Property listing for 1535 Caraleigh Mills Ct Unit 218, Raleigh, NC 27603
For SaleCondo

$525,000

1535 Caraleigh Mills Ct Unit 218, Raleigh, NC 27603

Spacious Historic Loft at Caraleigh Mills — 2BR/2BA, 1,790 SF

2 Bed · 2 Bath · 1,790 Sq Ft

A large 1892 mill-conversion condo with exposed brick and premium amenities

2

Beds

2

Baths

1,790

Sq Ft

1892

Built

About 1535 Caraleigh Mills Ct Unit 218

This is not your average condo — Unit 218 occupies a generous 1,790 square feet inside the restored 1892 Caraleigh Mills complex, where original brick and mill-scale proportions meet carefully executed updates. Tall ceilings, original hardwood floors and sections of exposed brick create an immediate sense of scale and character; the floorplan was reworked to maximize living space without losing historic detail. The renovated kitchen and bathrooms use contemporary finishes that respect the building’s patina while delivering daily practicality.

On arrival you pass through a gated entrance into landscaped common grounds. The building’s amenities read like a neighborhood perk: a resort-style pool, a modern fitness center, a community garden and an on-site dog park are all included in the complex lifestyle. Parking is surface, unassigned, offering easy guest access and a low-hassle routine for owners. Interior systems are maintained — central AC and a heat pump provide year-round comfort — and the unit’s condition is listed as excellent.

Location is a principal advantage. Caraleigh Mills sits less than a mile from Downtown Raleigh (approximately 1.5 miles) and directly across from Dorothea Dix Park (0.5 miles), with the NC State Farmers Market only a short walk away (0.7 miles). Those distances make daily errands, weekend festivals and outdoor time a practical part of life here. The Caraleigh neighborhood is experiencing steady appreciation and strong buyer demand, a trend reflected in recent in-complex sales and strong rental interest.

From an investment and lifestyle perspective this unit strikes a rare balance: a historic loft plan with living area comparable to many single-family homes, plus gated-community conveniences. HOA fees (noted in the offering materials) fund shared amenities and gated access; prospective buyers should verify inclusions. Recent sales inside Caraleigh Mills suggest a mid-market value near $525,000 — a compelling entry point for buyers seeking a distinctive, amenity-rich residence close to Raleigh’s cultural and recreational anchors.

Home Highlights

Historic 1892 mill-conversion loftLarge 1,790 sq ft two-bedroom layoutOriginal hardwood floors and exposed brickRecently renovated kitchen and bathsGated community with pool, gym, garden and dog parkClose to Dorothea Dix Park, Farmers Market and Downtown

Property Features

Interior Features

  • 1,790 square feet of living space
  • Original hardwood floors
  • Exposed brick walls and mill-scale ceilings
  • Renovated kitchen with contemporary finishes
  • Updated bathrooms
  • Open living and dining areas
  • Central AC and heat pump
  • Excellent overall condition

Exterior & Lot

  • Historic brick construction (built 1892)
  • Gated community entrance
  • Resort-style pool and landscaped grounds
  • Surface unassigned parking
  • Community garden and dog park
  • Level site with pedestrian pathways

Location & Neighborhood

  • Caraleigh neighborhood — Caraleigh Mills community
  • 0.5 mi to Dorothea Dix Park
  • 0.7 mi to NC State Farmers Market
  • Approximately 1.5 mi to Downtown Raleigh
  • Easy access to Lake Wheeler Road (0.2 mi)

Walkability & Recreation

  • Walkability Rating: 78/100 — Very Walkable
  • Dorothea Dix Park (0.5 mi) for walking and events
  • NC State Farmers Market (0.7 mi) for weekend shopping
  • Downtown Raleigh (1.5 mi) for restaurants and cultural venues
  • On-site pool, fitness center and dog park

Neighborhood & Location

Caraleigh combines historic mill character with immediate access to downtown energy and green space. Residents enjoy a short walk to Dorothea Dix Park and the NC State Farmers Market, plus easy drives into Downtown Raleigh for restaurants, theaters and offices. The Caraleigh Mills community offers gated security and on-site amenities that foster a small-campus feel while placing city attractions within quick reach. The neighborhood’s steady appreciation and local investment make it appealing to owner-occupants and investors alike.

Market Insights

The Caraleigh/Caraleigh Mills micro-market is firmly favoring sellers right now. Inventory across the corridor sits at roughly 2.5 months — below a balanced-market threshold — and average days on market run near 30 days, signaling steady demand for well-priced, move-in-ready units. Triangle MLS metrics show a one-year appreciation of about 5% and a five-year gain around 25%; area median sale price hovers near $500,000. Condos and lofts in Caraleigh Mills have been competitive: recent on-site closings ranged from roughly $540,000 to $595,000 depending on size and finish level, and lease comparables indicate healthy rental interest with rents in the $2,100–$2,350 range for similar two-bedroom units. Given limited inventory, proximity to Dorothea Dix Park and Downtown Raleigh, and the strong amenity set, this is currently a good window for sellers to capture solid pricing and for buyers to secure a distinctive property before further appreciation. Buyers should move decisively and verify HOA terms, while investors will find favorable rental yields relative to the purchase comps.

Nearby Schools

Farmington Woods Elementary

Elementary

8/10

Martin Middle

Middle

4/10

Needham Broughton High

High

8/10

Walkability & Recreation

78
Walkability
82
Recreation

Excellent access to outdoor recreation with Dorothea Dix Park only 0.5 miles away, the NC State Farmers Market 0.7 miles away, and community amenities including a pool, gym, garden and dog park on-site.

Investment Highlights

  • Historic 2BR/2BA condo with modern upgrades
  • Access to premium community amenities including pool and fitness center
  • Proximity to Dorothea Dix Park and Downtown Raleigh
  • Strong appreciation trends in the Caraleigh neighborhood
  • Gated community offering enhanced security and privacy

Key Findings

  • Built in 1892 with original hardwood floors and exposed brick
  • Assessed value of $365,332 in 2024
  • Last sold in 2017 for $387,500
  • Estimated current market value between $500,000 and $550,000
  • Located within 1.5 miles of Downtown Raleigh

Things to Consider

  • Historic property may require specialized maintenance
  • HOA fees of $532.40 per month
  • Middle school rating is average (4/10)

Opportunity Analysis

Unique historic condo with modern amenities in a prime Raleigh location, offering strong appreciation potential and lifestyle appeal.

Potential Use Scenarios

  • Ideal for owner-occupants seeking a blend of history and modernity
  • Potential for long-term appreciation in a growing market
  • Attractive rental property due to location and amenities

Risk Factors

  • Potential for higher maintenance costs due to age
  • HOA fees impacting overall affordability
  • Market fluctuations affecting appreciation rates

Buyers should conduct independent due diligence before making any purchase decisions.

AI Valuation Estimate

Low

$500K

Midpoint

$525K

High

$550K

$293/SF estimated price per square foot

85% confidence

Sales comparison approach using recent sales within Caraleigh Mills. Adjusted for unit size, condition, and amenities.

As of 2026-03-07

This is a computer-generated estimate for informational purposes only and is not an appraisal or professional valuation.

Market & Area Data

Market Trends

Area Median Price$500,000
Avg Days on Market30 days
Inventory2.5 months
1-Year Appreciation+5.0%

Demographics

Population (1 mi)12,000
Median Income (1 mi)$75,000

Area experiencing steady population and income growth.

Nearby Points of Interest

  • Dorothea Dix Park (0.5 mi)
  • NC State Farmers Market (0.7 mi)
  • Downtown Raleigh (1.5 mi)

Proximity to parks, markets, and downtown amenities enhances lifestyle appeal.

School District

DistrictWake County Public School System
ElementaryFarmington Woods Elementary (8/10)
MiddleMartin Middle (4/10)
HighNeedham Broughton High (8/10)

Market data is based on aggregated public records and may not reflect real-time conditions.

Property Details

Building Details

Year Built1892
Constructionbrick
Stories2
Roofrubber
Heatingheat pump
Coolingcentral AC
Basementnone
FireplaceNo
Conditionexcellent

Lot & Site

Topographylevel
Parkingsurface_lot
Parking Spaces2

Utilities

Waterpublic
Sewerpublic
ElectricDuke Energy
GasPiedmont Natural Gas

Zoning & Land Use

Zoning CodeR-10
DescriptionResidential-10
JurisdictionCity of Raleigh

Allowed Uses

residentialmulti family
Current Useresidential
Assessor UseCondominium

Tax & Sale History

Tax Assessment

Total Assessed$365,332
Land$0
Improvements$365,332
Annual Tax (2024)$1,606

Sale History

2017-06-15$387,500

$216/SF

Arm's length transaction

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