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Monterey Townhomes 7234 Tara Blvd 49 Unit Apartment Building For Sale Jonesboro, GA 30236
Investment Highlights
- Rare townhome product type with built-in rent premium and limited new supply
- Hartsfield-Jackson Proximity and Clayton County’s Structural Employment Base
- Property has the ability to be sold as Condominiums
- Demonstrated rent upside with minimal execution risk
- South Atlanta Multifamily Fundamentals Supported by Population Growth and Renter Demand
Executive Summary
Marcus & Millichap is pleased to exclusively present for sale Monterey Townhomes, a 49-unit townhome community situated on 4.6 acres at 7234 Tara Boulevard in Jonesboro, Georgia. Built in 1972 and partially renovated in 2020, the property comprises six two-story residential buildings totaling 56,203 rentable square feet. Every unit is a two-bedroom, one-and-a-half-bath townhome averaging 1,147 square feet — a townhome configuration that commands a demonstrable premium over garden-style product and is increasingly difficult to replicate in today’s construction cost environment.
The asset is offered unpriced with pricing guidance of $6,200,000 – $6,500,000, reflecting $126,531 – $132,653 per unit and $110.31 – $115.65 per square foot. A critical feature of this offering is an assumable first mortgage of $4,600,000 — originated in October 2023 at a fixed rate of 6.50% — with an outstanding balance of approximately $4,508,000 and a maturity of October 2028. The assumable debt eliminates origination friction and delivers day-one financing certainty, while a planned refinance at loan maturity is projected to return approximately $661,000 in cash-out proceeds to the investor.
The asset is offered unpriced with pricing guidance of $6,200,000 – $6,500,000, reflecting $126,531 – $132,653 per unit and $110.31 – $115.65 per square foot. A critical feature of this offering is an assumable first mortgage of $4,600,000 — originated in October 2023 at a fixed rate of 6.50% — with an outstanding balance of approximately $4,508,000 and a maturity of October 2028. The assumable debt eliminates origination friction and delivers day-one financing certainty, while a planned refinance at loan maturity is projected to return approximately $661,000 in cash-out proceeds to the investor.
Property Facts
| Sale Type | Investment | Lot Size | 4.60 AC |
| No. Units | 49 | Building Size | 58,682 SF |
| Property Type | Multifamily | Average Occupancy | 96% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Townhome | Year Built/Renovated | 1972/2020 |
| Building Class | C | Parking Ratio | 1.23/1,000 SF |
| Zoning | MX | ||
| Sale Type | Investment |
| No. Units | 49 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 4.60 AC |
| Building Size | 58,682 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built/Renovated | 1972/2020 |
| Parking Ratio | 1.23/1,000 SF |
| Zoning | MX |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Microwave
- Heating
- Kitchen
- High Speed Internet Access
- Refrigerator
- Oven
- Tub/Shower
- Carpet
- Family Room
- Patio
- Smoke Free
- Window Coverings
Site Amenities
- 24 Hour Access
- Property Manager on Site
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 49 | - | 1,150 |
Fairly walkable
40/100
Exceptionally drivable
90/100
Limited public transit
30/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 13-0178A-00C-001 | Improvements Assessment | $1,422,360 |
| Land Assessment | $202,400 | Total Assessment | $1,624,760 |
Property Taxes
Parcel Number
13-0178A-00C-001
Land Assessment
$202,400
Improvements Assessment
$1,422,360
Total Assessment
$1,624,760
Contacts
-
Marco Welch -
Scott Spalding -
Joe Mitchell -
Metropolitan Multifamily & Investments
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Monterey Townhomes | 7234 Tara Blvd
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