Renovated 40-Unit Apartment
New
For Sale
$4,600,000
1931 Joseph E Boone Blvd NW, Atlanta, GA 30314
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$320.51
Days on Market7
Property Features for 1931 Joseph E Boone Blvd NW
General Information
Standard status
Active
Size
14,352 SF
Lot size
1.02 Acres
Property subtype
MultiFamily Apartments
Zoning
RG-3
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
40 x 1BR/1BA
Multifamily Units
40
Amenities
central air conditioning
on-site laundry room
separately metered electric service
Building Details
Building Size
14,352 SF
Year Built
1965
Year Renovated
2023
Buildings
2
Stories
2
Listing Agency:
Bull Realty
(404) 876-1640
Listed By:
Andy Lundsberg · License #256959
(404) 876-1640
Source:
Thebrokerlist
Added: Aug 2
Changed: Aug 3
Last Checked: Aug 8 at 2:38AM
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
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$158,306
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.44%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.01M
$3.51M – $4.68M
NOI $280,835 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 $4,600,000.
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
