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    Etowah Riverfront Land with Tunnel Title is generated by Realmo AI

    191+/- Acres off Hwy. 136, Dawsonville, GA 30534

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    For Sale
    $4,584,000

    LAND - Dawsonville, GA

    Lot size:
    191.00 Acres
    Added:
    Jan 3, 2024
    Days on Market:
    883
    Last Refresh:
    Jun 4 at 4:06 am

    Property Features for 191+/- Acres off Hwy. 136

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    ag/re
    Security features
    Security
    Vegetation
    Wooded, Grassed, Partially Wooded
    Standard status
    Active
    Lot size
    191.00 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    1

    Utilities

    Water front features
    River Front, Creek

    Building Details

    Additional Structures
    Outbuilding

    We can help!

    Listing Contact
    Victor Dover

    Listing agent Victor Dover License #145426

    Listing office Dover Realty & Investments, Inc. 12 Park Street N, Dahlonega, GA

    Listing date Jan 3, 2024

    MLS# 7319809 Listing URL

    Copyright © 2026 First Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Unique Etowah River Tunnel: The only gold mining tunnel in the U.S. with a river flowing through it.
    • Extensive Waterfront: Includes a country mile of the Etowah River, plus Clear Creek, Buck Creek, three spring‑fed ponds.
    • Large Acreage: Encompasses 191+/- acres with a diverse landscape.
    • Private and Convenient Location: Secluded and gated, near Hwy 400, shopping, dining, and activities.
    • Scenic Beauty: Offers exceptional scenic amenities, including views of the Blue Ridge Mountains.
    • Versatile Potential: Suitable for a private mountain retreat, unique development, venue, personal enjoyment, or investment.

    Overview

    This 191+/- acre property in Dawsonville, GA, features a country mile of the Etowah River and a historic gold mining tunnel. The 9-foot diameter tunnel, completed in the early 1900s, diverts a portion of the river through approximately one thousand feet of solid Georgia granite. The property's location in Dahlonega's Gold Belt provides a unique historical background. The land includes acres of flat, grassy, and shaded fields along the waterway, granite cliffs, exposed boulders, mountain laurel, rhododendron, and doghobble. Clear Creek and Buck Creek also flow through the property, which features three spring-fed ponds and a small impoundment. The property has open grassy terrain, timber, scenic vistas, and views of the Blue Ridge Mountains in the distance. Wrought-iron gates protect the access roadways, and a system of groomed roadways traverse the property. There is a shop building with storage by the main pond. The property is located near Hwy 400, approximately ten minutes from shopping, dining, and activities, and a short drive from Dahlonega, its wineries, and the Chattahoochee National Forest. Dawsonville is a few minutes south, and Atlanta is forty minutes away. The property could be suitable as a private mountain retreat, a unique development or venue, or for personal enjoyment and investment.
    Location Intelligence

    Current Use by Public Records

    Recreation land

    Map

    City
    Dawsonville
    County
    Dawson
    State
    Georgia
    Longitude
    -84.0550586
    Latitude
    34.445146

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    FAQs

    What type of property is this?
    Recreation land - Unique 191-acre property featuring a historic river tunnel.
    Where is this recreation land located?
    The property is located at 191+/- Acres off Hwy. 136 Dawsonville, GA.
    What is the asking price?
    The asking price for this property is $4,584,000.
    What are key features of this property?
    This property features: Unique Etowah River Tunnel: The only gold mining tunnel in the U.S. with a river flowing through it.; Extensive Waterfront: Includes a country mile of the Etowah River, plus Clear Creek, Buck Creek, three spring‑fed ponds.; Large Acreage: Encompasses 191+/- acres with a diverse landscape.
    (706) 864-2600
    We can help!
    Listing Contact
    Victor Dover
    Real Estate License ID: 145426
    Learn More
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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.

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