Restored Colonial
For Sale
Under Contract
$485,700
90 Varnedoe Avenue, Savannah, GA 31408
Residential Income, Savannah, GA
Property Size1,930 SF
Lot Size0.75 Acres
Price / SF$251.66
Days on Market126
Property Features for 90 Varnedoe Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 1
Parking features
RV
Window features
Double Pane Windows
Patio and Porch features
Patio, Deck, Porch
Interior features
Ceiling Fan(s)
Exterior features
Deck
Fencing
Privacy
Appliances
Disposal, Gas Water Heater, Oven, Plumbed For Ice Maker, Range, Refrigerator
Subdivision
Industrial City Gardens
Lot features
City Lot
Directions
Hwy 21N to Right on Rommell Ave, Right on Varnedoe Ave, Home on Left. Sign in Yard.
Standard status
Active Under Contract
APN
60009 03002
Size
1,930 SF
Lot size
0.75 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 12 SUB OF 61 THRU 75 IND CIT Y GDNS
Tax Annual Amount
1709
Legal Description
LOT 12 SUB OF 61 THRU 75 IND CIT Y GDNS
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Central Air, Electric
Water source
Public
Amenities
circular driveway
original hardwood floors
9' ceilings
renovated kitchen
walk-in shower
laundry area
private entrance
RV ready
EV pre-wiring
Building Details
Year built
1935
Floors in Building
1
Number of units
2
Flooring type
Tile, Vinyl
Building materials
Frame, Metal Siding
Roof type
Composition
Architectural style
Colonial
Listing Agency:
Next Move Real Estate LLC
(912) 295-5807
Listed By:
Scotti Moore · License #331532
(912) 272-8600
Added: Apr 27
Changed: Aug 30
Last Checked: Aug 30 at 8:06PM
MLS# SA354794
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 Colonial-style duplex pairs a restored primary residence with a separate carriage house. The main dwelling contains 1,410 square feet, three bedrooms, two full bathrooms, a renovated kitchen, original pine and hardwood flooring, 9' ceilings, plasterwork, picture rails, and a dedicated laundry area. The 520-square-foot carriage house adds one bedroom, one bathroom, private entry, a separate laundry room, and an active STVR permit. Both structures date to 1935 and feature period details alongside updated systems and finishes.
Set on a 0.75-acre parcel in Savannah, the property includes a circular driveway, mature oak and pecan trees, a deck, porch, patio, privacy fencing, and RV parking. Public water and public sewer serve the property, with central heating and cooling. R1 zoning, EV charging pre-wiring, and proximity to Historic Downtown Savannah and Houlihan Boat Ramp add practical context for an owner-occupant or income-property buyer.
Set on a 0.75-acre parcel in Savannah, the property includes a circular driveway, mature oak and pecan trees, a deck, porch, patio, privacy fencing, and RV parking. Public water and public sewer serve the property, with central heating and cooling. R1 zoning, EV charging pre-wiring, and proximity to Historic Downtown Savannah and Houlihan Boat Ramp add practical context for an owner-occupant or income-property buyer.
Key Highlights
- 1,410‑square‑foot main residence with 3 bedrooms and 2 full bathrooms
- 520‑square‑foot carriage house with 1 bedroom and 1 bathroom
- Active STVR permit for the separate carriage house
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
$20,464
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
4.21%
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%
$409,280
$409.3K
Cap Rate 7%
$292,343
$292.3K
Cap Rate 9%
$227,378
$227.4K
Market Conditions
NOI Build-Up for 1,930 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
$31.3K $16.20/SF
− Vacancy
−$2.0K −$1.05/SF
EGI
$29.2K $15.15/SF
− OpEx
−$8.8K −$4.54/SF
NOI
$20.5K $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%
$409,280
Cap Rate 7%
$292,343
Cap Rate 9%
$227,378
Alternative Uses
Best Use
Multifamily LT 5
$292.3K
$255.8K – $341.1K
NOI $20,464 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$271.1K
$237.2K – $316.3K
NOI $18,977 @ 7.0% cap · market cap 3.91%
Theoretical Best
Warehouse
$1.80M
$1.58M – $2.10M
NOI $126,260 @ 7.0% cap · market cap 26.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
Explore this area
Business Placement
Demographics for 31408, GA
11,790
Population
4,529
Households
2.6
Avg Household Size
36
Median Age
13%
College-Educated
82%
High-School Grad
21.1 sq mi
ZIP Area
559
Density / Sq Mi
$40,109
Median Household Income
$30,667
Median Earnings
$1,080
Median Rent
$160,600
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?
Duplex - Two separate dwellings combine a three-bedroom primary residence with a permitted short-term-rental carriage house.
Where is this duplex located?
The property is located at 90 Varnedoe Avenue Savannah, GA.
What is the asking price?
The asking price for this property is $485,700.
What are key features of this property?
This property features: 1,410‑square‑foot main residence with 3 bedrooms and 2 full bathrooms; 520‑square‑foot carriage house with 1 bedroom and 1 bathroom; Active STVR permit for the separate carriage house
