Monterey Townhomes
Possible Condo Conversion
Marketing description
Multifamily • 49 Units •
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. 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.
- View Listing: https://www.marcusmillichap.com/properties/185745/monterey-townhomes
- For more information, contact Marco Welch at [email protected] or (678) 808-2735.
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
- Atlanta MSA Multifamily Fundamentals Supported by Population Growth and Renter Demand
- HOA documents already drafted and approved for Condo Conversion
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