Renovated Duplex with Finished
For Sale
$359,000
Pending
1321/1323 E 55th Street, Savannah, GA 31404
Residential Income, Savannah, GA
Property Size1,655 SF
Lot Size0.23 Acres
Days on Market37
Property Features for 1321/1323 E 55th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R4
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2
Fencing
Chain Link
Appliances
Electric Water Heater
Subdivision
Edgemere Sub
Directions
Right on E 55th Street
Standard status
Pending
APN
2009720006
Size
1,655 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 143 EDGEMERE SUB WILKINS WD
Tax Annual Amount
2364
Legal Description
LOT 143 EDGEMERE SUB WILKINS WD
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Amenities
permanent storage shed/workshop
Building Details
Year built
1944
Floors in Building
1
Building materials
Wood Siding
Listing Agency:
eXp Realty LLC
(888) 959-9461
Listed By:
Christopher J. Edenfield · License #449167
(478) 951-9532
Added: Jul 31
Changed: Aug 19
Last Checked: Sep 5 at 4:06AM
MLS# SA361752
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 1,655-square-foot duplex contains two separately metered residences, each with two bedrooms and one bathroom. One unit includes a dedicated dining room, while the other provides a finished attic that can serve as additional living or storage space. Improvements include updated electrical, HVAC systems, kitchens with new cabinetry and countertops, new flooring, interior and exterior paint, and professional landscaping.
The property occupies 0.23 acres and includes an oversized fenced backyard, permanent storage shed/workshop, and off-street parking. Public water and sewer serve the site, with central air conditioning and electric heat pump systems. Located less than one mile from Daffin Park, approximately 10 minutes from Downtown Savannah, and near Memorial Health, the property is zoned R4 and was built in 1944.
The property occupies 0.23 acres and includes an oversized fenced backyard, permanent storage shed/workshop, and off-street parking. Public water and sewer serve the site, with central air conditioning and electric heat pump systems. Located less than one mile from Daffin Park, approximately 10 minutes from Downtown Savannah, and near Memorial Health, the property is zoned R4 and was built in 1944.
Key Highlights
- 1,655‑square‑foot duplex with two separately metered units
- Each residence includes 2 bedrooms and 1 bathroom
- One unit has a dedicated dining room; the other features a finished attic
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
$17,548
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
4.89%
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%
$350,960
$351.0K
Cap Rate 7%
$250,686
$250.7K
Cap Rate 9%
$194,978
$195.0K
Market Conditions
NOI Build-Up for 1,655 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
$26.8K $16.20/SF
− Vacancy
−$1.7K −$1.05/SF
EGI
$25.1K $15.15/SF
− OpEx
−$7.5K −$4.54/SF
NOI
$17.5K $10.60/SF
Area
Savannah, GA
Vacancy
6.50%
Lease Rate
$16.20 /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%
$350,960
Cap Rate 7%
$250,686
Cap Rate 9%
$194,978
Alternative Uses
Best Use
Multifamily LT 5
$250.7K
$219.4K – $292.5K
NOI $17,548 @ 7.0% cap · market cap 4.89%
Second Best
Apartment 5plus
$232.5K
$203.4K – $271.2K
NOI $16,273 @ 7.0% cap · market cap 4.53%
Theoretical Best
Warehouse
$1.55M
$1.35M – $1.80M
NOI $108,269 @ 7.0% cap · market cap 30.16%
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
954
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?
Duplex - Two separately metered units offer updated interiors and off-street parking.
Where is this duplex located?
The property is located at 1321/1323 E 55th Street Savannah, GA.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: 1,655‑square‑foot duplex with two separately metered units; Each residence includes 2 bedrooms and 1 bathroom; One unit has a dedicated dining room; the other features a finished attic
