Brick Quadplex with Covered
For Sale
$525,000
2511 Oak Forest Drive, Savannah, GA 31404
Residential Income, Savannah, GA
Property Size3,190 SF
Lot Size0.19 Acres
Price / SF$164.58
Days on Market52
Property Features for 2511 Oak Forest Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
I-P
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 7, Bedroom 2, Bathroom 4, Bedroom 8, Bedroom 1, Bathroom 1, Bedroom 6, Bathroom 3, Bedroom 3, Bedroom 4, Bedroom 5, Bathroom 2
Parking features
Off Street
Patio and Porch features
Patio, Porch
Fencing
Fenced, Chain Link
Appliances
Electric Water Heater, Oven, Range, Refrigerator
Subdivision
Oak Forest Sub
Directions
DeRenne Ave. east to LaRoche Ave.; north on LaRoche. Oak Forest Dr. is the first street on the right. Property is on the right.
Standard status
Active
APN
1036702023
Size
3,190 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 12 OAK FOREST SUB PH 2
Tax Annual Amount
4116
Legal Description
LOT 12 OAK FOREST SUB PH 2
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Amenities
covered front porches
Building Details
Year built
1978
Floors in Building
2
Number of units
4
Flooring type
Vinyl
Building materials
Brick
Listing Agency:
Better Homes and Gardens Real
(912) 303-8405
Listed By:
Christopher C. Anderson · License #439242
(912) 237-9619
Added: Aug 12
Changed: Sep 22
Last Checked: Oct 2 at 12:06AM
MLS# SA362686
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 3,190-square-foot brick quadplex contains four separately configured units, each with a two-bedroom, one-bath layout. Three units are leased, while the fourth is available for occupancy. The building was constructed in 1978 and includes vinyl flooring, central heating and cooling, electric service, public water, and public sewer. Each apartment is equipped with an oven, range, refrigerator, and electric water heater.
The property occupies 0.19 acres just outside Savannah city limits and includes off-street parking, covered front porches, a patio, and chain-link fencing. Savannah State University, shopping, restaurants, hospitals, and major commuter routes are identified nearby. The property carries I-P zoning.
The property occupies 0.19 acres just outside Savannah city limits and includes off-street parking, covered front porches, a patio, and chain-link fencing. Savannah State University, shopping, restaurants, hospitals, and major commuter routes are identified nearby. The property carries I-P zoning.
Key Highlights
- Four‑unit quadplex with 2‑bedroom, 1‑bath layouts
- 3 units leased and 1 unit available
- 3,190 square feet on 0.19 acres
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
$33,823
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
6.44%
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%
$676,460
$676.5K
Cap Rate 7%
$483,186
$483.2K
Cap Rate 9%
$375,811
$375.8K
Market Conditions
NOI Build-Up for 3,190 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
$51.7K $16.20/SF
− Vacancy
−$3.4K −$1.05/SF
EGI
$48.3K $15.15/SF
− OpEx
−$14.5K −$4.54/SF
NOI
$33.8K $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%
$676,460
Cap Rate 7%
$483,186
Cap Rate 9%
$375,811
Alternative Uses
Best Use
Multifamily LT 5
$483.2K
$422.8K – $563.7K
NOI $33,823 @ 7.0% cap · market cap 6.44%
Second Best
Apartment 5plus
$448.1K
$392.1K – $522.8K
NOI $31,367 @ 7.0% cap · market cap 5.97%
Theoretical Best
Warehouse
$2.98M
$2.61M – $3.48M
NOI $208,688 @ 7.0% cap · market cap 39.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
224
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Quadplex - Four two-bedroom units include off-street parking, covered porches, and one currently available apartment.
Where is this quadplex located?
The property is located at 2511 Oak Forest Drive Savannah, GA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Four‑unit quadplex with 2‑bedroom, 1‑bath layouts; 3 units leased and 1 unit available; 3,190 square feet on 0.19 acres
