One-Story Brick
New
For Sale
$279,900
2221 & 2223 Delesseps Avenue, Savannah, GA 31404
Residential Income, Savannah, GA
Property Size1,592 SF
Lot Size0.22 Acres
Price / SF$175.82
Days on Market4
Property Features for 2221 & 2223 Delesseps Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R6
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 1, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 3
Parking features
Off Street
Fencing
Chain Link, Fenced
Appliances
Electric Water Heater
Subdivision
Laroche Park
Directions
From E. DeRenne Avenue, travel north on Skidaway Road. Turn left onto DeLesseps Avenue and continue to the property.
Standard status
Active
APN
2010312001
Size
1,592 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
19 21 BLK N LAROCHE PK SESSOMS W ARD
Tax Annual Amount
4420
Legal Description
19 21 BLK N LAROCHE PK SESSOMS W ARD
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1959
Floors in Building
1
Number of units
2
Flooring type
Carpet, Tile
Building materials
Brick
Listing Agency:
The Allen Real Estate Group
(912) 525-0545
Listed By:
Larry C. Allen · License #305104
(912) 596-1378
Added: Aug 27
Changed: Aug 28
Last Checked: Aug 30 at 7:06PM
MLS# SA363497
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 one-story duplex contains two separate 2-bedroom, 1-bath residences totaling 1,592 square feet. Both units are tenant-occupied, providing established rental activity, and the property is being sold as-is. Brick construction, carpet and tile flooring, central air, natural-gas heating, an electric water heater, and off-street parking are included. The 0.2172-acre parcel is fenced with chain-link fencing and served by public water and public sewer.
Located on DeLesseps Avenue in Savannah, the property provides access to Midtown, downtown Savannah, Truman Parkway, Savannah State University, medical facilities, shopping, and dining. The surrounding corridor also includes City improvements such as sidewalks, bike lanes, drainage, and upgraded pedestrian facilities. R6 zoning supports the residential duplex configuration.
Located on DeLesseps Avenue in Savannah, the property provides access to Midtown, downtown Savannah, Truman Parkway, Savannah State University, medical facilities, shopping, and dining. The surrounding corridor also includes City improvements such as sidewalks, bike lanes, drainage, and upgraded pedestrian facilities. R6 zoning supports the residential duplex configuration.
Key Highlights
- Two tenant‑occupied 2‑bedroom, 1‑bath units
- 1,592‑square‑foot one‑story duplex on a 0.2172‑acre lot
- Brick construction with central air and natural‑gas heating
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
$16,880
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
6.03%
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%
$337,600
$337.6K
Cap Rate 7%
$241,143
$241.1K
Cap Rate 9%
$187,556
$187.6K
Market Conditions
NOI Build-Up for 1,592 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
$25.8K $16.20/SF
− Vacancy
−$1.7K −$1.05/SF
EGI
$24.1K $15.15/SF
− OpEx
−$7.2K −$4.54/SF
NOI
$16.9K $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%
$337,600
Cap Rate 7%
$241,143
Cap Rate 9%
$187,556
Alternative Uses
Best Use
Multifamily LT 5
$241.1K
$211.0K – $281.3K
NOI $16,880 @ 7.0% cap · market cap 6.03%
Second Best
Apartment 5plus
$223.6K
$195.7K – $260.9K
NOI $15,654 @ 7.0% cap · market cap 5.59%
Theoretical Best
Warehouse
$1.49M
$1.30M – $1.74M
NOI $104,148 @ 7.0% cap · market cap 37.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
327
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 occupied residences offer separate leasing arrangements within a single-level masonry property.
Where is this duplex located?
The property is located at 2221 & 2223 Delesseps Avenue Savannah, GA.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Two tenant‑occupied 2‑bedroom, 1‑bath units; 1,592‑square‑foot one‑story duplex on a 0.2172‑acre lot; Brick construction with central air and natural‑gas heating
