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Property profile & analytics
FOR LEASE
Office buildings
4917 Waters Edge Dr Raleigh, NC 27606
Entity Owned
Free & Clear
Property ID
US53-0904009
For Lease
1 / 16
$1,972/Mo
4917 Waters Edge Dr, Raleigh, NC 27606
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Property summary
AI-generated overview
This move-in-ready office suite, totaling 1,083 square feet, is available for lease within the Waters Edge Office Park in Raleigh, North Carolina. Strategically located at the intersection of Jones Franklin Road and I-440, this property offers exceptional accessibility to I-40 and is conveniently situated near Cary Crossroads and a variety of amenities. The suite is part of a multi-tenant building featuring a traditional office layout. Interior and exterior renovations are currently underway, ensuring a modern and updated workspace. The space is a second-generation suite, ready for immediate occupancy. Ample parking is provided, with a 4.5/1000 parking ratio. This full-service lease offers a convenient and efficient solution for businesses seeking a well-located and well-maintained office space in a thriving area of Raleigh. The property is located in Wake County. The suite is ideal for a single tenant or a small business requiring approximately 1,083 square feet of office space. The convenient location and ongoing renovations make this an attractive opportunity for businesses seeking a prime location in Raleigh.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1979
Construction
FRAME
Total area
16,534 SF
Lot
1.58 ac (68,825 SF)
Zoning code
OX-3
APN
0783.10-36-0625 0112469
UPID
US53-0904009
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
-
Safety Driving School NC Training Center Vocational School
-
Daparak Industrial Manufacturer Production Facility
-
Pace Analytical Laboratory
-
AlphaBeta Engineering, PC Engineer Service Establishment
-
Woodard Sease & Associates, PC Structural Engineer
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.34M
Blend (final)
Blend
$1.88M
Owner & transaction history
Khawaja LLC
Khawaja LLC
since 2026
5 recorded transactions
Zoning & alternative use
OX-3 · Raleigh, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The OX-3 is intended to provide for a variety of office and employment uses whileallowing for housing and limited retail and service related options
Zone name
Office Mixed Use
General category
MIXED_USE
Zone area
2,273.34 ac
Source
Realmo
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)
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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%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$1.88M
Range $1.69M – $2.07M · ±10%
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
$114 / 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
$17,960
Tax year 2023
Assessed value
$1,646,252
Assessed 2023
Previous assessed
$1,646,252
+0.0% YoY
Effective rate
1.09%
On assessed value
Assessed land
$605,218
Assessed improvement
$1,041,034
Land market value
$605,218
Improvement market value
$1,041,034
Total market value
$1,646,252
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
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1979
Construction
FRAME
Heating
CENTRAL
Cooling
CENTRAL
Stories
2
Total area
16,534 SF
Lot
1.58 ac (68,825 SF)
Zoning code
OX-3
APN
0783.10-36-0625 0112469
UPID
US53-0904009
Jurisdiction
WAKE
Zoning & alternative use
OX-3 · Raleigh, NCZoning OX-3 · permitted uses
OX-3 · Raleigh, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The OX-3 is intended to provide for a variety of office and employment uses whileallowing for housing and limited retail and service related options
Zone name
Office Mixed Use
General category
MIXED_USE
Zone area
2,273.34 ac
Source
Realmo
Building & site characteristics
From public records
Year built
1979
Construction
FRAME
Heating
CENTRAL
Cooling
Yes
Stories
2
Lot
1.58 ac
Current owner
From public records · entity-resolved
Khawaja LLC
Entity
Free & Clear · 0 yrs held
Mailing address
37 S DELAWARE AVE STE #1, YARDLEY, PA 19067-1637
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 24, 2026
$1,900,000
Khawaja LLC
Hamilton Waters Edge LLC
Special Warranty Deed
—
Jul 6, 2021
—
Hamilton Waters Edge LLC
—
Deed
related
$6,000,000 · Capital Bank NA
Apr 30, 2020
—
Hamilton Waters Edge LLC
—
Deed
related
$5,000,000 · Capital Bank NA
Aug 7, 2018
$3,825,000
Hamilton Waters Edge LLC
Waters Edge LLC
Grant Deed
related
—
Feb 26, 2013
—
Waters Edge LLC
—
Deed Of Trust
related
$1,800,000 · Branch Banking & Trust Co
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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