Renovated 40-Unit Apartment
1931 Joseph E Boone Blvd NW, Atlanta, GA 30314
For Sale
$4,000,000
Forty one-bedroom apartments offer central air conditioning, on-site laundry, and separately metered electric service.
Property Size14,352 SF
Lot Size1.02 Acres
Price / SF$278.71
Days on Market102
Property Features for 1931 Joseph E Boone Blvd NW
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Site & Location
Neighborhood
Highway Access
Road Access
Public Transit
Utilities to Site
Units
Unit Mix
Multifamily Units
Amenities
central air conditioning
on-site laundry room
separately metered electric service
Building Details
Building Size
Year Built
Year Renovated
Buildings
Stories
Listing Agency:
Bull Realty
Listed By:
Andy Lundsberg · License GA #256959
(404) 876-1640
Source:
Thebrokerlist
Added: Aug 2
Changed: Oct 25
Last Checked: Nov 10 at 5:11AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bull Realty
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Investment Insights
Based on property information with market context.
This apartment property comprises 40 one-bedroom, one-bath units across two two-story buildings totaling approximately ±14,352 SF on approximately 1.02 acres. Constructed in 1965 and renovated in 2023, the community includes central air conditioning throughout, an on-site laundry room, and separately metered electric service. The property is all electric with no gas service and is zoned RG-3.
The community is located at 1931 Joseph E Boone Blvd NW in Atlanta’s Westside submarket. Its location provides access to I-20 and I-285, with proximity to Downtown Atlanta, the Atlanta University Center, MARTA, Mercedes-Benz Stadium, employment centers, and neighborhood amenities.
The community is located at 1931 Joseph E Boone Blvd NW in Atlanta’s Westside submarket. Its location provides access to I-20 and I-285, with proximity to Downtown Atlanta, the Atlanta University Center, MARTA, Mercedes-Benz Stadium, employment centers, and neighborhood amenities.
Key Highlights
- 40‑unit apartment community with 1BR/1BA layouts
- Two two‑story buildings totaling ±14,352 SF
- Approximately 1.02 acres at 1931 Joseph E Boone Blvd NW
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$158,306
Cap Rate
3.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,166,120
$3.2M
Cap Rate 7%
$2,261,514
$2.3M
Cap Rate 9%
$1,758,956
$1.8M
Market Conditions
NOI Build-Up for 14,352 SF
Gross rent
$301.4K $21.00/SF
− Vacancy
−$13.6K −$0.95/SF
EGI
$287.8K $20.06/SF
− OpEx
−$129.5K −$9.02/SF
NOI
$158.3K $11.03/SF
Area
Atlanta, GA
Vacancy
4.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,166,120
Cap Rate 7%
$2,261,514
Cap Rate 9%
$1,758,956
Alternative Uses
Best Use
Apartment 5plus
$2.26M
$1.98M – $2.64M
NOI $158,306 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.01M
$3.51M – $4.68M
NOI $280,835 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Lease Details
40
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
240
Businesses Nearby
Explore this area
Business Placement
Demographics for 30314, GA
20,598
Population
9,900
Households
2.1
Avg Household Size
29
Median Age
30%
College-Educated
84%
High-School Grad
4.6 sq mi
ZIP Area
4,478
Density / Sq Mi
$36,870
Median Household Income
$24,810
Median Earnings
$991
Median Rent
$210,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Atlanta, GA
Properties on Market for Apartment buildings in Atlanta
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Forty one-bedroom apartments offer central air conditioning, on-site laundry, and separately metered electric service.
Where is this apartment building located?
The property is located at 1931 Joseph E Boone Blvd NW Atlanta, GA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 40‑unit apartment community with 1BR/1BA layouts; Two two‑story buildings totaling ±14,352 SF; Approximately 1.02 acres at 1931 Joseph E Boone Blvd NW
