Renovated Duplex with
For Sale
$450,000
2304 Reynolds Street, Savannah, GA 31401
Residential Income, Savannah, GA
Property Size2,444 SF
Lot Size0.08 Acres
Price / SF$184.12
Days on Market76
Property Features for 2304 Reynolds Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R4
Bedrooms
8
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 7, Bathroom 2, Bedroom 3, Bedroom 8, Bathroom 1, Bedroom 4, Bedroom 5, Bedroom 1, Bedroom 6, Bedroom 2
Parking features
On Street, Off Street
Patio and Porch features
Porch, Deck
Interior features
Ceiling Fan(s)
Exterior features
Deck
Fencing
Fenced, Chain Link
Appliances
Dryer, Dishwasher, Electric Water Heater, Oven, Range, Washer, Refrigerator
Subdivision
Garrard Ward
Lot features
City Lot
Directions
Victory Drive take Reynolds North
Standard status
Active
APN
2007507002
Size
2,444 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
S PT OF LTS 1 THRU 3 BLK 18 GARRARD WD
Tax Annual Amount
3235
Legal Description
S PT OF LTS 1 THRU 3 BLK 18 GARRARD WD
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Amenities
front porch
back deck
private fenced yard
Building Details
Year built
1920
Floors in Building
2
Architectural style
Other
Listing Agency:
Keller Williams Coastal Area P · Keller Williams Realty
(912) 356-5001
Listed By:
A. Lindsey Adams · License #288930
(912) 313-9756
Added: Jun 16
Changed: Aug 19
Last Checked: Aug 30 at 8:06AM
MLS# SA358443
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 contains two residential units, each arranged with 4 bedrooms and 1 bathroom. The 2,444-square-foot property was built in 1920 and includes a renovated downstairs unit with a new bathroom. Outdoor features include a front porch, back deck, and private fenced yard, while the upper unit also has a front porch. Interior and building systems include ceiling fans, electric heat-pump heating, central air, and an electric water heater. Appliances include washers, dryers, refrigerators, dishwashers, ovens, and ranges.
The property occupies 0.078 acres at 2304 Reynolds Street in Savannah, with R4 zoning. Parking includes both on-street and off-street options. Public water and public sewer serve the property, and cable is available. The upstairs tenancy has been renewed for another year.
The property occupies 0.078 acres at 2304 Reynolds Street in Savannah, with R4 zoning. Parking includes both on-street and off-street options. Public water and public sewer serve the property, and cable is available. The upstairs tenancy has been renewed for another year.
Key Highlights
- Two‑unit duplex with 4 bedrooms and 1 bathroom per unit
- 2,444 square feet on a 0.078‑acre lot
- Downstairs unit renovated with a new bathroom
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
$25,913
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
5.76%
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%
$518,260
$518.3K
Cap Rate 7%
$370,186
$370.2K
Cap Rate 9%
$287,922
$287.9K
Market Conditions
NOI Build-Up for 2,444 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
$39.6K $16.20/SF
− Vacancy
−$2.6K −$1.05/SF
EGI
$37.0K $15.15/SF
− OpEx
−$11.1K −$4.54/SF
NOI
$25.9K $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%
$518,260
Cap Rate 7%
$370,186
Cap Rate 9%
$287,922
Alternative Uses
Best Use
Multifamily LT 5
$370.2K
$323.9K – $431.9K
NOI $25,913 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$343.3K
$300.4K – $400.5K
NOI $24,032 @ 7.0% cap · market cap 5.34%
Theoretical Best
Warehouse
$2.28M
$2.00M – $2.66M
NOI $159,885 @ 7.0% cap · market cap 35.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,102
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer updated lower-level finishes, porches, a deck, and a fenced yard.
Where is this duplex located?
The property is located at 2304 Reynolds Street Savannah, GA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑unit duplex with 4 bedrooms and 1 bathroom per unit; 2,444 square feet on a 0.078‑acre lot; Downstairs unit renovated with a new bathroom
