Renovated Duplex in Augusta,
For Sale
$399,000
940 Heard Avenue, Augusta, GA 30904
Residential Income, Augusta, GA
Property Size2,355 SF
Lot Size0.33 Acres
Price / SF$169.43
Days on Market144
Property Features for 940 Heard Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 3
Subdivision
Summerville Terrace
Elementary school
Monte Sano
Middle school
A R Johnson H.S.E.
High school
Richmond Academy
Directions
Take Walton Way towards downtown, turn right onto Heard Avenue and home will be on the left.
Standard status
Active
APN
0451029000
Size
2,355 SF
Lot size
0.33 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1916
Number of units
2
Listing Agency:
Blanchard & Calhoun - WA
(706) 863-8953
Listed By:
Brigid Paulk · License #425309
(706) 284-3152
Added: Apr 2
Changed: Aug 20
Last Checked: Aug 23 at 12:06AM
MLS# 98255775
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.
Located at 940 Heard Avenue in Augusta, GA, this fully renovated duplex presents an opportunity for income generation. The property has been thoughtfully redesigned, blending modern finishes with functionality. Unit 1 features a 3-bedroom, 1-bath layout, including living areas and an updated kitchen. Unit 2 offers a 1-bedroom, 1-bath retreat. Currently operating as a short-term rental, this property is positioned to continue generating revenue. The property is situated on a 0.33-acre lot. The property size is 2355 square feet. This property offers location, lifestyle, and income potential.
Key Highlights
- Duplex with Unit 1 offering a 3‑bedroom, 1‑bath layout and Unit 2 offering a 1‑bedroom, 1‑bath layout
- Currently operating as a short‑term rental, with both units designed for rental use
- Forced‑air heating and central air conditioning
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
$23,096
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
5.79%
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%
$461,920
$461.9K
Cap Rate 7%
$329,943
$329.9K
Cap Rate 9%
$256,622
$256.6K
Market Conditions
NOI Build-Up for 2,355 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
$35.9K $15.24/SF
− Vacancy
−$2.9K −$1.23/SF
EGI
$33.0K $14.01/SF
− OpEx
−$9.9K −$4.20/SF
NOI
$23.1K $9.81/SF
Area
Augusta, GA
Vacancy
8.07%
Lease Rate
$15.24 /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%
$461,920
Cap Rate 7%
$329,943
Cap Rate 9%
$256,622
Alternative Uses
Best Use
Multifamily LT 5
$329.9K
$288.7K – $384.9K
NOI $23,096 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$304.8K
$266.7K – $355.6K
NOI $21,333 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$743.3K
$650.4K – $867.2K
NOI $52,033 @ 7.0% cap · market cap 13.04%
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
1,006
Businesses Nearby
Explore this area
Business Placement
Demographics for 30904, GA
24,145
Population
12,558
Households
1.9
Avg Household Size
38
Median Age
31%
College-Educated
87%
High-School Grad
11.0 sq mi
ZIP Area
2,195
Density / Sq Mi
$45,636
Median Household Income
$29,101
Median Earnings
$953
Median Rent
$185,400
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 - Turnkey duplex with income potential in Augusta, Georgia.
Where is this duplex located?
The property is located at 940 Heard Avenue Augusta, GA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Duplex with Unit 1 offering a 3‑bedroom, 1‑bath layout and Unit 2 offering a 1‑bedroom, 1‑bath layout; Currently operating as a short‑term rental, with both units designed for rental use; Forced‑air heating and central air conditioning
