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    Property profile & analytics

    351 Wellesley Trade Ln, Unit | Cary Cary, NC 27519

    • Office buildings
    • 28,000 SF
    • 1.15 lot acres
    For Lease
    View listing
    $22 SF/Yr
    Last Sale
    Jan 08, 2021
    $6,538,600
    Value Estimations
    $6,540,000
    Cap Rate Potential
    8%
    Office buildings
    Location Intelligence
    Property ID
    US53-0402496
    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

    • E. Jude Pendaflor, PA-C / Physician
    • Cynthia B. Humphrey FNP-BC / Physician
    • West Cary Wellness / Alternative Medicine Practice
    • Joseph A. May, DO / Pediatrician / Physician
    • Medico / Medical Clinic

    Property Details for 351 Wellesley Trade Ln

    Year built
    2000
    Construction
    BRICK
    Lot size
    1.15 lot acres
    Property size
    28,000 SF
    Zone code
    OICU
    Property type
    Office buildings
    APN
    0734.04-82-1597 0240620
    APU
    734048215970240620

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,590,000
      ML approach
      $6,490,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $8,755,000
      6.5%
      $8,080,000
      7%
      $7,505,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,914,000
      Market price range: $4.91M - $7.89M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $6,300,000
      Current use
      MEDICAL BUILDING
      $9,645,000
      Change: +53% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Cary
    County
    Wake
    State
    North Carolina
    Longitude
    -78.8712
    Latitude
    35.7903
    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
    $43,038
    $520,978
    $3,774,187
    $4,295,165
    -
    $520,978
    $3,774,187
    $4,295,165

    Comparable in this City

    • Value Estimation by Request
      1,448 SF

      1120 Morrisville Carpenter Rd

      OFFICE BUILDING • 1,448 SF
      1120 Morrisville Carpenter Rd, Cary, NC 27519-2535
      View Details
    • Value Estimation
      $2,330,000
      8,827 SF

      1903 High House Rd

      OFFICE BUILDING • 8,827 SF
      1903 High House Rd, Cary, NC 27519-8463
      View Details
    • Value Estimation
      $750,000
      23,550 SF

      150 Wellesley Trade Ln

      OFFICE BUILDING • 23,550 SF
      150 Wellesley Trade Ln, Cary, NC 27519-5592
      View Details
    • Value Estimation
      $655,000
      1,812 SF

      150 Wellesley Trade Ln Ste, Unit 102

      OFFICE BUILDING • 1,812 SF
      150 Wellesley Trade Ln Ste, Cary, NC 27519-5593
      View Details
    • Value Estimation by Request
      816 SF

      202 Davis Grv Cir Ste, Unit 107

      OFFICE BUILDING • 816 SF
      202 Davis Grv Cir Ste, Cary, NC 27519-2521
      View Details
    • Value Estimation
      $3,685,000
      17,944 SF

      3100 Nc 55th Hwy

      OFFICE BUILDING • 17,944 SF
      3100 Nc 55th Hwy, Cary, NC 27519-8426
      View Details

    Similar Nearby for Sale

    • $4,250,000
      14,634 SF

      Class A Office Building For Sale

      Fully leased Class A office building in west Cary.
      100 Connemara Dr, Cary, NC 27519
      View Details
    • $57,455
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      Prime Cary Office Space - West Cary

      Class A Office, Excellent Location, High Demand
      150 Wellesley Ln, Cary, NC 27519
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      Prime 1.98-acre commercial lot near I-540.
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    • $495,000

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      Villa in 55+ community with upgrades and private lot.
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      Land for sale with frontage on NC Hwy 55.
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    • $575,000
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      Spacious Home with Rooftop Terrace

      Move-in ready home featuring a chef's kitchen and private balcony.
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    Similar Nearby for Lease

    • Contact for pricing
      14,826 SF

      Cary Office Space For Rent

      Office space in Cary, near shopping and major highways.
      100 Connemara Dr, Cary, NC 27519
      View Details
    • $26 SF/Yr
      36,000 SF

      Cary Medical Office Space for Lease

      Modern medical office suites available in Cary, NC.
      7560 Carpenter Fire Station Rd, Cary, NC 27519
      View Details
    • $22 SF/Yr
      28 SF

      Cary Office Space Available

      Medical/general office space for lease in Cary, North Carolina.
      351 Wellesley Trade Ln, Cary, NC 27519
      View Details
    • Contact for pricing
      17,150 SF

      New Retail and Office Building

      New 17,150 SF retail and office building in Cary, NC.
      2301 Corley Rd, Cary, NC 27519
      View Details
    • $24 SF/Yr
      4,426 SF

      First-Floor Office/Medical Suite in Cary

      Class-A office condo with excellent highway visibility and accessibility.
      3100 Nc Hwy, Cary, NC 27519
      View Details
    • $28 SF/Yr
      6,644 SF

      1200 Gathering Park Cir

      Office space • 6,644 SF
      1200 Gathering Park Cir, Cary, NC 27519
      View Details
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    Cary, NC 27519
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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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