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Property profile & analytics
OFF-MARKET
Estimated value
$8,715,000
Medical Office Space
3604 Bush St Raleigh, NC 27609-7511
Entity Owned
5-yr Hold
Free & Clear
Property ID
US53-1676129
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1992
Construction
BRICK
Total area
24,804 SF
Lot
4.24 ac (184,694 SF)
Zoning code
IX-3
APN
1715.07-58-6112 0189973
UPID
US53-1676129
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
-
Rancour Corp Construction Company General Contractor
-
William L. Fan, M.D. Physician Medical Clinic
-
Sarah Mistrot Physician
-
Deborah B. Berg, RD Physician
-
Fresenius Kidney Care Wake Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$5.91M
Comparable Approach
Comparable
$6.81M
Blend (final)
Blend
$8.72M
Owner & transaction history
3604 Bush LLC · 5 yrs held
3604 Bush LLC
since 2020
Last sale
$9.4M
4 recorded transactions
Zoning & alternative use
IX-3 · Raleigh, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The IX-3 is intended to provide for a variety of light industrial and manufacturinguses while allowing for retail, service and commercial activity andlimited housing opportunities
Zone name
Industrial Mixed Use
General category
MIXED_USE
Zone area
4,634.30 ac
Source
Realmo
Top alternative use upside
Neighborhood: shopping center
$13.7M
+122.3%
Restaurant
$13.5M
+119.4%
Retail stores
$9.7M
+58.6%
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 Raleigh submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Raleigh 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%
$6,400,000
6.5%
$5,910,000
7%
$5,485,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$6,145,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$13,665,000
Change: +122% · Conversion: Difficult
RESTAURANT
$13,485,000
Change: +119% · Conversion: Difficult
RETAIL STORES
$9,745,000
Change: +59% · Conversion: Difficult
COMMERCIAL (GENERAL)
$8,045,000
Change: +31% · Conversion: Easy
AUTO REPAIR, GARAGE
$7,315,000
Change: +19% · Conversion: Difficult
WAREHOUSE, STORAGE
$5,595,000
Change: -9% · Conversion: Difficult
Blend value · Realmo final
$8.72M
Range $7.84M – $9.59M · ±10% · vs last sale $9.40M (Oct 5 2020)
Last sale anchor
$9.40M
Oct 5 2020
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
$351 / 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
$48,189
Tax year 2023
Assessed value
$4,421,008
Assessed 2023
Previous assessed
$4,421,008
+0.0% YoY
Effective rate
1.09%
On assessed value
Assessed land
$1,113,705
Assessed improvement
$3,307,303
Land market value
$1,113,705
Improvement market value
$3,307,303
Total market value
$4,421,008
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
1992
Construction
BRICK
Heating
CENTRAL
Cooling
CENTRAL
Buildings
2
Stories
2
Total area
24,804 SF
Lot
4.24 ac (184,694 SF)
Zoning code
IX-3
APN
1715.07-58-6112 0189973
UPID
US53-1676129
Jurisdiction
WAKE
Zoning & alternative use
IX-3 · Raleigh, NCZoning IX-3 · permitted uses
IX-3 · Raleigh, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The IX-3 is intended to provide for a variety of light industrial and manufacturinguses while allowing for retail, service and commercial activity andlimited housing opportunities
Zone name
Industrial Mixed Use
General category
MIXED_USE
Zone area
4,634.30 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$6.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$13.7M
RESTAURANT
Est. value
$13.5M
RETAIL STORES
Est. value
$9.7M
COMMERCIAL (GENERAL)
Est. value
$8.0M
AUTO REPAIR, GARAGE
Est. value
$7.3M
WAREHOUSE, STORAGE
Est. value
$5.6M
MEDICAL BUILDING Current
NEIGHBORHOOD: SHOPPING CENTER
RESTAURANT
RETAIL STORES
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
WAREHOUSE, STORAGE
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
1992
Construction
BRICK
Heating
CENTRAL
Cooling
Yes
Stories
2
Buildings
2
Lot
4.24 ac
Current owner
From public records · entity-resolved
3604 Bush LLC
Entity
Free & Clear · 5 yrs held
Mailing address
3604 BUSH ST, RALEIGH, NC 27609-7511
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 28, 2020
—
3604 Bush LLC
—
Deed
related
$6,328,351 · First Carolina Bk
Oct 5, 2020
$9,395,000
3604 Bush LLC
Dialysis Owners LLC
Grant Deed
—
Jun 29, 2017
$8,973,000
Dialysis Owners LLC
Rkb Associates
Trustees Deed
$22,592,000 · Capital Bk
—
—
3604 Bush LLC
—
Deed Of Trust
related
$6,328,351 · First Carolina Bk
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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