Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Elberton Land with Multifamily Potential Title is generated by Realmo AI

    738 Old Mineral Springs Road, Elberton, GA 30635

    View on Map
    Claim this Listing
    For Sale
    $333,000

    LAND - Elberton, GA

    Lot size:
    49.09 Acres
    Added:
    Apr 1, 2026
    Days on Market:
    59
    Last Refresh:
    May 29 at 6:06 pm

    Property Features for 738 Old Mineral Springs Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Vegetation
    Cleared, Partially Wooded
    Fencing
    Chain Link
    Standard status
    Active
    APN
    032C 049
    Lot size
    49.09 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    1803

    Utilities

    Utilities
    Water Available
    Sewer type
    Public Sewer
    Water source
    Public
    Water front features
    Creek
    Water front
    1

    We can help!

    Listing Contact
    James H Dunlap
    James H Dunlap

    Listing agent James H Dunlap License #350931

    Listing office Virtual Properties Realty.com 2750 Premiere Pkwy, Ste. 200, Duluth, GA

    Listing date Apr 1, 2026

    MLS# 10730215 Listing URL

    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

    • R2 Zoning allows for multifamily construction.
    • 49.085+\/- acres of land close to town.
    • Multiple access points (738 Old Mineral Springs Rd, 415 Athenia St, Ohio St).
    • Falling Creek forms part of the back property line.
    • Public water and sewer available in specific areas.
    • Gentle rolling topography with multiple interior paths and building site options.

    Overview

    This 49.085+/- acre tract is located just outside of Elberton and is zoned R2, allowing for multifamily construction. Elbert County restrictions disallow a campground or mobile home park. A privacy fence with a gate is required. The property features multiple areas of entry, including access from 738 Old Mineral Springs Rd, 415 Athenia St (at the end of the street with a gate), and a possible entrance off of Ohio St. Part of the back property line is Falling Creek. The land has a gentle rolling topography, offering many options for development. Multiple interior paths are present, with many possible building site locations. Public water and sewer are available in specific areas, and electric is also available. The property could be used for a multifamily property, or with rezoning, a personal residence to have a private garden/farm or horse farm. It also presents a potential opportunity for a farm or a future investment development tract.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Elberton
    County
    Elbert
    State
    Georgia
    Longitude
    -82.874025
    Latitude
    34.100782

    Nearby Similar for Sale

    • $449,900
      7,200 SF

      Elberton Commercial Building on Corner

      7200+ Sq Ft commercial building on 1.4-acre corner lot.
      740 Martin Luther King Jr Boulevard, Elberton, GA 30635
      View Details
    • $415,000
      4,000 SF

      Elberton Commercial Building on Two Acres

      Versatile commercial building in Elberton, ready for immediate occupancy.
      1305 Filter Plant Drive, Elberton, GA 30635
      View Details
    • $495,000
      11,100 SF

      Versatile Commercial Building with Storage

      9,900 sq ft commercial building with income-generating storage units.
      891 Elbert Street, Elberton, GA 30635
      View Details
    • $325,000
      2,672 SF

      Historic Office Building in Elberton

      Charming office with development potential near downtown Elberton.
      6 Forest Avenue, Elberton, GA 30635
      View Details
    • $239,500
      4,320 SF

      Granite Shed on Hartwell Highway

      Well-equipped granite shed in established stone industry region.
      2304 Hartwell Highway, Elberton, GA 30635
      View Details
    • $325,000

      Prime Land in Elberton, GA

      2+ acre commercial lot with high visibility and easy access.
      381 College Avenue, Elberton, GA 30635
      View Details
    • $839,900

      209 Acres in Elberton, GA

      Remarkable 209-acre property perfect for recreation, investment, or development.
      Calhoun Falls Hwy, Elberton, GA 30635
      View Details
    • $449,900
      7,200 SF

      Versatile Commercial Building on Corner Lot

      7200+ Sq Ft commercial building on 1.4 acre corner lot.
      740 Martin Luther King Jr Boulevard, Elberton, GA 30635
      View Details
    • $390,000

      65.5 Acres of Land in Elberton

      Pristine 65.5-acre land lot with diverse opportunities in Elberton, GA.
      Jaudon Road, Elberton, GA 30635
      View Details
    • $333,000

      Multifamily Land in Elberton, GA

      49+ acre R2 zoned land suitable for multifamily construction.
      738 Old Mineral Springs, Elberton, GA 30635
      View Details
    • $45,000

      Residential Lot Beside Elberton Park

      Residential lot near Elberton City Park with city utilities.
      Brookwood Circle, Elberton, GA 30635
      View Details
    • $333,000

      Elberton Land with Multifamily Potential

      49+ acre R2 zoned land suitable for development.
      738 Old Mineral Springs Road, Elberton, GA 30635
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 49+ acre tract near Elberton, GA, suitable for development.
    Where is this residential land & home lot located?
    The property is located at 738 Old Mineral Springs Road Elberton, GA.
    What is the asking price?
    The asking price for this property is $333,000.
    What are key features of this property?
    This property features: R2 Zoning allows for multifamily construction.; 49.085+\/- acres of land close to town.; Multiple access points (738 Old Mineral Springs Rd, 415 Athenia St, Ohio St).
    (770) 630-9731
    We can help!
    Listing Contact
    James H Dunlap
    James H Dunlap
    Real Estate License ID: 350931
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    738 Old Mineral Springs Road, Elberton, GA 30635
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!