Five-Unit Apartment
For Sale
$560,000
1703 Reynolds Street, Savannah, GA 31401
MULTI_FAMILY - Savannah, GA
Property Size3,408 SF
Lot Size0.25 Acres
Price / SF$164.32
Days on Market117
Property Features for 1703 Reynolds Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM25
Bedrooms
11
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 7, Bathroom 3, Bedroom 4, Bathroom 1, Bedroom 3, Bathroom 5, Bedroom 11, Bedroom 2, Bedroom 5, Bedroom 1, Bedroom 6, Bedroom 9, Bedroom 10, Bathroom 2, Bathroom 4, Bedroom 8
Appliances
Electric Water Heater
Subdivision
Schwarz Ward
Directions
East on Anderson. Make are right on Reynolds. Property is on the right.
Standard status
Active
APN
2005427010
Size
3,408 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 36 THRU 39 & THE SOUTHERN PT OF LOT 35 SCHWARZ WD
Tax Annual Amount
8955
Legal Description
LOTS 36 THRU 39 & THE SOUTHERN PT OF LOT 35 SCHWARZ WD
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1900
Floors in Building
1
Building materials
Frame
Listing Agency:
Doris Thomas Realty, Inc
(912) 355-0294
Listed By:
David Thomas · License #177638
(912) 272-3438
Added: Apr 16
Changed: Aug 5
Last Checked: Aug 10 at 12:06PM
MLS# SA354372
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 five-unit income-producing apartment building is configured as a duplex and is fully rented, supporting immediate rent collections for the next owner. Recent updates and repairs have been completed, with renovations finished within the last two years. The property sits on a large lot (0.248 acres) with room to add another building.
Constructed with frame construction and built in 1900, the building totals 3,408 square feet. Tenant comfort features include central air conditioning and electric baseboard heat, along with an electric water heater. Utilities are available through public water and public sewer.
Zoned RM25, the property is offered for sale as a turnkey multi-family option in Savannah.
Constructed with frame construction and built in 1900, the building totals 3,408 square feet. Tenant comfort features include central air conditioning and electric baseboard heat, along with an electric water heater. Utilities are available through public water and public sewer.
Zoned RM25, the property is offered for sale as a turnkey multi-family option in Savannah.
Key Highlights
- Five units configured as a duplex and fully rented for immediate rent collections
- Renovated within the last two years with recent updates and repairs completed
- 0.248‑acre lot with room to add another building
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
$33,510
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
5.98%
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%
$670,200
$670.2K
Cap Rate 7%
$478,714
$478.7K
Cap Rate 9%
$372,333
$372.3K
Market Conditions
NOI Build-Up for 3,408 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
$65.0K $19.08/SF
− Vacancy
−$4.1K −$1.20/SF
EGI
$60.9K $17.88/SF
− OpEx
−$27.4K −$8.05/SF
NOI
$33.5K $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%
$670,200
Cap Rate 7%
$478,714
Cap Rate 9%
$372,333
Alternative Uses
Best Use
Apartment 5plus
$478.7K
$418.9K – $558.5K
NOI $33,510 @ 7.0% cap · market cap 5.98%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.18M
$2.79M – $3.72M
NOI $222,950 @ 7.0% cap · market cap 39.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,506
Businesses Nearby
Explore this area
Business Placement
Demographics for 31401, GA
22,927
Population
11,832
Households
1.9
Avg Household Size
28
Median Age
48%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
6,743
Density / Sq Mi
$50,182
Median Household Income
$27,309
Median Earnings
$1,428
Median Rent
$477,600
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?
Apartment building - Zoned RM25 and fully rented; renovated within the last two years and configured as a duplex for flexible occupancy.
Where is this apartment building located?
The property is located at 1703 Reynolds Street Savannah, GA.
What is the asking price?
The asking price for this property is $560,000.
What are key features of this property?
This property features: Five units configured as a duplex and fully rented for immediate rent collections; Renovated within the last two years with recent updates and repairs completed; 0.248‑acre lot with room to add another building
