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    Property profile & analytics

    1505 Cary Pkwy Cary, NC 27511

    • Medical Office Space
    • 66,380 SF
    • 4.86 lot acres
    For Lease
    View listing
    $36 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1143473
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by 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

    Property Details for 1505 Cary Pkwy

    Year built
    2002
    Construction
    BRICK
    Lot size
    4.86 lot acres
    Property size
    66,380 SF
    Zone code
    GC
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    0752.07-69-5563 0296855
    APU
    752076955630296855

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $11,660,000
      6.5%
      $10,765,000
      7%
      $9,995,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $13,303,000
      Market price range: $4.37M - $24.4M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Cary
    County
    Wake
    State
    North Carolina
    Longitude
    -78.8094
    Latitude
    35.7543
    CBSA code
    39580
    CBSA name
    RALEIGH-CARY, NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $135,855
    $2,371,062
    $11,187,322
    $13,558,384
    -
    $2,371,062
    $11,187,322
    $13,558,384

    Comparable in this City

    • Value Estimation
      $1,720,000
      7,580 SF

      111 Rdg Vw Dr

      MEDICAL BUILDING • 7,580 SF
      111 Rdg Vw Dr, Cary, NC 27511-2628
      View Details
    • Value Estimation
      $1,550,000
      4,296 SF

      160 Macgregor Pnes Dr Ste, Unit 100

      MEDICAL BUILDING • 4,296 SF
      160 Macgregor Pnes Dr Ste, Cary, NC 27511-6037
      View Details
    • Value Estimation
      $725,000
      2,800 SF

      1110 Kildaire Farm Rd

      MEDICAL BUILDING • 2,800 SF
      1110 Kildaire Farm Rd, Cary, NC 27511-4523
      View Details
    • Value Estimation
      $2,480,000
      8,786 SF

      1831 Lk Pne Dr

      MEDICAL BUILDING • 8,786 SF
      1831 Lk Pne Dr, Cary, NC 27511-6049
      View Details
    • Value Estimation
      $1,995,000
      10,766 SF

      915 Kildaire Farm Rd

      MEDICAL BUILDING • 10,766 SF
      915 Kildaire Farm Rd, Cary, NC 27511-3936
      View Details
    • Value Estimation
      $1,170,000
      5,110 SF

      1608 Kildaire Farm Rd

      MEDICAL BUILDING • 5,110 SF
      1608 Kildaire Farm Rd, Cary, NC 27511-6565
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      102,000 SF

      Downtown Cary Mixed-Use Development

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    • $625,000
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      Downtown Cary Vacant Land

      Prime home site ready for construction in downtown Cary.
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    • $950,000
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    Similar Nearby for Lease

    • $21 SF/Yr
      15,512 SF

      Cary Medical Office Space Available

      Modern medical office suites in prime Cary location.
      105 Cary Pkwy, Cary, NC 27511
      View Details
    • $21 SF/Yr
      50,443 SF

      Cary Medical Office Suites

      Prime Cary location, renovated medical space
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      View Details
    • $36 SF/Yr
      63,554 SF

      Cary Medical Office Building

      Prime Cary location, multiple suites available.
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      View Details
    • $23 SF/Yr
      23,260 SF

      Cary Executive Office Suites

      Premium Cary office space available now.
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      View Details
    • Contact for pricing
      80,548 SF

      Cary Executive Office Space

      Class A Office Suites in Downtown Cary
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      View Details
    • Contact for pricing

      Professional Office Suite in Cary

      Professional office suite in Cary, utilities included, ample parking.
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      View Details
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    Cary, NC 27511
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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