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    Property profile & analytics

    400 Ashville Ave Cary, NC 27518

    • Medical offices
    • 28,437 SF
    • 2.05 lot acres
    For Lease
    View listing
    $34 SF/Yr
    Last Sale
    Oct 01, 2021
    $10,000,000
    Value Estimations
    $11,315,000
    Cap Rate Potential
    2.5%
    Medical offices
    Location Intelligence
    Property ID
    US53-0817466
    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

    • Fleming Christopher MD / Ophthalmologist
    • Dr. Sameh K. Toma, MD / Fertility Physician
    • Arthritis Knee Pain Centers Cary / Medical Center / Pain Management Physician
    • Thomas M Howard, MD / Sports Medicine Physician
    • Care Pediatrics / Pediatrician

    Property Details for 400 Ashville Ave

    Year built
    1995
    Construction
    METAL FRAME
    Lot size
    2.05 lot acres
    Property size
    28,437 SF
    Zone code
    GCCU
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    0762.14-33-2469 0195507
    APU
    762143324690195507

    Description

    Triangle Medical Center, located at 400 Ashville Ave in Cary, NC 27518, offers a unique opportunity to lease medical office space in a thriving Wake County location. This three-story building, constructed in 1995, totals 30,492 square feet and features three individual suites. Currently, 6,367 square feet of space is available for lease, with individual suites ranging from a minimum of 1,421 square feet to a maximum contiguous space of 3,351 square feet. The building boasts ample parking, including both covered and surface options, providing convenient access for patients and staff. Its strategic location within Cary's medical district places it less than half a mile from WakeMed Cary Hospital and within a five-minute drive of the Waverly Place Shopping Center. This prime location offers exceptional convenience for both patients and employees, with numerous nearby dining and retail establishments. The building presents a fantastic opportunity for medical practices seeking a well-established and easily accessible location in a vibrant community. Interested parties should inquire about lease terms and availability for the available suites.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $11,935,000
      ML approach
      $10,940,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $9,462,000
      Market price range: $7.80M - $11.9M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $9,795,000
      Current use
      COMMERCIAL (GENERAL)
      $16,810,000
      Change: +72% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $15,670,000
      Change: +60% Conversion: Difficult
      RESTAURANT
      $14,815,000
      Change: +51% Conversion: Difficult
      RETAIL STORES
      $13,140,000
      Change: +34% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $12,015,000
      Change: +23% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Cary
    County
    Wake
    State
    North Carolina
    Longitude
    -78.7868
    Latitude
    35.7376
    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
    $61,583
    $1,607,364
    $4,538,596
    $6,145,960
    -
    $1,607,364
    $4,538,596
    $6,145,960

    Comparable in this City

    • Value Estimation
      $720,000
      28,801 SF

      150 Pkwy Ofc Ct

      MEDICAL BUILDING • 28,801 SF
      150 Pkwy Ofc Ct, Cary, NC 27518-7439
      View Details
    • Value Estimation
      $1,010,000
      33,758 SF

      1120 Cary Pkwy

      MEDICAL BUILDING • 33,758 SF
      1120 Cary Pkwy, Cary, NC 27518-7413
      View Details
    • Value Estimation
      $400,000
      4,434 SF

      580 New Waverly Pl Ste, Unit 120

      MEDICAL BUILDING • 4,434 SF
      580 New Waverly Pl Ste, Cary, NC 27518-7406
      View Details
    • Value Estimation
      $1,485,000
      5,141 SF

      251 Keisler Dr Ste, Unit 200

      MEDICAL BUILDING • 5,141 SF
      251 Keisler Dr Ste, Cary, NC 27518-7091
      View Details
    • Value Estimation
      $330,000
      2,380 SF

      515 Keisler Dr Ste, Unit 204

      MEDICAL BUILDING • 2,380 SF
      515 Keisler Dr Ste, Cary, NC 27518-7097
      View Details
    • Value Estimation
      $255,000
      1,630 SF

      226 Ashville Ave Ste, Unit 10

      MEDICAL BUILDING • 1,630 SF
      226 Ashville Ave Ste, Cary, NC 27518-6660
      View Details

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    Similar Nearby for Lease

    • $35 SF/Yr
      91,227 SF

      Health Park I Medical Office Space

      Cary, NC medical office suites available.
      115 Kildaire Park Dr, Cary, NC 27518
      View Details
    • $22 SF/Yr
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      Cary Medical Office Space for Lease

      1,836 SF Medical Office Suite Available
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      View Details
    • $34 SF/Yr
      62,464 SF

      Cary Medical Office Building

      Prime Cary location, 7,097 SF available
      300 Ashville Ave, Cary, NC 27518
      View Details
    • $8 SF/Yr
      6,039 SF

      Cary Office Space: Regus 2500 Regency Parkway

      Flexible Workspace Solutions in Cary, NC
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      View Details
    • $24 SF/Yr
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      Cary Medical Office Building

      17,424 SF Medical Office, Fully Vacant
      222 Ashville Ave, Cary, NC 27518
      View Details
    • $36 SF/Yr
      32,500 SF

      Tryon Office Center II: Medical Space

      Cary medical office building; 4,598 SF available.
      1110 Cary Pkwy, Cary, NC 27518
      View Details
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    400 Ashville Ave
    Cary, NC 27518
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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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