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    Property profile & analytics

    7423 Mcelroy Dr, Unit Riverdale Riverdale, GA 30296

    • Investment properties
    • 1,464 SF
    • 1.61 lot acres
    For Sale
    View listing
    $380,000
    Value Estimations
    Cap Rate Potential
    6.1%
    Investment properties
    Location Intelligence
    Property ID
    US22-0473802
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Investment properties

    Property Details for 7423 Mcelroy Dr

    Year built
    1952
    Construction
    FRAME
    Lot size
    1.61 lot acres
    Property size
    1,464 SF
    Zone code
    GB
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    13-183C- A-012
    APU
    13183CA012

    Description

    This exceptional 1.61-acre commercial property, located at 7423 McElroy Drive in Riverdale, Georgia, presents a compelling investment opportunity for developers and discerning investors. Situated at the strategic intersection of GA Highway 85 and GA Highway 138, this lot benefits from high visibility and convenient access to major transportation arteries. The property is part of a larger 5.279-acre assemblage, encompassing parcels at 7471, 7423, 7453, and 7471 McElroy Road (see separate listings for details). Importantly, these properties will be sold as a single unit and will not be subdivided. The current zoning designation is General Business (GB), allowing for a range of permitted commercial uses. The expansive acreage is particularly well-suited for residential townhome development, offering significant potential for substantial returns. Detailed zoning information and permitted business types are available upon request (see accompanying photos). Priced at $608,523, this property represents a rare chance to acquire a substantial land holding in a rapidly developing area. Don't miss this opportunity to capitalize on the significant growth potential of this prime Riverdale location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $295,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $295,000
      6.5%
      $275,000
      7%
      $255,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $235,000
      Market price range: $235k - $344k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $180,000
      Current use
      AUTO REPAIR, GARAGE
      $415,000
      Change: +129% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $205,000
      Change: +14% Conversion: Difficult
      WAREHOUSE, STORAGE
      $205,000
      Change: +12% Conversion: Difficult
      MEDICAL BUILDING
      $185,000
      Change: +3% Conversion: Easy
      OFFICE BUILDING
      $180,000
      Change: -2% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Riverdale
    County
    Clayton
    State
    Georgia
    Longitude
    -84.4163
    Latitude
    33.5522
    CBSA code
    12060
    CBSA name
    ATLANTA-SANDY SPRINGS-MARIETTA, GA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $549
    $42,000
    $280
    $42,280
    -
    $105,000
    $700
    $105,700

    Comparable in this City

    • Value Estimation
      $285,000
      1,566 SF

      862 Scott Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 1,566 SF
      862 Scott Rd, Riverdale, GA 30296-1554
      View Details
    • Value Estimation
      $240,000
      1,044 SF

      7453 Mcelroy Dr

      OFFICE/RESIDENTIAL (MIXED USE) • 1,044 SF
      7453 Mcelroy Dr, Riverdale, GA 30296-1569
      View Details
    • Value Estimation
      $235,000
      1,104 SF

      1755 Hwy 138th SW

      OFFICE/RESIDENTIAL (MIXED USE) • 1,104 SF
      1755 Hwy 138th SW, Riverdale, GA 30296-1962
      View Details
    • Value Estimation
      $220,000
      1,014 SF

      1139 Hwy 138th SW

      OFFICE/RESIDENTIAL (MIXED USE) • 1,014 SF
      1139 Hwy 138th SW, Riverdale, GA 30296
      View Details
    • Value Estimation
      $85,000
      1,066 SF

      1105 Hwy 138th SW

      OFFICE/RESIDENTIAL (MIXED USE) • 1,066 SF
      1105 Hwy 138th SW, Riverdale, GA 30296-1507
      View Details
    • Value Estimation
      $225,000
      1,184 SF

      760 Scott Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 1,184 SF
      760 Scott Rd, Riverdale, GA 30296-1552
      View Details

    Similar Nearby for Sale

    • $650,000
      5 SF

      5.1 Acre Development Opportunity

      5.1 acres prime for residential townhome development.
      7471 Mcelroy Dr, Riverdale, GA 30296
      View Details
    • $280,000
      5 SF

      5.1 Acre Development Opportunity

      5.1 acres prime location for transformative project.
      7441 Mcelroy Dr, Riverdale, GA 30296
      View Details
    • $859,000

      Prime Riverdale Commercial Land

      High-traffic corner lot, $859,000
      0 Jonesboro Rd & Old Nati’l Hwy, Riverdale, GA 30296
      View Details
    • $224,000
      1,566 SF

      Cozy Townhome with New Flooring

      Starter home or investment property with new flooring and HVAC.
      6076 Camden Forrest Dr, Riverdale, GA 30296
      View Details
    • Contact for pricing
      0.01 Acres

      Vacant Land Lot For Sale

      Undeveloped land lot available in Riverdale, Georgia.
      7694 Creekside Ln, Riverdale, GA 30296
      View Details
    • $89,000
      13.47 Acres

      Undeveloped Land Lot in Riverdale

      13.47 acres of undeveloped land in Riverdale, Georgia.
      Creekside Ln, Riverdale, GA 30296
      View Details

    Similar Nearby for Lease

    • $500 /Mo
      6,000 SF

      Riverdale Office Space For Lease

      Commercial property with multiple office spaces available for lease.
      804 Commerce Blvd, Riverdale, GA 30296
      View Details
    • $700 /Mo
      6,000 SF

      Riverdale Office Space For Lease

      Commercial property with multiple office spaces available for lease.
      804 Commerce Blvd, Riverdale, GA 30296
      View Details
    • $800 /Mo
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      Office Space For Lease

      Commercial property with multiple office spaces available for lease.
      804 Commerce Blvd, Riverdale, GA 30296
      View Details
    • $600 /Mo
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      Riverdale Office Space For Lease

      Commercial property with multiple office spaces available for lease.
      804 Commerce Blvd, Riverdale, GA 30296
      View Details
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    Riverdale, GA 30296
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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.

    More about this property
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