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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    8 Covey Rise Dr NE Rome, GA 30161

    • Commercial real estate
    • 1.31 lot acres
    For Sale
    View listing
    $85,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US22-2707448
    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

    • Commercial real estate

    Property Details for 8 Covey Rise Dr NE

    Lot size
    1.31 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 1.31-acre commercial lot presents a remarkable opportunity in Rome, Georgia. Located at 8 Covey Rise Drive NE, 30161, this property is situated within a desirable new subdivision, offering unparalleled convenience. Just minutes from Downtown Rome, it enjoys easy access to the East Rome Bypass, Hwy 411, and Hwy 53, ensuring excellent visibility and connectivity. The lot itself is mostly level and cleared, making it ideal for immediate construction. The subdivision boasts a thoughtfully designed aesthetic, featuring a striking entrance with stone columns and rail fencing, enhancing the overall appeal and property value. Underground utilities, sidewalks, curb and gutters, and custom street lighting are already in place, minimizing development costs and expediting the building process. This wooded lot offers a tranquil setting while remaining conveniently close to the city's amenities and major transportation routes. The asking price is $85,000, representing a compelling investment opportunity for developers and businesses seeking a prime location in a thriving community. Floyd County location adds to the appeal. Don't miss this chance to secure a piece of Rome's promising future.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Rome
    County
    Floyd
    State
    Georgia
    Longitude
    -85.12742
    Latitude
    34.2405339

    Comparable in this City

    • $249,000
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      Prime Commercial Land in Rome, GA

      Two adjoining parcels with high visibility on North Broad Street.
      1401 N Broad St NE, Rome, GA 30161
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    • $45,000
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      Residential Lot in Hampton East

      0.56-acre lot in Hampton East community, Rome, GA.
      Camelot Cir, Rome, GA 30161
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    • Contact for pricing
      0.25 Acres

      Residential Land in Rome, GA

      Prime building lot near downtown Rome, utilities may be available.
      204 Myrtle St SW, Rome, GA 30161
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    • $132,500
      5.16 Acres

      Wooded Land in Rome, GA

      Two wooded lots totaling 5.16 acres near Euharlee/Cartersville.
      Powell Rd, Rome, GA 30161
      View Details
    • $125,000
      1.63 Acres

      Residential Land in Rome, GA

      Wooded, estate-sized building lot near Downtown Rome.
      20 Covey Rise Dr NE, Rome, GA 30161
      View Details
    • $90,000
      1.06 Acres

      Residential Land in Rome, GA

      Wooded building lot in new subdivision near Downtown Rome.
      12 Covey Rise Dr NE, Rome, GA 30161
      View Details

    Similar Nearby for Sale

    • $249,000
      0.07 Acres

      Prime Commercial Land in Rome, GA

      Two adjoining parcels with high visibility on North Broad Street.
      1401 N Broad St NE, Rome, GA 30161
      View Details
    • $45,000
      0.56 Acres

      Residential Lot in Hampton East

      0.56-acre lot in Hampton East community, Rome, GA.
      Camelot Cir, Rome, GA 30161
      View Details
    • Contact for pricing
      0.25 Acres

      Residential Land in Rome, GA

      Prime building lot near downtown Rome, utilities may be available.
      204 Myrtle St SW, Rome, GA 30161
      View Details
    • $132,500
      5.16 Acres

      Wooded Land in Rome, GA

      Two wooded lots totaling 5.16 acres near Euharlee/Cartersville.
      Powell Rd, Rome, GA 30161
      View Details
    • $125,000
      1.63 Acres

      Residential Land in Rome, GA

      Wooded, estate-sized building lot near Downtown Rome.
      20 Covey Rise Dr NE, Rome, GA 30161
      View Details
    • $90,000
      1.06 Acres

      Residential Land in Rome, GA

      Wooded building lot in new subdivision near Downtown Rome.
      12 Covey Rise Dr NE, Rome, GA 30161
      View Details

    Similar Nearby for Lease

    • $4,400 /Mo
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      Office space for rent with utilities included in Rome.
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    • $2,500 /Mo
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    • $20 SF/Yr
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    • $20 SF/Yr
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      Renovated Cotton Warehouse Available

      Renovated commercial space in Rome, GA, starting at $20/sqft.
      314 E 1St Ave, Rome, GA 30161
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    • $6,834 /Mo
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      Retail Space with Drive-Thru

      2,000 SF retail space with drive-thru in Rome, GA.
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    • Contact for pricing
      568,516 SF

      Rome GA Warehouse Space

      Available warehouse space in Rome, Georgia totaling 568516 square feet.
      212 Burlington Rd NE, Rome, GA 30161
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    Rome, GA 30161
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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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