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Property profile & analytics
FOR LEASE
Medical Office Space
400 Ashville Ave, Cary, NC 27518
Entity Owned
4-yr Hold
Free & Clear
Property ID
US53-0817466
For Lease
1 / 18
$10,100,000
400 Ashville Ave, Cary, NC 27518
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Property summary
AI-generated overview
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.
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1995
Construction
METAL FRAME
Total area
28,437 SF
Lot
2.05 ac (89,298 SF)
Zoning code
GCCU
APN
0762.14-33-2469 0195507
UPID
US53-0817466
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
-
Fleming Christopher MD Ophthalmologist
-
Dr. Sameh K. Toma, MD Physician
-
Arthritis Knee Pain Centers Cary Medical Clinic
-
Thomas M Howard, MD Physician
-
Care Pediatrics Pediatrician Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$10.94M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$9.46M
Blend (final)
Blend
$10.10M
Owner & transaction history
Hr North Carolina LLC · 4 yrs held
Hr North Carolina LLC
since 2021
Last sale
$10.0M
6 recorded transactions
Zoning & alternative use
GCCU · Cary, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$16.8M
+71.6%
Neighborhood: shopping center
$15.7M
+59.9%
Restaurant
$14.8M
+51.2%
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)
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
$11,935,000
ML approach
$10,940,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
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
Blend value · Realmo final
$10.10M
Range $9.09M – $11.11M · ±10% · vs last sale $10.00M (Oct 1 2021)
Last sale anchor
$10.00M
Oct 1 2021
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
$355 / 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
$61,583
Tax year 2023
Assessed value
$6,145,960
Assessed 2023
Previous assessed
$6,145,960
+0.0% YoY
Effective rate
1.00%
On assessed value
Assessed land
$1,607,364
Assessed improvement
$4,538,596
Land market value
$1,607,364
Improvement market value
$4,538,596
Total market value
$6,145,960
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
For Lease
Year built
1995
Construction
METAL FRAME
Heating
CENTRAL
Cooling
CENTRAL
Stories
2
Total area
28,437 SF
Lot
2.05 ac (89,298 SF)
Zoning code
GCCU
APN
0762.14-33-2469 0195507
UPID
US53-0817466
Jurisdiction
WAKE
Zoning & alternative use
GCCU · Cary, NC
Zoning GCCU · permitted uses
GCCU · 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.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$9.8M
COMMERCIAL (GENERAL)
Est. value
$16.8M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$15.7M
RESTAURANT
Est. value
$14.8M
RETAIL STORES
Est. value
$13.1M
AUTO REPAIR, GARAGE
Est. value
$12.0M
MEDICAL BUILDING Current
COMMERCIAL (GENERAL)
NEIGHBORHOOD: SHOPPING CENTER
RESTAURANT
RETAIL STORES
AUTO REPAIR, GARAGE
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
1995
Construction
METAL FRAME
Heating
CENTRAL
Cooling
Yes
Stories
2
Lot
2.05 ac
Current owner
From public records · entity-resolved
Hr North Carolina LLC
Entity
Free & Clear · 4 yrs held
Mailing address
PO BOX 92129, SOUTHLAKE, TX 76092-0102
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 1, 2021
$10,000,000
Hr North Carolina LLC
Flagship Cary LLC
Special Warranty Deed
—
Nov 20, 2018
—
Flagship Cary LLC
—
Deed
related
$21,475,000 · Bank Of America
Jul 26, 2018
—
Flagship Cary LLC
—
Grant Deed
related
$42,950,000 · Bank Of America
Apr 2, 2015
$5,900,000
Flagship Cary LLC
Triangle Medical & Surgical As
Grant Deed
—
Apr 2, 2015
—
Flagship Cary LLC
Triangle Medical & Surgical As
Trustees Deed
related
$8,260,000 · Communityone Bk NA
—
—
Flagship Cary LLC
—
Loan Modification
related
$21,475,000 · Bank Of America
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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