Two-Story
New
For Sale
$349,000
1201 McCormick Street, Savannah, GA 31404
MULTI_FAMILY - Other - Savannah, GA
Property Size2,180 SF
Lot Size0.24 Acres
Price / SF$160.09
Days on Market6
Property Features for 1201 McCormick Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RSF-6
Zoning description
Multi Family
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 3, Bathroom 4, Bedroom 4, Bathroom 1
Appliances
Electric Water Heater, Oven, Range, Refrigerator
Lot features
Corner Lot, City Lot, Level
Directions
From downtown Savannah, take Abercorn Street south to E Victory Drive, east to Waters Avenue, south to E 52nd Street, then east to McCormick Street. The duplex is at 1201 McCormick Street.
Standard status
Active
APN
2005604001
Size
2,180 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LTS 85 86 ELLOYD HGTS HARDWICK W D
Tax Annual Amount
5824
Legal Description
LTS 85 86 ELLOYD HGTS HARDWICK W D
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1949
Floors in Building
2
Number of units
2
Building materials
Frame
Architectural style
Other
Listing Agency:
The Commercial Group
(912) 354-9000
Listed By:
Joseph Solana · License #435296
(912) 663-9576
Added: Aug 5
Changed: Aug 10
Last Checked: Aug 10 at 8:06PM
MLS# SA362064
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.
Built in 1949, this two-story duplex contains two residential units totaling 2,180 square feet on a 0.2397-acre lot. The upstairs unit is leased, while the lower unit is vacant and can be occupied or prepared for a new tenancy. The property is offered in as-is condition and presents deferred maintenance for a buyer to address. Existing features include frame construction, central air, electric heating, an electric water heater, and kitchen appliances including an oven, range, and refrigerator.
Located at 1201 McCormick Street in Savannah's 31404 ZIP code, the property is positioned east of Bull Street with access to downtown Savannah, the medical corridor, Midtown, and the city's east side. Public water and public sewer serve the property, and RSF-6 zoning is in place.
Located at 1201 McCormick Street in Savannah's 31404 ZIP code, the property is positioned east of Bull Street with access to downtown Savannah, the medical corridor, Midtown, and the city's east side. Public water and public sewer serve the property, and RSF-6 zoning is in place.
Key Highlights
- Two‑story duplex with 2,180 square feet on a 0.2397‑acre lot
- Upstairs unit is leased; downstairs unit is vacant
- Built in 1949 with frame construction
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
$23,114
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
6.62%
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%
$462,280
$462.3K
Cap Rate 7%
$330,200
$330.2K
Cap Rate 9%
$256,822
$256.8K
Market Conditions
NOI Build-Up for 2,180 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
$35.3K $16.20/SF
− Vacancy
−$2.3K −$1.05/SF
EGI
$33.0K $15.15/SF
− OpEx
−$9.9K −$4.54/SF
NOI
$23.1K $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%
$462,280
Cap Rate 7%
$330,200
Cap Rate 9%
$256,822
Alternative Uses
Best Use
Multifamily LT 5
$330.2K
$288.9K – $385.2K
NOI $23,114 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$306.2K
$268.0K – $357.3K
NOI $21,436 @ 7.0% cap · market cap 6.14%
Theoretical Best
Warehouse
$2.04M
$1.78M – $2.38M
NOI $142,615 @ 7.0% cap · market cap 40.86%
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
357
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 - RSF-6 zoning, public utilities, and separate living areas define this Savannah residential property.
Where is this duplex located?
The property is located at 1201 McCormick Street Savannah, GA.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Two‑story duplex with 2,180 square feet on a 0.2397‑acre lot; Upstairs unit is leased; downstairs unit is vacant; Built in 1949 with frame construction
