Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    228 Morrow Rd Forest Park, GA 30297-2841

    • Garden apartment buildings
    • 596 SF
    • 57.40 lot acres
    OFF-MARKET
    Last Sale
    Oct 14, 2021
    $60,630,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US22-1119321
    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

    • Next Level HVAC/DUCT Cleaning / HVAC Service / General Contractor
    • Final Touch Shoeshine / (Bike/Boat/Book/etc) Store
    • Exquisite Cleaning / (Bike/Boat/Book/etc) Store
    • Heavenly Touch Hairroom / Restaurant
    • Redwood Ridge / Apartment Complex

    Property Details for 228 Morrow Rd

    Year built
    1970
    Lot size
    57.40 lot acres
    Property size
    596 SF
    Zone code
    RM
    Property type
    Garden apartment buildings
    APN
    13-109D- A-001
    APU
    13109DA001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      Off market

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $83,204,000
      Market price range: $31.7M - $83.2M
      AI Estimate
      $56,226,000
      Market price range: $1.79M - $56.2M

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

    Location Insight

    • Map
    • Local Demand
    City
    Forest Park
    County
    Clayton
    State
    Georgia
    Longitude
    -84.381
    Latitude
    33.5943
    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
    2024
    $786,560
    $1,492,400
    $18,669,600
    $20,162,000
    -
    $3,731,000
    $46,674,000
    $50,405,000

    Comparable in this City

    • Value Estimation
      $625,000
      105 SF

      4241 Hendrix Dr

      GARDEN APT, COURT APT (5+ UNITS) • 105 SF
      4241 Hendrix Dr, Forest Park, GA 30297-1266
      View Details
    • Value Estimation
      $11,000,000
      100 SF

      507 Georgia Ave

      GARDEN APT, COURT APT (5+ UNITS) • 100 SF
      507 Georgia Ave, Forest Park, GA 30297-6108
      View Details
    • Value Estimation
      $22,380,000
      250 SF

      4233 Jonesboro Rd

      GARDEN APT, COURT APT (5+ UNITS) • 250 SF
      4233 Jonesboro Rd, Forest Park, GA 30297-3525
      View Details
    • Value Estimation by Request
      32 SF

      260 Main St

      GARDEN APT, COURT APT (5+ UNITS) • 32 SF
      260 Main St, Forest Park, GA 30297-1765
      View Details
    • Value Estimation
      $865,000
      159 SF

      4735 Courtney Dr

      GARDEN APT, COURT APT (5+ UNITS) • 159 SF
      4735 Courtney Dr, Forest Park, GA 30297-3830
      View Details
    • Value Estimation
      $26,020,000
      5,626 SF

      4671 Courtney Dr

      GARDEN APT, COURT APT (5+ UNITS) • 5,626 SF
      4671 Courtney Dr, Forest Park, GA 30297-3829
      View Details

    Similar Nearby for Sale

    • $12,950,000

      Value-Add Multifamily Opportunity

      136-unit multifamily property in a high-growth area.
      4663-4771 Waldrop Dr, Forest Park, GA 30297
      View Details
    • $12,950,000

      Value-Add Multifamily Opportunity

      136-unit multifamily property in a high-growth area near Atlanta.
      4663-4771 Waldrop Dr, Forest Park, GA 30297
      View Details
    • $1,275,000
      0.92 Acres

      Forest Park Multifamily Investment Opportunity

      Renovated multifamily property with value-add potential near Atlanta airport.
      4843 Old Dixie Hwy, Forest Park, GA 30297
      View Details
    • $200,000
      0.32 Acres

      Duplex in Forest Park, GA

      Well-maintained duplex with tenants, offering immediate cash flow.
      5014 Park Ave, Forest Park, GA 30297
      View Details
    • $599,000
      0.47 Acres

      Forest Park Multifamily Investment Opportunity

      Four-unit building in a 20-unit complex with recent upgrades.
      559 Evergreen Ter, Forest Park, GA 30297
      View Details
    • $995,000
      23.38 Acres

      Forest Park Mixed-Use Land Assembly

      23-Acre Mixed-Use Development Opportunity
      0 Holiday Blvd, Forest Park, GA 30297
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Spacious Forest Park Duplex Unit

      Upstairs 3-bedroom, 2-bathroom duplex in convenient Forest Park location.
      1122 Elaine Dr, Forest Park, GA 30297
      View Details
    • Contact for pricing
      10,000 SF

      Forest Parkway Industrial Property

      ±10,000 SF Flex Space, 2.5 Acres
      349 Forest Pkwy, Forest Park, GA 30297
      View Details
    • Contact for pricing
      50,135 SF

      Forest Park Warehouse Space Available

      Georgia industrial warehouse, multiple suites.
      5442 Frontage Rd, Forest Park, GA 30297
      View Details
    • Contact for pricing
      14,900 SF

      Forest Park Retail Center

      Jonesboro Road, 7,300 SF Available
      4467-4493 Jonesboro Rd, Forest Park, GA 30297
      View Details
    • $7,534 /Mo
      29,359 SF

      Prime Commercial Building on Parkway

      High-traffic location with roll-up door and ample parking.
      713 Forest Pkwy, Forest Park, GA 30297
      View Details
    • $1,350 /Mo

      Retail Storefront in Global Plaza

      Versatile retail space in a high-traffic shopping center.
      4035 Jonesboro Rd, Forest Park, GA 30297
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    228 Morrow Rd
    Forest Park, GA 30297-2841
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!