Three-Story Mixed-Use
New
For Sale
$575,000
16 E 3 rd Avenue, Rome, GA 30161
Renovation work includes a TPO roof, new storefront, Marvin windows, exterior paint, and exposed structural interiors.
Property Size1,875 SF
Price / SF$174.24
Days on Market7
Property Features for 16 E 3 rd Avenue
General Information
Standard status
Active
Size
1,875 SF
Total Parking Spaces
2
Property subtype
Other
Amenities
tall ceilings
0.041 acres, Level
Public Sewer
Annual Amount: $5,000, Year: 2025
Cumulative Days on Market: 1, First day on market, On Market Date: 2026-08-24
Parking Total: 2, Parking Lot
Built in 1875, Brick, Mixed Use
County: Floyd
Fixer
None, Public
Building Details
Building Size
1,875 SF
Year Built
1875
Buildings
1
Stories
3
Construction
brick
Listing Agency:
Realty One Group Edge
(706) 307-3570
Listed By:
Michelle Cochran
(706) 307-3570
Source:
Blackstreaminternational
Added: Aug 24
Changed: Aug 30
Last Checked: Aug 30 at 7:55AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Realty One Group Edge
Investment Insights
Based on property information with market context.
Built in 1875, this three-level mixed-use property offers approximately 1,100 square feet on each floor, totaling over 3,300 square feet. The first floor is configured for potential retail, office, or restaurant use, while the upper levels can support residential lofts, condominium space, or additional commercial occupancy. Side windows on the second and third floors provide additional natural light, and the upper floors can accommodate a three- to four-bedroom residential layout.
Recent work includes a new 60 mil TPO roof with insulation above the existing roof deck, independent roof and drainage systems planned for each unit, new exterior paint, storefront installation, Marvin windows at the front, a new exterior door and staircase, and a new first-floor subfloor. Interior finishes, ceilings, plaster, and asbestos were removed, leaving exposed joists, rafters, and brick. Two rear parking spaces are included. Projected completion is November 2026.
Recent work includes a new 60 mil TPO roof with insulation above the existing roof deck, independent roof and drainage systems planned for each unit, new exterior paint, storefront installation, Marvin windows at the front, a new exterior door and staircase, and a new first-floor subfloor. Interior finishes, ceilings, plaster, and asbestos were removed, leaving exposed joists, rafters, and brick. Two rear parking spaces are included. Projected completion is November 2026.
Key Highlights
- Approximately 3,300 square feet across three floors, with about 1,100 square feet per floor
- Built in 1875 with retail, office, or restaurant potential on the first floor
- Upper floors can accommodate a three- to four‑bedroom residential layout
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
$32,670
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
5.68%
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%
$653,400
$653.4K
Cap Rate 7%
$466,714
$466.7K
Cap Rate 9%
$363,000
$363.0K
Market Conditions
NOI Build-Up for 3,300 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
$59.4K $18.00/SF
− Vacancy
−$7.1K −$2.16/SF
EGI
$52.3K $15.84/SF
− OpEx
−$19.6K −$5.94/SF
NOI
$32.7K $9.90/SF
Area
Floyd County, GA
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$653,400
Cap Rate 7%
$466,714
Cap Rate 9%
$363,000
Alternative Uses
Best Use
Mixed Use
$466.7K
$408.4K – $544.5K
NOI $32,670 @ 7.0% cap · market cap 5.68%
Second Best
Retail
$294.2K
$257.4K – $343.2K
NOI $20,592 @ 7.0% cap · market cap 3.58%
Theoretical Best
Healthcare Medical
$546.8K
$478.5K – $638.0K
NOI $38,277 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,325
Businesses Nearby
161k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 62%
Shops & Services 30%
Hotels & Casinos 4%
Beauty & Spa 4%
Michaels
Shops & Services
35,980 visits/mo
0.5 miles
Panera Bread
Dining
28,681 visits/mo
0.5 miles
Chili's Grill & Bar
Dining
26,678 visits/mo
0.5 miles
IHOP
Dining
14,471 visits/mo
0.5 miles
Hardee's
Dining
10,653 visits/mo
0.5 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovation work includes a TPO roof, new storefront, Marvin windows, exterior paint, and exposed structural interiors.
Where is this mixed-use property located?
The property is located at 16 E 3 rd Avenue Rome, GA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Approximately 3,300 square feet across three floors, with about 1,100 square feet per floor; Built in 1875 with retail, office, or restaurant potential on the first floor; Upper floors can accommodate a three- to four‑bedroom residential layout
