 4,808 SF $2,071,000 USD
  • Unit Size: 4,808 SF
  • Condo Use: Retail
  • Price: $2,071,000 USD
  • Sale Type: Investment
  • Price/SF: $430.74 USD
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

Description 

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.

Highlights

sits adjacent to the Smoky Hollow project
sits along the bustling Glenwood South area
Full commercial kitchen added 2024

Property Flyers

Financial Summary

Cap Rate: 6.25 %
Total Expenses: $0 USD

Major Tenants

Tenant SF Occupied Lease End Date
Alexia's Bridal Boudtiue
Brookwood Capital Partners
Mirage Night Club
Oak City Market, LLC 10/31/2019
Susheel Narla
Wake Forest Development Partners, LLC

Amenities

  • Air Conditioning
  • Balcony
  • Business Center
  • Clubhouse
  • Dishwasher
  • Fitness Center
  • Microwave
  • Pool
  • Tanning Salon
  • Ceiling Fans
  • Double Vanities
  • Kitchen
  • Granite Countertops
  • Hardwood Floors
  • Refrigerator
  • Oven
  • Stainless Steel Appliances
  • Range
  • Tub/Shower
  • Storage Space
  • Elevator
  • Sundeck
  • Warming Drawer
  • Smoke Detector

Public Transportation

Commuter RailDriveWalkDistance
Raleigh Union Station (Piedmont - North Carolina by Train (NC Train)) 2 min 13 min 0.7 mi
Cary Station (Piedmont - North Carolina by Train (NC Train)) 17 min - 8.7 mi
AirportDriveWalkDistance
Raleigh-Durham International 22 min - 12.9 mi

Parking Details

Parking Available: Yes
Reserved: No
Type: Surface
Included in Rent: Yes
Joni Barnes 919-201-3273 Pinpoint Properties, LLC
Joni Barnes 919-201-3273 Pinpoint Properties, LLC