Duplex with Detached
New
For Sale
$270,000
1008 Merry Street, Augusta, GA 30904
Residential Income, Augusta, GA
Property Size1,521 SF
Lot Size0.14 Acres
Price / SF$177.51
Days on Market4
Property Features for 1008 Merry Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
r3
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 2
Patio and Porch features
Porch
Interior features
Master Downstairs, Wash/Dry Connect, 2nd Kitchen
Fencing
Fenced
Appliances
Built-In Microwave, Built-In Gas Oven, Built-In Electric Oven, Range, Dishwasher
Subdivision
Summerville
Lot features
Level
Elementary school
Monte Sano
Middle school
Tutt
High school
Richmond Academy
Directions
From Wrightsboro Road, head toward the downtown/Medical District area, then turn onto Merry Street. The property is located at 1008 Merry Street, with the rear cottage identified as 1008 1/2 Merry Street.
Standard status
Active
APN
045-1-142-00-0
Size
1,521 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
scription 1008 MERRY ST (Note: Not to be used on legal documents.)
Legal Description
scription 1008 MERRY ST (Note: Not to be used on legal documents.)
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Natural Gas
Cooling system
Window Unit(s), Wall/Window Unit(s), Ceiling Fan(s)
Water source
Public
Building Details
Year built
1926
Floors in Building
1
Number of units
2
Flooring type
Carpet, Hardwood, Vinyl, Tile - Ceramic
Roof type
Metal
Listing Agency:
ERA Wilder Realty
(803) 765-0211
Listed By:
Derya Martin · License #304649
(803) 728-8400
Added: Sep 23
Changed: Sep 24
Last Checked: Sep 26 at 10:06AM
MLS# 100605911
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 1926 duplex property includes a main residence of approximately 1,009 square feet and a detached 512-square-foot cottage, based on floor plan measurements. The main home has two dedicated bedrooms, one bathroom, and an additional flexible room. The cottage contains one bedroom and one bathroom. Both residences are vacant. Recent work includes new subflooring and hardwood flooring in the secondary bedroom and formal dining/living room. Interior features include a second kitchen and washer/dryer connections.
The property occupies 0.14 acres in Augusta and is zoned R3. Public water and sewer serve the site.
The property occupies 0.14 acres in Augusta and is zoned R3. Public water and sewer serve the site.
Key Highlights
- Main residence measures approximately 1,009 sq ft; detached cottage measures approximately 512 sq ft
- Main home has 2 dedicated bedrooms, 1 bathroom, and an additional flexible room
- Detached cottage includes 1 bedroom and 1 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
$14,917
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
5.52%
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%
$298,340
$298.3K
Cap Rate 7%
$213,100
$213.1K
Cap Rate 9%
$165,744
$165.7K
Market Conditions
NOI Build-Up for 1,521 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
$23.2K $15.24/SF
− Vacancy
−$1.9K −$1.23/SF
EGI
$21.3K $14.01/SF
− OpEx
−$6.4K −$4.20/SF
NOI
$14.9K $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%
$298,340
Cap Rate 7%
$213,100
Cap Rate 9%
$165,744
Alternative Uses
Best Use
Multifamily LT 5
$213.1K
$186.5K – $248.6K
NOI $14,917 @ 7.0% cap · market cap 5.52%
Second Best
Apartment 5plus
$196.8K
$172.2K – $229.6K
NOI $13,778 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$480.1K
$420.1K – $560.1K
NOI $33,606 @ 7.0% cap · market cap 12.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,494
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 vacant residences offer separate living arrangements on a 0.14-acre parcel.
Where is this duplex located?
The property is located at 1008 Merry Street Augusta, GA.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: Main residence measures approximately 1,009 sq ft; detached cottage measures approximately 512 sq ft; Main home has 2 dedicated bedrooms, 1 bathroom, and an additional flexible room; Detached cottage includes 1 bedroom and 1 bathroom
