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 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.