Multifamily Property for Sale in Jonesboro, GA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Jonesboro, GA 30236

Description

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. Investment Highlights: • Rare townhome product type with built-in rent premium and limited new supply • Demonstrated rent upside with minimal execution risk • Hartsfield-Jackson Proximity and Clayton County's Structural Employment Base • South Atlanta Multifamily Fundamentals Supported by Population Growth and Renter Demand

Market Context

This multifamily in Jonesboro, GA is listed for sale. It has been on the market for 68 days. Compare it against other multifamily listings for sale in Jonesboro, GA — <a href="/search/sale/multifamily/georgia/jonesboro">view the full market</a>.

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