Remodeled Two-Unit
For Sale
$350,000
1024 W 39th Street, Savannah, GA 31415
Residential Income, Savannah, GA
Property Size1,728 SF
Lot Size0.08 Acres
Price / SF$202.55
Days on Market50
Property Features for 1024 W 39th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R4
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4
Appliances
Electric Water Heater
Directions
From North or South Martin Luther King Blvd, turn west on 39th Street
Standard status
Active
APN
2006715010
Size
1,728 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
WEST 20 FEET OF LOT 19 AND EAST 20 FEET OF LOT 20 BATTERY WA RD
Tax Annual Amount
9043
Legal Description
WEST 20 FEET OF LOT 19 AND EAST 20 FEET OF LOT 20 BATTERY WA RD
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Amenities
central heat and air
washer and dryer
security system
private fenced backyard
Building Details
Year built
1935
Floors in Building
1
Number of units
3
Building materials
Brick, Frame
Roof type
Asphalt
Listing Agency:
Keller Williams Coastal Area P · Keller Williams Realty
(912) 356-5001
Listed By:
Berthenia M. Brown · License #395620
(912) 596-0017
Added: Jul 16
Changed: Aug 19
Last Checked: Sep 3 at 3:06PM
MLS# SA360601
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 updated residential units within a 1,728-square-foot building. Each unit offers two bedrooms, one bathroom, a living room, and an eat-in kitchen, along with central heating and air conditioning. The interiors feature fresh paint, new LPV flooring, and stainless steel kitchen appliances. Both units also include a stove, refrigerator, washer, dryer, and security system.
The property is located at 1024 W. 39th Street in Savannah, approximately minutes from downtown and I-16. Each residence has its own private fenced backyard. The 0.078-acre site includes public water and public sewer service, with brick and frame construction, an asphalt roof, and 1935 original construction.
The property is located at 1024 W. 39th Street in Savannah, approximately minutes from downtown and I-16. Each residence has its own private fenced backyard. The 0.078-acre site includes public water and public sewer service, with brick and frame construction, an asphalt roof, and 1935 original construction.
Key Highlights
- Two‑unit duplex with 1,728 square feet of building area
- Each unit includes 2 bedrooms and 1 bathroom
- Updated interiors with fresh paint, new LPV flooring, and stainless steel appliances
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
$18,322
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
5.23%
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%
$366,440
$366.4K
Cap Rate 7%
$261,743
$261.7K
Cap Rate 9%
$203,578
$203.6K
Market Conditions
NOI Build-Up for 1,728 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
$28.0K $16.20/SF
− Vacancy
−$1.8K −$1.05/SF
EGI
$26.2K $15.15/SF
− OpEx
−$7.9K −$4.54/SF
NOI
$18.3K $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 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%
$366,440
Cap Rate 7%
$261,743
Cap Rate 9%
$203,578
Alternative Uses
Best Use
Multifamily LT 5
$261.7K
$229.0K – $305.4K
NOI $18,322 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$242.7K
$212.4K – $283.2K
NOI $16,991 @ 7.0% cap · market cap 4.85%
Theoretical Best
Warehouse
$1.61M
$1.41M – $1.88M
NOI $113,045 @ 7.0% cap · market cap 32.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
505
Businesses Nearby
Explore this area
Business Placement
Demographics for 31415, GA
11,034
Population
5,591
Households
2
Avg Household Size
37
Median Age
15%
College-Educated
79%
High-School Grad
6.6 sq mi
ZIP Area
1,672
Density / Sq Mi
$37,890
Median Household Income
$28,229
Median Earnings
$973
Median Rent
$112,300
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 - Updated residential income property with central HVAC, appliances, laundry equipment, and private fenced outdoor areas.
Where is this duplex located?
The property is located at 1024 W 39th Street Savannah, GA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,728 square feet of building area; Each unit includes 2 bedrooms and 1 bathroom; Updated interiors with fresh paint, new LPV flooring, and stainless steel appliances
