Multi-Tenant Office
For Sale
$4,500,000
701 Broad Street, Rome, GA 30161
Commercial Sale, Rome, GA
Property Size41,000 SF
Lot Size2.21 Acres
Price / SF$109.38
Days on Market216
Property Features for 701 Broad Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Parking Lot
Lot features
City Lot, Level, Near Public Transit
Directions
Broad Street.
Standard status
Active
APN
J13Y 027
Size
41,141 SF
Lot size
2.21 Acres
Taxes and HOA fees
Tax Year
24
Tax Annual Amount
45957
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1974
Building materials
Block, Concrete, Glass
Listing Agency:
Hardy Realty & Development Company
(706) 291-4321
Listed By:
James T Byars
(706) 506-9051
Added: Jan 19
Changed: Aug 19
Last Checked: Aug 23 at 2:06AM
MLS# 10711012
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 multi-story office property contains 41,141 square feet on a 2.21-acre site and was built in 1974. Block, concrete, and glass construction support a professional commercial setting, while central heating and central air serve the building. The property includes a multi-tenant rent roll with professional, medical, and service-oriented occupants, and a long-term financial institution serves as an anchor tenant. Scheduled lease rollover is part of the current property profile.
Located in downtown Rome at 701 Broad Street, the property includes a parking lot and benefits from public water and public sewer. Cable service is available. The combination of multi-tenant occupancy, varied office users, and an established downtown address provides a substantial office asset with existing tenant infrastructure.
Located in downtown Rome at 701 Broad Street, the property includes a parking lot and benefits from public water and public sewer. Cable service is available. The combination of multi-tenant occupancy, varied office users, and an established downtown address provides a substantial office asset with existing tenant infrastructure.
Key Highlights
- 41,141‑square‑foot multi‑story office building on 2.21 acres
- Built in 1974 with block, concrete, and glass construction
- Multi‑tenant rent roll includes professional, medical, and service‑oriented users
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
$337,907
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
7.51%
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%
$6,758,140
$6.8M
Cap Rate 7%
$4,827,243
$4.8M
Cap Rate 9%
$3,754,522
$3.8M
Market Conditions
NOI Build-Up for 41,141 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
$577.6K $14.04/SF
− Vacancy
−$127.1K −$3.09/SF
EGI
$450.5K $10.95/SF
− OpEx
−$112.6K −$2.74/SF
NOI
$337.9K $8.21/SF
Area
Floyd County, GA
Vacancy
22.00%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
25.00%
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%
$6,758,140
Cap Rate 7%
$4,827,243
Cap Rate 9%
$3,754,522
Alternative Uses
Best Use
Office B
$4.83M
$4.22M – $5.63M
NOI $337,907 @ 7.0% cap · market cap 7.51%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$6.82M
$5.97M – $7.95M
NOI $477,203 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,827
Businesses Nearby
Explore this area
Business Placement
Demographics for 30161, GA
35,382
Population
14,924
Households
2.4
Avg Household Size
41
Median Age
27%
College-Educated
85%
High-School Grad
143.3 sq mi
ZIP Area
247
Density / Sq Mi
$60,176
Median Household Income
$34,545
Median Earnings
$1,006
Median Rent
$185,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Downtown property offers central HVAC, parking, and public water and sewer.
Where is this office building located?
The property is located at 701 Broad Street Rome, GA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 41,141‑square‑foot multi‑story office building on 2.21 acres; Built in 1974 with block, concrete, and glass construction; Multi‑tenant rent roll includes professional, medical, and service‑oriented users
