Duplex with Updated
For Sale
$395,000
1115 E 32nd Street, Savannah, GA 31404
Residential Income, Savannah, GA
Property Size2,244 SF
Lot Size0.07 Acres
Price / SF$176.02
Days on Market186
Property Features for 1115 E 32nd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R4
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 1, Bedroom 3, Bathroom 2
Parking features
On Street
Patio and Porch features
Porch
Exterior features
Balcony
Fencing
Fenced
Fireplace
1
Appliances
Electric Water Heater, Dryer, Washer
Subdivision
Purse Ward
Directions
Victory drive to North on Live Oak. Left on 32nd Street. Duplex will be on your left. 32nd between Waters and Live Oak.
Standard status
Active
APN
2005518008
Size
2,244 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SMB 3186, Page 379
Tax Annual Amount
5281
Legal Description
SMB 3186, Page 379
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Amenities
front porch
private balcony
in-unit laundry
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic, Hardwood
Building materials
Frame
Roof type
Metal
Listing Agency:
Keller Williams Coastal Area P · Keller Williams Realty
(912) 356-5001
Listed By:
Mary H. Smith · License #287098
(912) 596-2814
Added: Feb 25
Changed: Aug 28
Last Checked: Aug 30 at 7:06AM
MLS# SA349424
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 frame duplex contains two residential units, each with 2 bedrooms, 1 bathroom, a living room, and a separate dining room. The interiors combine original hardwood floors with updated kitchens, while individual laundry areas serve each unit. A front porch accompanies the lower residence, and the upper residence includes a private balcony. Central electric heating and cooling, ceramic tile, a metal roof, fencing, and on-street parking are also provided. The property has a fireplace, public water, and public sewer.
Built in 1900, the building encompasses 2,244 square feet on a 0.07-acre lot and carries R4 zoning. It is located in Savannah near Daffin Park, the Historic District, and SCAD, with dining, shopping, and cultural attractions nearby.
Built in 1900, the building encompasses 2,244 square feet on a 0.07-acre lot and carries R4 zoning. It is located in Savannah near Daffin Park, the Historic District, and SCAD, with dining, shopping, and cultural attractions nearby.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom in each residence
- 2,244 square feet on a 0.07‑acre lot
- R4 zoning in Savannah, GA
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
$23,793
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
6.02%
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%
$475,860
$475.9K
Cap Rate 7%
$339,900
$339.9K
Cap Rate 9%
$264,367
$264.4K
Market Conditions
NOI Build-Up for 2,244 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
$36.4K $16.20/SF
− Vacancy
−$2.4K −$1.05/SF
EGI
$34.0K $15.15/SF
− OpEx
−$10.2K −$4.54/SF
NOI
$23.8K $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%
$475,860
Cap Rate 7%
$339,900
Cap Rate 9%
$264,367
Alternative Uses
Best Use
Multifamily LT 5
$339.9K
$297.4K – $396.6K
NOI $23,793 @ 7.0% cap · market cap 6.02%
Second Best
Apartment 5plus
$315.2K
$275.8K – $367.8K
NOI $22,065 @ 7.0% cap · market cap 5.59%
Theoretical Best
Warehouse
$2.10M
$1.84M – $2.45M
NOI $146,801 @ 7.0% cap · market cap 37.16%
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
475
Businesses Nearby
Explore this area
Business Placement
Demographics for 31404, GA
31,530
Population
14,427
Households
2.2
Avg Household Size
35
Median Age
28%
College-Educated
89%
High-School Grad
13.7 sq mi
ZIP Area
2,301
Density / Sq Mi
$49,805
Median Household Income
$31,620
Median Earnings
$1,199
Median Rent
$193,100
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-unit property with hardwood floors, separate laundry areas, a porch, and an upstairs balcony.
Where is this duplex located?
The property is located at 1115 E 32nd Street Savannah, GA.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom in each residence; 2,244 square feet on a 0.07‑acre lot; R4 zoning in Savannah, GA
