Historic Midtown Garden District
For Sale
Contact for pricing
833 Monroe Dr NE, Atlanta, GA 30308
Charming 1920s fourplex near Atlanta BeltLine and Piedmont Park.
Property Size10,020 SF
Price / SF$192.12
Days on Market166
Property Features for 833 Monroe Dr NE
General Information
Standard status
Active
Size
10,020 SF
Property subtype
Multifamily
Zoning
Quadruplex
Occupancy
100%
Investment Type
Stabilized
Building Details
Year Built
1920
Buildings
1
Stories
2
Units
7
Tenancy
Multi
Listing Agency:
COMMERCIAL REAL ESTATE ASSOCIATES
Listed By:
Sam Yacoub · License #GA Lic. 406783
Source:
Crexi
Added: Mar 20
Changed: Aug 31
Last Checked: Jul 19 at 6:59AM
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 COMMERCIAL REAL ESTATE ASSOCIATES
Investment Insights
Based on property information with market context.
This historic four-unit multifamily property is located in Atlanta's Midtown Garden District, near the Atlanta BeltLine and Piedmont Park. Constructed in the 1920s, this Charleston-style fourplex offers investment potential. The property includes a large lot and features four spacious units with 10-foot ceilings, hardwood floors, decorative fireplaces, and natural light. Each unit has separate gas and electricity meters, central HVAC, and in-unit laundry. A private parking lot at the rear accommodates 7 vehicles. The property is located within walking distance of Ponce City Market, Trader Joe's, Whole Foods, restaurants, coffee shops, and entertainment, with a Walk Score of 91. The property has a new roof (2025) and new windows (2022-23). Most major systems have been replaced. This property is suitable for investors, owner-occupants, or those looking to expand their Atlanta multifamily portfolio.
Key Highlights
- Prime Midtown Garden District location: Steps from the Atlanta BeltLine and minutes from Piedmont Park, with a Walk Score of 91.
- Strong income potential: Four spacious units with separate meters, central HVAC, and in‑unit laundry for easy management.
- Rare large lot: Desirable for potential expansion in a high‑demand area.
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
$119,308
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
6.20%
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%
$2,386,160
$2.4M
Cap Rate 7%
$1,704,400
$1.7M
Cap Rate 9%
$1,325,644
$1.3M
Market Conditions
NOI Build-Up for 10,020 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
$180.4K $18.00/SF
− Vacancy
−$9.9K −$0.99/SF
EGI
$170.4K $17.01/SF
− OpEx
−$51.1K −$5.10/SF
NOI
$119.3K $11.91/SF
Area
Atlanta, GA
Vacancy
5.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,386,160
Cap Rate 7%
$1,704,400
Cap Rate 9%
$1,325,644
Alternative Uses
Best Use
Multifamily LT 5
$1.70M
$1.49M – $1.99M
NOI $119,308 @ 7.0% cap · market cap 6.20%
Second Best
Apartment 5plus
$1.58M
$1.38M – $1.84M
NOI $110,523 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$2.80M
$2.45M – $3.27M
NOI $196,068 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,791
Businesses Nearby
Explore this area
Business Placement
Demographics for 30308, GA
22,121
Population
16,007
Households
1.4
Avg Household Size
32
Median Age
74%
College-Educated
97%
High-School Grad
1.6 sq mi
ZIP Area
13,826
Density / Sq Mi
$82,420
Median Household Income
$64,696
Median Earnings
$1,824
Median Rent
$387,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Charming 1920s fourplex near Atlanta BeltLine and Piedmont Park.
Where is this quadplex located?
The property is located at 833 Monroe Dr NE Atlanta, GA.
What is the asking price?
The asking price for this property is $1,925,000.
What are key features of this property?
This property features: Prime Midtown Garden District location: Steps from the Atlanta BeltLine and minutes from Piedmont Park, with a Walk Score of 91.; Strong income potential: Four spacious units with separate meters, central HVAC, and in‑unit laundry for easy management.; Rare large lot: Desirable for potential expansion in a high‑demand area.
