Investment Overview

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 captures a rent premium over garden-style alternatives and is increasingly difficult to replicate at today’s construction costs. The property is offered at a target price of $5,999,999 — a deliberately sub-$6,000,000 price point that broadens the buyer universe and delivers one of the most compelling going-in cap rates in the South Atlanta multifamily market. The offering is further distinguished by an assumable first mortgage of $4,600,000 at a fixed rate of 6.50%, which, combined with the reduced purchase price, translates to an estimated equity requirement of approximately $1,680,000 — an exceptionally accessible check size for a 49-unit institutional-quality townhome asset.