Tenant-Occupied
For Sale
$324,997
Pending
280 Rock Island Lane, Ellenwood, GA 30294
Residential Income, Ellenwood, GA
Property Size2,168 SF
Lot Size0.07 Acres
Days on Market51
Property Features for 280 Rock Island Lane
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
4
Subdivision
FAIRVIEW STATION
Elementary school
Fairview
Middle school
Austin Road
High school
Stockbridge
Directions
GPS Friendly
Standard status
Pending
APN
12201053000
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5042
Utilities
Sewer type
Septic Tank
Heating system
Natural Gas, Forced Air, Hot Water(Heating)
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1985
Floors in Building
1
Number of units
2
Building materials
Brick
Listing Agency:
Atlanta Communities
(404) 844-4198
Listed By:
Terrell Day
(404) 590-3591
Added: Jul 25
Changed: Sep 12
Last Checked: Sep 13 at 10:06PM
MLS# 10815469
Copyright © 2026 Georgia Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This tenant-occupied duplex contains two residential units, each with two bedrooms and two bathrooms. The brick building was constructed in 1985 and includes central air, ceiling fans, forced-air heating, natural gas, and hot water heating. Public water and a septic tank serve the property, which sits on 0.07 acres.
The property is in Ellenwood near I-675 and I-285, with shopping, dining, parks, and Hartsfield-Jackson Atlanta International Airport identified in the surrounding area. Existing occupancy provides an in-place rental component for an owner seeking a small multifamily asset.
The property is in Ellenwood near I-675 and I-285, with shopping, dining, parks, and Hartsfield-Jackson Atlanta International Airport identified in the surrounding area. Existing occupancy provides an in-place rental component for an owner seeking a small multifamily asset.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 2 bathrooms per unit
- Tenant‑occupied residential income property
- 0.07‑acre lot in Ellenwood, GA
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$29,125
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.96%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$582,500
$582.5K
Cap Rate 7%
$416,071
$416.1K
Cap Rate 9%
$323,611
$323.6K
Market Conditions
NOI Build-Up for 2,168 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$56.5K $26.04/SF
− Vacancy
−$3.5K −$1.61/SF
EGI
$53.0K $24.43/SF
− OpEx
−$23.8K −$10.99/SF
NOI
$29.1K $13.43/SF
Area
DeKalb County, GA
Vacancy
6.20%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$582,500
Cap Rate 7%
$416,071
Cap Rate 9%
$323,611
Alternative Uses
Best Use
Multifamily LT 5
$450.0K
$393.8K – $525.0K
NOI $31,501 @ 7.0% cap · market cap 9.69%
Second Best
Apartment 5plus
$416.1K
$364.1K – $485.4K
NOI $29,125 @ 7.0% cap · market cap 8.96%
Theoretical Best
Office A
$606.0K
$530.3K – $707.1K
NOI $42,423 @ 7.0% cap · market cap 13.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Explore this area
Business Placement
Demographics for 30294, GA
43,552
Population
16,191
Households
2.7
Avg Household Size
39
Median Age
27%
College-Educated
90%
High-School Grad
32.7 sq mi
ZIP Area
1,332
Density / Sq Mi
$76,731
Median Household Income
$44,075
Median Earnings
$1,622
Median Rent
$233,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Brick duplex with occupied units, central air, and access to I-675 and I-285.
Where is this duplex located?
The property is located at 280 Rock Island Lane Ellenwood, GA.
What is the asking price?
The asking price for this property is $324,997.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 2 bathrooms per unit; Tenant‑occupied residential income property; 0.07‑acre lot in Ellenwood, GA
