Four-Cottage Multifamily
For Sale
$1,135,000
1315 1317 Seiler Avenue, Savannah, GA 31404
Residential Income, Savannah, GA
Property Size3,675 SF
Lot Size0.23 Acres
Price / SF$308.84
Days on Market49
Property Features for 1315 1317 Seiler Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R6
Zoning description
Single Family
Bedrooms
9
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 8, Bathroom 1, Bedroom 9, Bedroom 1, Bathroom 5, Bedroom 7, Bedroom 3, Bedroom 6, Bedroom 4, Bathroom 3, Bathroom 6, Bathroom 4, Bathroom 2, Bedroom 2, Bedroom 5
Interior features
Ceiling Fan(s)
Appliances
Electric Water Heater, Dryer, Refrigerator, Washer
Subdivision
Oliver Ward
Directions
From Waters Avenue, go North. Right on Seiler or E 38th Street. Fig Commons is located in the combined 1315-1317 Seiler & 1314 E 38th Street Units A and B property.
Standard status
Active
APN
2006227043
Size
3,675 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 15, 16 & 17 BLOCK 18 OLIVER WARD
Tax Annual Amount
5747
Legal Description
LOTS 15, 16 & 17 BLOCK 18 OLIVER WARD
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Electric, Central Air
Water source
Public
Amenities
shared manicured green space
private outdoor living
Building Details
Year built
1933
Floors in Building
2
Number of units
1
Building materials
Aluminum Siding, Block, Concrete
Roof type
Composition
Listing Agency:
Laurie deVegter Real Estate
Listed By:
Laurie H. Devegter · License #264519
(912) 220-0957
Added: Jul 21
Changed: Sep 3
Last Checked: Sep 7 at 12:06PM
MLS# SA361028
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 multifamily property includes four detached cottage residences arranged around shared green space on a 0.2267-acre site. Two homes are identified as new construction, while the other two have undergone extensive renovation. The residences include central air, electric heat-pump systems, ceiling fans, and household appliances including refrigerators, washers, and dryers. The combined property contains 3,675 square feet and is served by public water and public sewer.
The property is located on Seiler Avenue in Savannah, near downtown, hospitals, SCAD, Truman Parkway, and neighborhood restaurants. An in-process condominium regime is anticipated for completion by October, subject to final recording and applicable approvals. The property is currently offered as one multifamily asset, with the source information identifying long-term rental operation, owner occupancy with leasing, and future individual home sales as potential approaches.
The property is located on Seiler Avenue in Savannah, near downtown, hospitals, SCAD, Truman Parkway, and neighborhood restaurants. An in-process condominium regime is anticipated for completion by October, subject to final recording and applicable approvals. The property is currently offered as one multifamily asset, with the source information identifying long-term rental operation, owner occupancy with leasing, and future individual home sales as potential approaches.
Key Highlights
- Four detached residential cottages on one 0.2267‑acre site
- Combined property size of 3,675 Square Feet
- Two homes are new construction and two have been extensively renovated
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
$36,136
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
3.18%
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%
$722,720
$722.7K
Cap Rate 7%
$516,229
$516.2K
Cap Rate 9%
$401,511
$401.5K
Market Conditions
NOI Build-Up for 3,675 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
$70.1K $19.08/SF
− Vacancy
−$4.4K −$1.20/SF
EGI
$65.7K $17.88/SF
− OpEx
−$29.6K −$8.05/SF
NOI
$36.1K $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%
$722,720
Cap Rate 7%
$516,229
Cap Rate 9%
$401,511
Alternative Uses
Best Use
Apartment 5plus
$516.2K
$451.7K – $602.3K
NOI $36,136 @ 7.0% cap · market cap 3.18%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.43M
$3.01M – $4.01M
NOI $240,417 @ 7.0% cap · market cap 21.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
537
Businesses Nearby
Explore this area
Business Placement
Demographics for 31404, GA
31,530
Population
14,427
Households
2.2
Avg Household Size
35
Median Age
28%
College-Educated
89%
High-School Grad
13.7 sq mi
ZIP Area
2,301
Density / Sq Mi
$49,805
Median Household Income
$31,620
Median Earnings
$1,199
Median Rent
$193,100
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?
Multifamily property - R6-zoned residential compound with separate homes, shared outdoor space, and public water and sewer service.
Where is this multifamily property located?
The property is located at 1315 1317 Seiler Avenue Savannah, GA.
What is the asking price?
The asking price for this property is $1,135,000.
What are key features of this property?
This property features: Four detached residential cottages on one 0.2267‑acre site; Combined property size of 3,675 Square Feet; Two homes are new construction and two have been extensively renovated
