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Property profile & analytics
OFF-MARKET
Estimated value
$11,445,000
Medical Office Space
1505 Cary Pkwy, Cary, NC 27511-6219
Entity Owned
11-yr Hold
Free & Clear
Property ID
US53-1143473
Property summary
AI-generated overview
The Rex Cary Medical Office building, located at 1505 SW Cary Pkwy in Cary, NC 27511, presents a unique opportunity for medical professionals. This three-story building, constructed in 2003, offers a total of 63,554 square feet of space, with multiple suites available for lease. Currently, there are 8,436 square feet of vacant space, divisible into units ranging from a minimum of 1,078 square feet to a maximum contiguous space of 4,693 square feet. The building boasts a total of three suites. The property is situated in Wake County and enjoys a convenient location with covered patient drop-off. This well-established medical office building is anchored by Rex Surgery Center and includes other key tenants such as Raleigh Endoscopy Center-Cary, North Carolina Heart & Vascular, Raleigh ENT Head and Neck Surgery, and Caroline Foot & Ankle Specialists. The building's prime location and established tenant base make it an attractive investment opportunity for medical practices seeking a high-profile presence in the thriving Cary market. The building's design and amenities cater specifically to the needs of medical practices, ensuring a comfortable and efficient environment for both patients and staff.
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2002
Construction
BRICK
Total area
66,380 SF
Lot
4.86 ac (211,702 SF)
Zoning code
GC
APN
0752.07-69-5563 0296855
UPID
US53-1143473
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
-
Foley Orthodontics Dental Office
-
North Carolina Surgery at Cary Medical Clinic Hospital
-
Raleigh Endoscopy Center – Cary Medical Clinic Hospital
-
REX Surgery Center of Cary, LLC Medical Clinic Hospital
-
Tjalma Jamie L Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$10.77M
Comparable Approach
Comparable
$13.30M
Blend (final)
Blend
$11.45M
Owner & transaction history
Hta-rex Cary Mob LLC · 11 yrs held
Hta-rex Cary Mob LLC
since 2015
1 recorded transaction
Zoning & alternative use
GC · Cary, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Cary submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Cary 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)
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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%
$11,660,000
6.5%
$10,765,000
7%
$9,995,000
Blend value · Realmo final
$11.45M
Range $10.30M – $12.59M · ±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
$172 / 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
$135,855
Tax year 2023
Assessed value
$13,558,384
Assessed 2023
Previous assessed
$13,558,384
+0.0% YoY
Effective rate
1.00%
On assessed value
Assessed land
$2,371,062
Assessed improvement
$11,187,322
Land market value
$2,371,062
Improvement market value
$11,187,322
Total market value
$13,558,384
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
2002
Construction
BRICK
Heating
CENTRAL
Cooling
CENTRAL
Stories
3
Total area
66,380 SF
Lot
4.86 ac (211,702 SF)
Zoning code
GC
APN
0752.07-69-5563 0296855
UPID
US53-1143473
Jurisdiction
WAKE
Zoning & alternative use
GC · Cary, NC
Zoning GC · permitted uses
GC · Cary, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Cary. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
2002
Construction
BRICK
Heating
CENTRAL
Cooling
Yes
Stories
3
Lot
4.86 ac
Current owner
From public records · entity-resolved
Hta-rex Cary Mob LLC
Entity
Free & Clear · 11 yrs held
Mailing address
16435 N SCOTTSDALE RD STE #320, SCOTTSDALE, AZ 85254-1694
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 27, 2015
$21,390,000
Hta-rex Cary Mob LLC
Rex Cary Mob LLC
Grant 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.
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