5241 Mill Dam Road
About This Property
Welcome to your dream home in Millrace, one of Wake Forest's most coveted luxury communities. Known for its peaceful atmosphere and private pond views, this neighborhood blends serenity and convenience just minutes from local amenities.
This beautiful 4-bedroom home offers a spacious and thoughtful layout with the primary suite on the main floor. The owner's retreat features light-toned luxury vinyl plank flooring and room for a king-sized bed. The en-suite bath includes a jetted tub, large ceramic-tiled shower, dual vanities, white cabinetry, and an oversized mirror.
The heart of the home is a soaring living room with vaulted ceilings, a dramatic stone hearth wood-burning fireplace, and glass doors that open to an expansive, multi-level deck. Whether you're hosting a gathering or enjoying a quiet evening, the flow of this home is perfect for entertaining.
The gourmet kitchen includes high-end granite countertops, hardwood floors, an electric cooktop, a large refrigerator, and generous cabinet space. Enjoy your morning coffee in the breakfast nook while taking in serene views of the pond from the front porch.
Need a quiet escape? The cozy sunroom is surrounded by windows and includes a mini-split system for year-round comfort-ideal for unwinding with a book or soaking up natural light.
Upstairs, you'll find two spacious bedrooms, ample storage, and a versatile bonus room-perfect for a playroom, home office, or guest space.
Outside, a long gravel driveway leads to a detached two-car garage with a fully finished apartment above. This bonus space includes a full bath with a walk-in shower, making it a great option for guests, a teen suite, or even a private game room.
Don't miss your chance to own a slice of paradise in Wake Forest. With scenic surroundings, custom features, and flexible living space, this home truly has it all.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Sep 15, 2025 | Sold | ||
| Sold | |||
| Aug 11, 2025 | In contract | - | |
| In contract | |||
| Jul 29, 2025 | Price Decreased |
$750,000
↓ $35K
(4.5%) | |
| Price Decreased | |||
| Jun 20, 2025 | Price Decreased |
$785,000
↓ $40K
(4.9%) | |
| Price Decreased | |||
| May 7, 2025 | Listed by Pate Realty Group | $825,000 | |
| Listed by Pate Realty Group | |||
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About Millrace
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017