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Monterey Townhomes 7234 Tara Blvd 49 Unit Apartment Building $5,800,000 ($118,367/Unit) Jonesboro, GA 30236
Investment Highlights
- ?Exceptional Entry Basis at $5,800,000 — $118,367 Per Unit
- Demonstrated Rent Upside with Minimal Execution Risk
- Rare Townhome Product with Built-In Rent Premium and Limited New Supply
- Hartsfield-Jackson Proximity and Clayton County’s Structural Employment Base
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 product type that consistently commands a rent premium over garden-style alternatives and is increasingly difficult to replicate at today’s construction costs and land values.
The property is offered at $5,800,000 — $118,367 per unit and $103.19 per square foot — delivering a going-in cap rate of 7.47% on trailing NOI and 8.39% on pro forma NOI. The offering is further distinguished by an assumable first mortgage of $4,600,000 at a fixed rate of 6.50%, which at the new price represents approximately 79.3% LTV and results in an estimated equity requirement of approximately $1,289,000 — one of the most accessible institutional townhome equity checks currently available in the Atlanta MSA.
The property is offered at $5,800,000 — $118,367 per unit and $103.19 per square foot — delivering a going-in cap rate of 7.47% on trailing NOI and 8.39% on pro forma NOI. The offering is further distinguished by an assumable first mortgage of $4,600,000 at a fixed rate of 6.50%, which at the new price represents approximately 79.3% LTV and results in an estimated equity requirement of approximately $1,289,000 — one of the most accessible institutional townhome equity checks currently available in the Atlanta MSA.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $5,800,000 | Building Class | C |
| Price Per Unit | $118,367 | Lot Size | 4.60 AC |
| Sale Type | Investment | Building Size | 58,682 SF |
| No. Units | 49 | Average Occupancy | 96% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1972/2020 |
| Apartment Style | Townhome | Parking Ratio | 1.23/1,000 SF |
| Zoning | MX | ||
| Price | $5,800,000 |
| Price Per Unit | $118,367 |
| 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 | Total Assessment | $1,624,760 (2025) |
| Land Assessment | $202,400 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,422,360 (2025) | Tax Year | 2026 Payable 2026 |
Property Taxes
Parcel Number
13-0178A-00C-001
Land Assessment
$202,400 (2025)
Improvements Assessment
$1,422,360 (2025)
Total Assessment
$1,624,760 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026 Payable 2026
Contacts
-
Marco Welch -
Scott Spalding -
Joe Mitchell -
Harold Shepard -
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Monterey Townhomes | 7234 Tara Blvd
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