210 E 2nd Ave
Office | 30,000 SqFt
Marketing description
210 E 2nd Ave is widely considered to be among the highest quality office buildings in the Rome, GA
market. Originally constructed as a clothing mill (Rome Manufacturing Company), the property
represents an opportunity to acquire one of Rome’s premier office buildings and immediately add value
to the project.
Centrally located just off of the banks of the Etowah River in downtown Rome, GA, 210 E 2nd is roughly
61% leased to a diverse tenant mix in an unparalleled location. Nearly all of the existing office leases
are below market rents, only one recently signed lease has more than two years of remaining lease
term, and very few existing leases contain annual escalations or operating expense pass-throughs; all
factors granting a purchaser the ability to immediate increase value by rolling existing leases and or
signing new leases at market terms. In addition to prime downtown office space, the asset also
features a masterfully crafted apartment that could be condominiumized and sold to lower basis. The
rent roll benefits from two credit tenants, Webb Creek Management (7,608 sq. ft.) and Davis Lucas and
Carter (5,550 sq. ft.)
Investment highlights
VALUE-ADD OPPORTUNITY, DIVERSE TENANT MIX
210 E 2nd Ave represents an immediate value-add opportunity. The asset is currently 61.4% leased to a diverse tenant roster inclusive of law firms Davis, Lucas, and Carter and Smith and Wright, and business management consultant Webb Creek Management. 210 2nd Ave features short remaining lease term and below market rents, providing a pathway to increase rental income via rolling leases to market at expiration or bringing in new tenants to Rome’s premier office building. Furthermore, the building features a masterfully built residential suite, and a condominiumization and subsequent sale allows a potential purchaser to greatly lower basis in the asset.
BEST IN-CLASS ASSET, PRIME DOWNTOWN LOCATION
Originally constructed in 1926, the asset has been masterfully maintained and is widely regarded as one of the highest quality office buildings in Rome. The asset boasts high ceilings, ornate hardwood flooring and brick walls, with some offices renovated for a more modern feel. In addition to the exceptional buildout quality, the two assets are located in the heart of historic downtown Rome, boasting multiple walkable dining and retail options.
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