400 North StRaleigh, NC 27603

Property Details for 400 North St

Year built

2008

Property size (Sq ft)

4,808 SF

Property type

Retail properties

Property subtype

Restaurants

Description

This exceptional Class A retail property, located at 400 W North St, Raleigh, NC 27603, presents a compelling investment opportunity. The 4,808 square foot space, currently operating as a bar and restaurant, boasts a strong net lease with a remaining term of 10 years, commencing January 1, 2024, and expiring October 31, 2034. The property features a 6.25% cap rate and a substantial net operating income (NOI) of $129,432, yielding a price per square foot of $430.74. Originally built in 2008, the property underwent renovations in 2014 and again in 2024, including a kitchen addition. Situated in the vibrant Glenwood South area, adjacent to the rapidly developing Smoky Hollow project, this single-tenancy property benefits from high visibility and foot traffic. The property is a ground floor condominium unit (unit 120) within a larger building containing 170 residential units. This is a 1031 exchange eligible property, offering significant tax advantages for qualified investors. The property's strong tenant occupancy of 100% and long-term lease provide exceptional stability and predictable cash flow. This is an ideal investment for those seeking a high-performing asset in a prime Raleigh location. The asking price is $2,071,000.

Location Insight

City

Raleigh

County

Wake

State

North Carolina

Latitude

35.7848

Longitude

-78.6451

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