Two-Unit Duplex with Hardwood
For Sale
$479,900
Pending
511 E 34th Street, Savannah, GA 31401
Residential Income, Savannah, GA
Property Size2,040 SF
Lot Size0.06 Acres
Days on Market172
Property Features for 511 E 34th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
TN-2
Zoning description
Multi Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 2
Parking features
On Street, Off Street
Patio and Porch features
Porch, Patio
Exterior features
Balcony
Fencing
Privacy
Appliances
Electric Water Heater
Subdivision
Gartland Ward
Directions
From E Victory Dr, turn onto Habersham St towards downtown, right onto E 34th St
Standard status
Pending
APN
20064 12006
Size
2,040 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 156 GARTLAND WARD
Tax Annual Amount
5696
Legal Description
LOT 156 GARTLAND WARD
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Central, Forced Air, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Hardwood
Building materials
Concrete
Roof type
Asphalt
Listing Agency:
Keller Williams Coastal Area P · Keller Williams Realty
(912) 356-5001
Listed By:
Chandie W. Hupman · License #268856
(912) 398-1224
Added: Mar 12
Changed: Aug 28
Last Checked: Aug 30 at 11:06AM
MLS# SA350983
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 separate residences within a 2,040-square-foot property. Each unit includes 2 bedrooms and 1 full bathroom, with the lower residence arranged on the main floor and the second positioned upstairs. Hardwood flooring, concrete construction, central air, forced-air heating, an electric heat pump, and an electric water heater are among the property features. Outdoor elements include a balcony, patio, porch, privacy fencing, and both on-street and off-street parking.
The property is located at 511 E 34th Street in Savannah’s Thomas Square neighborhood, within ZIP Code 31401 and Chatham County. Public water and sewer serve the property, and the roof is asphalt. Both residences are currently leased. The property is eligible for an owner-occupied STVR permit, subject to local regulations and permitting requirements. TN-2 zoning applies.
The property is located at 511 E 34th Street in Savannah’s Thomas Square neighborhood, within ZIP Code 31401 and Chatham County. Public water and sewer serve the property, and the roof is asphalt. Both residences are currently leased. The property is eligible for an owner-occupied STVR permit, subject to local regulations and permitting requirements. TN-2 zoning applies.
Key Highlights
- 2,040‑square‑foot duplex with two separate residences
- Each unit has 2 bedrooms and 1 full bathroom
- Main‑floor lower unit plus an upstairs second residence
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
$21,630
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
4.51%
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%
$432,600
$432.6K
Cap Rate 7%
$309,000
$309.0K
Cap Rate 9%
$240,333
$240.3K
Market Conditions
NOI Build-Up for 2,040 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
$33.0K $16.20/SF
− Vacancy
−$2.1K −$1.05/SF
EGI
$30.9K $15.15/SF
− OpEx
−$9.3K −$4.54/SF
NOI
$21.6K $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%
$432,600
Cap Rate 7%
$309,000
Cap Rate 9%
$240,333
Alternative Uses
Best Use
Multifamily LT 5
$309.0K
$270.4K – $360.5K
NOI $21,630 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$286.6K
$250.7K – $334.3K
NOI $20,059 @ 7.0% cap · market cap 4.18%
Theoretical Best
Warehouse
$1.91M
$1.67M – $2.22M
NOI $133,456 @ 7.0% cap · market cap 27.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,683
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 - Separate residences span two levels, with each offering a practical layout for residential occupancy.
Where is this duplex located?
The property is located at 511 E 34th Street Savannah, GA.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: 2,040‑square‑foot duplex with two separate residences; Each unit has 2 bedrooms and 1 full bathroom; Main‑floor lower unit plus an upstairs second residence
