203 E 8Th St SW Rome, GA 30161
For Lease
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This exceptional 2,133 square foot commercial property at 203 E 8th Street SW in Rome, Georgia presents a unique investment opportunity. Situated on a 0.28-acre lot, this building boasts a prime location near the heart of downtown, ensuring high visibility and accessibility. Currently zoned M-R, the property offers remarkable versatility. Its potential uses are diverse, including retail space and even conversion into an apartment building, given its existing layout. The main level features a full kitchen and a half bath, providing ample space for various commercial ventures. Upstairs, two full bathrooms add to the functionality and potential for multi-unit occupancy. A significant advantage is the inclusion of twelve dedicated parking spaces, a rare commodity in many downtown areas. A separate entrance staircase from the parking lot leads directly to the second story, enhancing accessibility and potentially creating distinct rental units. Priced at $375,000, this property represents a compelling investment in a thriving downtown location with significant upside potential. The combination of its historic charm, versatile zoning, and ample parking makes this a truly exceptional opportunity.
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Mel & Mimi Clothing & Fashion Store
(1) The M-R Multifamily Residential District is established to provide a location for attached units with densities of 10-14 units per acre . Multifamily development includes duplexes, triplexes, apartments of 4 units or more, town-homes, condominiums, and manufactured home parks. The M-R district is designed for areas served by publicly provided sanitary se…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
M-R · Rome, GA(1) The M-R Multifamily Residential District is established to provide a location for attached units with densities of 10-14 units per acre . Multifamily development includes duplexes, triplexes, apartments of 4 units or more, town-homes, condominiums, and manufactured home parks. The M-R district is designed for areas served by publicly provided sanitary sewer. (2) The M-R District is intended to accommodate higher density attached residential development that blends easily with nearby single-family units. M-R District developments such as duplexes, triplexes, town homes, and low density apartment complexes are considered appropriate in proximity to the S-R and T-R residential districts, if effectively sited, landscaped, buffered, and adequate provisions for access and open space are made. (3) A wide range of multifamily densities and dwelling types may also be appropriate in large-scale mixed use developments or as a residential re-use option in obsolete commercial centers. 6161 (4) Manufactured home parks are allowed as an M-R District use with restrictions, but are not considered appropriate options in proximity to a single-family subdivision development or as re-use options for commercial properties. (5) A residential cluster option is a use allowed by Special Use Permit with restrictions in the M-R District, but must meet all development standards and criteria for a multi- family residential development. g. N-O-C Neighborhood Office Commercial (1) The N-O-C Neighborhood Office Commercial District is established to accommodate modestly sized professional offices and retail services in close proximity to and in harmony with nearby residential properties. (2) The N-O-C District is designed for locations where existing residential is no longer the most appropriate use due to conflicts from nearby non-residential uses and traffic. This district is also appropriate for small-scale retail/office in newly developed planned residential areas. (3) The N-O-C District recognizes the need to protect adjacent residential uses, thus the basic character of the N-O-C District encourages a compatible mixture of residential, office, and specialty retail types of land uses. This district is identified as one in which the physical character and design of existing and proposed new structures play an important role in assur ing compatibility with existing residential development. Review of building design, uses, buffers, landscaping, lighting, and parking are recognized as essential for the establishment and maintenance of the character of the district.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.