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Property profile & analytics
OFF-MARKET
Estimated value
$12,145,000
Medical Office Space
540 New Waverly Pl, Cary, NC 27518-7421
Entity Owned
Absentee Owner
~
Est. High Equity
Property ID
US53-0196679
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2007
Construction
BRICK
Total area
43,488 SF
Zoning code
OICU
APN
0762.15-63-5240 0402384
UPID
US53-0196679
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
-
Welltower Medical Office Space Medical Clinic
-
Jason BenEliyahu, PA-C Physician
-
Heather M. Mullens, DO Pediatrician Physician
-
Hunter T. Holloway, DO Pediatrician Physician
-
Michael R. Towery, PA-C Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$12.15M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$13.78M
Blend (final)
Blend
$12.15M
Owner & transaction history
Cary 540 Mp Wrk7 LP
Cary 540 Mp Wrk7 LP
since 2025
Last sale
$12.1M
7 recorded transactions
Zoning & alternative use
OICU · Cary, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$20.1M
+34.1%
Auto repair, garage
$18.4M
+22.6%
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 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
$12,145,000
ML approach
$12,145,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$14,980,000
Current use
RETAIL STORES
$20,095,000
Change: +34% · Conversion: Difficult
AUTO REPAIR, GARAGE
$18,370,000
Change: +23% · Conversion: Difficult
Blend value · Realmo final
$12.15M
Range $10.93M – $13.36M · ±10% · vs last sale $12.14M (Jan 2 2024)
Last sale anchor
$12.14M
Jan 2 2024
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
$279 / 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
$89,713
Tax year 2023
Assessed value
$8,953,419
Assessed 2023
Previous assessed
$8,953,419
+0.0% YoY
Effective rate
1.00%
On assessed value
Assessed improvement
$8,953,419
Improvement market value
$8,953,419
Total market value
$8,953,419
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
2007
Construction
BRICK
Heating
CENTRAL
Cooling
CENTRAL
Stories
3
Total area
43,488 SF
Zoning code
OICU
APN
0762.15-63-5240 0402384
UPID
US53-0196679
Jurisdiction
WAKE
Zoning & alternative use
OICU · Cary, NC
Zoning OICU · permitted uses
OICU · 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
$15.0M
RETAIL STORES
Est. value
$20.1M
AUTO REPAIR, GARAGE
Est. value
$18.4M
MEDICAL BUILDING Current
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
2007
Construction
BRICK
Heating
CENTRAL
Cooling
Yes
Stories
3
Current owner
From public records · entity-resolved
Cary 540 Mp Wrk7 LP
Entity
Mailing address
4500 DORR ST, TOLEDO, OH 43615-4040
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 6, 2025
$10,950,000
Cary 540 Mp Wrk7 LP
North Carolina Om Holdco LLC
Special Warranty Deed
$360,281,750 · Capital One NA
Jan 2, 2024
—
North Carolina Om Holdco LLC
Benchmark Investments X LP
Special Warranty Deed
—
May 17, 2023
—
Benchmark Investments X LP
Benchmark Investments Xii LP
Correction Deed
related
—
May 20, 2019
$12,144,000
Epc Sparti LLC
Chp Cary Nc Mob Owner LLC
Grant Deed
—
Jul 30, 2015
$15,000,000
Chp Cary Nc Mob Owner LLC
Tkc Cxli LLC
Grant Deed
$7,143,404 · Bank Of Ny Mellon
Oct 27, 2011
$5,700,000
Tkc Cxli LLC
Castlemill II LLC
Grant Deed
$6,128,000 · Wells Fargo Bank
Apr 19, 2007
$3,100,000
Castlemill II LLC
Oaks Dev LLC
Warranty Deed
$2,350,000 · Suntrust Bank NA
—
—
Castlemill II LLC
—
Deed Of Trust
related
$540,000 · Private Lender
—
—
Tkc Cxli LLC
—
Deed Of Trust
related
$7,520,000 · Genworth Life Insurance 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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