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 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.