Two-Bedroom
For Sale
$125,000
Pending
123 Spring Street, Savannah, GA 31408
Residential Income, Savannah, GA
Property Size1,092 SF
Lot Size0.30 Acres
Days on Market303
Property Features for 123 Spring Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R2
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 1
Appliances
Electric Water Heater
Directions
GA-25 N , turn right on Main street, turn left on US 80 E, Turn right on Spring St.
Standard status
Pending
APN
2071701001
Size
1,092 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LT 11 BLK 9 WOODVILLE
Tax Annual Amount
1197
Legal Description
LT 11 BLK 9 WOODVILLE
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Wall Furnace
Cooling system
Window Unit(s), Electric
Water source
Public
Building Details
Year built
1955
Floors in Building
1
Number of units
2
Building materials
Wood Siding
Listing Agency:
Neighborhood Realty
(912) 920-3338
Listed By:
Twana O. Nuniss · License #395507
(501) 541-2474
Added: Nov 1, 2025
Changed: Aug 24
Last Checked: Aug 30 at 6:06PM
MLS# SA343965
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex offers two bedrooms within 1,092 square feet on a 0.3-acre lot. The property was built in 1955 and features wood siding, electric heating through wall furnace and electric systems, and electric cooling through window units. An electric water heater serves the building.
The property is located in Savannah, Georgia, and has access to public water and public sewer. R2 zoning is in place for the residential property. The existing configuration, established utility connections, and lot area provide the core physical details for evaluating this multifamily asset.
The property is located in Savannah, Georgia, and has access to public water and public sewer. R2 zoning is in place for the residential property. The existing configuration, established utility connections, and lot area provide the core physical details for evaluating this multifamily asset.
Key Highlights
- Duplex with two bedrooms
- 1,092 square feet on a 0.3‑acre lot
- R2 zoning
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
$10,738
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
8.59%
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%
$214,760
$214.8K
Cap Rate 7%
$153,400
$153.4K
Cap Rate 9%
$119,311
$119.3K
Market Conditions
NOI Build-Up for 1,092 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
$20.8K $19.08/SF
− Vacancy
−$1.3K −$1.20/SF
EGI
$19.5K $17.88/SF
− OpEx
−$8.8K −$8.05/SF
NOI
$10.7K $9.83/SF
Area
Savannah, GA
Vacancy
6.30%
Lease Rate
$19.08 /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%
$214,760
Cap Rate 7%
$153,400
Cap Rate 9%
$119,311
Alternative Uses
Best Use
Multifamily LT 5
$165.4K
$144.7K – $193.0K
NOI $11,578 @ 7.0% cap · market cap 9.26%
Second Best
Apartment 5plus
$153.4K
$134.2K – $179.0K
NOI $10,738 @ 7.0% cap · market cap 8.59%
Theoretical Best
Warehouse
$1.02M
$893.0K – $1.19M
NOI $71,438 @ 7.0% cap · market cap 57.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
383
Businesses Nearby
Explore this area
Business Placement
Demographics for 31408, GA
11,790
Population
4,529
Households
2.6
Avg Household Size
36
Median Age
13%
College-Educated
82%
High-School Grad
21.1 sq mi
ZIP Area
559
Density / Sq Mi
$40,109
Median Household Income
$30,667
Median Earnings
$1,080
Median Rent
$160,600
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?
Duplex - R2-zoned residential property with public water and sewer service.
Where is this duplex located?
The property is located at 123 Spring Street Savannah, GA.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: Duplex with two bedrooms; 1,092 square feet on a 0.3‑acre lot; R2 zoning
