Duplex with Renovated
For Sale
$299,000
1016 E 38th Street, Savannah, GA 31401
Two separate one-bedroom residences provide a mix of occupied and updated living space.
Property Size1,440 SF
Price / SF$207.64
Days on Market11
Property Features for 1016 E 38th Street
General Information
Standard status
Active
Size
1,440 SF
Property subtype
Multi Family Home
Zoning
R4
Site & Location
Neighborhood
Baldwin Park
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$1,950
Building Details
Building Size
1,440 SF
Year Built
1921
Stories
2
Units
2
Listing Agency:
Konter Realty Company
Listed By:
Michelle L. Adams · License #360871
(912) 323-0646
Source:
Eddymyers
Added: Oct 19
Changed: Oct 26
Last Checked: Oct 26 at 3:34AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Konter Realty Company
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Investment Insights
Based on property information with market context.
This 1,440-square-foot duplex contains two 1-bedroom, 1-bathroom units. The upper residence is tenant-occupied, while the lower unit has been renovated with LVP flooring, a tiled shower, and included appliances.
The property was built in 1921 and is zoned R4. A new HVAC system was installed in 2/25, and the roof was replaced in 2023.
The property was built in 1921 and is zoned R4. A new HVAC system was installed in 2/25, and the roof was replaced in 2023.
Key Highlights
- Two 1‑bedroom, 1‑bathroom units in a 1,440‑square‑foot duplex
- Lower unit renovated with LVP flooring, tiled shower, and included appliances
- Upper unit is tenant‑occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,268
Cap Rate
5.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$305,360
$305.4K
Cap Rate 7%
$218,114
$218.1K
Cap Rate 9%
$169,644
$169.6K
Market Conditions
NOI Build-Up for 1,440 SF
Gross rent
$23.3K $16.20/SF
− Vacancy
−$1.5K −$1.05/SF
EGI
$21.8K $15.15/SF
− OpEx
−$6.5K −$4.54/SF
NOI
$15.3K $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 Rate 5%
$305,360
Cap Rate 7%
$218,114
Cap Rate 9%
$169,644
Alternative Uses
Best Use
Multifamily LT 5
$218.1K
$190.9K – $254.5K
NOI $15,268 @ 7.0% cap · market cap 5.11%
Second Best
Apartment 5plus
$202.3K
$177.0K – $236.0K
NOI $14,159 @ 7.0% cap · market cap 4.74%
Theoretical Best
Warehouse
$1.35M
$1.18M – $1.57M
NOI $94,204 @ 7.0% cap · market cap 31.51%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
584
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate one-bedroom residences provide a mix of occupied and updated living space.
Where is this duplex located?
The property is located at 1016 E 38th Street Savannah, GA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two 1‑bedroom, 1‑bathroom units in a 1,440‑square‑foot duplex; Lower unit renovated with LVP flooring, tiled shower, and included appliances; Upper unit is tenant‑occupied
