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    Property profile & analytics

    1247 Joseph E Boone Blvd NW Atlanta, GA 30314

    • Garden apartment buildings
    • 10,440 SF
    • 2.10 lot acres
    For Sale
    View listing
    $6,400,000
    Value Estimations
    Cap Rate Potential
    6.9%
    Garden apartment buildings
    Location Intelligence
    Property ID
    US22-0624279
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Garden apartment buildings

    Property Details for 1247 Joseph E Boone Blvd NW

    Year built
    1960
    Construction
    WOOD
    Lot size
    2.10 lot acres
    Property size
    10,440 SF
    Zone code
    RG3
    Property type
    Garden apartment buildings
    APN
    14 014300100114
    APU
    14014300100114

    Description

    This exceptional 64-unit multifamily investment property, located at 1247 Joseph E. Boone Blvd NW in Atlanta, Georgia, presents a compelling value-add opportunity. The property, situated on a 3.74-acre lot (APN: 14 014300100114), comprises five, two-story buildings totaling 49,776 square feet. Built in 1960 and zoned RG-3, the property features a mix of one, two, and three-bedroom units, all equipped with central HVAC. Significant recent updates and partial renovations have already been completed, enhancing the property's appeal. Residents enjoy a gated community with a large internal grassy courtyard, a playground, a community garden, and a covered pavilion. The property's prime location offers convenient access to the future Westside BeltLine Trail, MARTA bus lines, and downtown Atlanta. Furthermore, its location within a Qualified Opportunity Zone presents additional investment incentives. This property is priced at $6,400,000 and represents a strong potential for significant returns through further value-add improvements and strategic property management. The property's amenities and location make it an attractive option for renters, ensuring strong occupancy rates and consistent cash flow. This is a rare opportunity to acquire a well-positioned multifamily asset in a rapidly growing area of Atlanta.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,675,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,920,000
      6.5%
      $1,770,000
      7%
      $1,645,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,014,000
      Market price range: $1.02M - $2.01M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Atlanta
    County
    Fulton
    State
    Georgia
    Longitude
    -84.4287
    Latitude
    33.7643
    CBSA code
    12060
    CBSA name
    ATLANTA-SANDY SPRINGS-MARIETTA, GA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $0.00
    $360,000
    $1,289,560
    $1,649,560
    -
    $900,000
    $3,223,900
    $4,123,900

    Comparable in this City

    • Value Estimation
      $675,000
      2,920 SF

      238 Elm NW St

      GARDEN APT, COURT APT (5+ UNITS) • 2,920 SF
      238 Elm NW St, Atlanta, GA 30314-3959
      View Details
    • Value Estimation by Request
      1,920 SF

      1013 Westmoor NW Dr

      GARDEN APT, COURT APT (5+ UNITS) • 1,920 SF
      1013 Westmoor NW Dr, Atlanta, GA 30314-2828
      View Details
    • Value Estimation
      $625,000
      3,936 SF

      497 Lindsay NW St

      GARDEN APT, COURT APT (5+ UNITS) • 3,936 SF
      497 Lindsay NW St, Atlanta, GA 30314-3260
      View Details
    • Value Estimation
      $575,000
      1,368 SF

      570 Thurmond NW St

      GARDEN APT, COURT APT (5+ UNITS) • 1,368 SF
      570 Thurmond NW St, Atlanta, GA 30314-4652
      View Details
    • Value Estimation by Request
      3,000 SF

      530 Lindsay NW St

      GARDEN APT, COURT APT (5+ UNITS) • 3,000 SF
      530 Lindsay NW St, Atlanta, GA 30314-3257
      View Details
    • Value Estimation
      $565,000
      4,320 SF

      530 Foundry NW St

      GARDEN APT, COURT APT (5+ UNITS) • 4,320 SF
      530 Foundry NW St, Atlanta, GA 30314-4663
      View Details

    Similar Nearby for Sale

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      Recently renovated 27-unit multifamily property in a convenient location.
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      Multifamily Near West BeltLine Trail

      64-unit multifamily property in Westside Atlanta near BeltLine Trail.
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    Similar Nearby for Lease

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      1,350 SF

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      Newer duplex with modern amenities, convenient location, and ample storage.
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      View Details
    • $2,650 /Mo
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      Sun-Filled Townhome-Style Duplex For Rent

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      View Details
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    Atlanta, GA 30314
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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