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    Prime Retail Space in Rome Title is generated by Realmo AI

    338 W 3rd Street SW, Rome, GA 30165

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    Claim this Listing
    For Lease
    $5,333/Mo $32 SF/Yr (calc)

    COMMERCIAL - Rome, GA

    Property size:
    2,000 SF
    Lot size:
    0.62 Acres
    Added:
    Sep 5, 2025
    Days on Market:
    271
    Last Refresh:
    Jun 2 at 4:06 pm

    Property Features for 338 W 3rd Street SW

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Property condition
    Under Construction
    Parking features
    Parking Lot
    Standard status
    Active
    APN
    J13Y 179
    Size
    2,000 SF
    Lot size
    0.62 Acres

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Central
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    2025
    Building materials
    Block, Glass

    We can help!

    Listing Contact
    Heath Rogers

    Listing agent Heath Rogers

    Listing office Hardy Realty & Development Company 1609 Martha Berry Blvd., Rome, GA

    Listing date Sep 5, 2025

    MLS# 10602954

    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.

    HighLights

    • Prime location in the heart of the Nova River District, Rome's newest lifestyle destination.
    • High visibility and steady traffic due to ground floor placement next to the pool and main lobby.
    • Built‑in customer base from 250 modern apartments within the Nova River District.
    • Located next to a 124‑room Courtyard by Marriott, providing access to hotel guests.
    • Walking distance to downtown Rome, Atrium Health Floyd Medical Center, and Historic Barron Stadium.
    • Access to amenities such as a heated saltwater pool, co‑working cafe, one‑acre recreational park, and pet‑friendly features.

    Overview

    This 2,000 square-foot retail space is located in the Nova River District. Situated on the ground floor just off the main lobby and next to the pool, the space offers visibility and daily traffic from residents and visitors. The Nova River District includes 250 modern apartments, creating a built-in customer base. The community features a heated saltwater pool, co-working cafe, a one-acre recreational park, and pet-friendly amenities. Scenic riverfront views and direct access to the AdventHealth ECO Greenway enhance the appeal, attracting locals and visitors. The location is beside a 124-room Courtyard by Marriott and within walking distance of downtown Rome, Atrium Health Floyd Medical Center, and Historic Barron Stadium. The property is located at 338 W 3rd Street SW unit: Suite A, Rome, GA 30165, in Floyd County, with a lot size of 0.62 acres. The Nova River District offers an exceptional setting for retail, dining, wellness, or service-based businesses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Murphy Harpst Children's ... Daycare Center

    Suggested Use

    Restaurant Real Estate Agency Building Supply Big Box & Wholesale Store Auto Repair Shop Hair Salon Pharmacy Auto Parts Store Department Store Food Market

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rome
    County
    Floyd
    State
    Georgia
    Longitude
    -85.174348
    Latitude
    34.257268

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    FAQs

    What type of property is this?
    Retail space - 2,000 SF retail space in the Nova River District.
    Where is this retail space located?
    The property is located at 338 W 3rd Street SW Rome, GA.
    What is the lease rate?
    The lease rate is $5,333 /Mo.
    What are key features of this property?
    This property features: Prime location in the heart of the Nova River District, Rome's newest lifestyle destination.; High visibility and steady traffic due to ground floor placement next to the pool and main lobby.; Built‑in customer base from 250 modern apartments within the Nova River District.
    (678) 378-1050
    We can help!
    Listing Contact
    Heath Rogers
    Request Owner's contact information
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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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