Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$1,695,000
Medical Office Space
1480 Kelly Rd Apex, NC 27502-9571
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US53-1673837
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2017
Construction
BRICK
Total area
6,975 SF
Lot
1.75 ac (76,230 SF)
Zoning code
B1-CZ
APN
0732.03-02-7734 0113599
UPID
US53-1673837
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Unc Family Medical Hospital
-
Mallory Lake, PA-C Physician
-
Teneisha Davis, MD Pediatrician Physician
-
Craig H. Jerome, FNP-BC Physician
-
FRED ASTAIRE DANCE STUDIOS Training Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.47M
Comparable Approach
Comparable
$1.93M
Blend (final)
Blend
$1.70M
Owner & transaction history
Friendly Investments LLC · 6 yrs held
Friendly Investments LLC
since 2019
6 recorded transactions
Zoning & alternative use
B1-CZ · Apex, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$2.4M
+6.3%
Commercial (general)
$2.3M
+2.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Apex submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Apex submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,590,000
6.5%
$1,470,000
7%
$1,365,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$2,265,000
Current use
AUTO REPAIR, GARAGE
$2,410,000
Change: +6% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,320,000
Change: +2% · Conversion: Easy
Blend value · Realmo final
$1.70M
Range $1.53M – $1.86M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$243 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$35,157
Tax year 2023
Assessed value
$3,204,868
Assessed 2023
Previous assessed
$3,204,868
+0.0% YoY
Effective rate
1.10%
On assessed value
Assessed land
$768,567
Assessed improvement
$2,436,301
Land market value
$768,567
Improvement market value
$2,436,301
Total market value
$3,204,868
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
2017
Construction
BRICK
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Rooms
7
Bathrooms
2
Total area
6,975 SF
Lot
1.75 ac (76,230 SF)
Zoning code
B1-CZ
APN
0732.03-02-7734 0113599
UPID
US53-1673837
Jurisdiction
WAKE
Zoning & alternative use
B1-CZ · Apex, NC
Zoning B1-CZ · permitted uses
B1-CZ · Apex, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Apex. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$2.3M
AUTO REPAIR, GARAGE
Est. value
$2.4M
COMMERCIAL (GENERAL)
Est. value
$2.3M
MEDICAL BUILDING Current
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2017
Construction
BRICK
Heating
CENTRAL
Cooling
Yes
Stories
1
Rooms
7
Bathrooms
2
Lot
1.75 ac
Current owner
From public records · entity-resolved
Friendly Investments LLC
Entity
Mailing address
106 BADIN LK CT, CARY, NC 27519-9552
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 31, 2019
$6,000,000
Friendly Investments LLC
Kelly Road Retail Assocs LLC
Grant Deed
$4,800,000 · Hometrust Bk
Jul 31, 2017
—
Kelly Road Retail Assocs LLC
—
Trustees Deed
related
$3,350,000 · First South Bk
Jul 26, 2017
—
Kelly Road Retail Assocs LLC
Kirkpatrick & Associates LLC
Grant Deed
related
—
Nov 4, 2014
$150,000
Kirkpatrick & Associates LLC
Miller Family LP V
Grant Deed
—
Jun 10, 2010
—
Chapel Glenn Associates LLC
Miller Family LP V
Warranty Deed
related
—
Feb 7, 2001
—
Miller Family Ltd Ptnershi
Miller,family L
Quit Claim Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 1480 Kelly Rd?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
