Updated Two-Unit
For Sale
$459,000
1223 & 1225 E 70th Street, Savannah, GA 31404
Residential Income, Savannah, GA
Property Size1,683 SF
Lot Size0.14 Acres
Price / SF$272.73
Days on Market63
Property Features for 1223 & 1225 E 70th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R6
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking features
Off Street
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Pull Down Attic Stairs
Exterior features
Balcony, Courtyard, Landscape Lights
Appliances
Some Electric Appliances, Dishwasher, Electric Water Heater, Disposal, Microwave, Oven, Range, Range Hood, Dryer, Refrigerator, Washer
Subdivision
South Gardens Sub
Lot features
City Lot
Directions
Take Derenne Ave East, turn left on Waters Ave, then turn Right on 70th Street. Property is located just two blocks on the right.
Standard status
Active
APN
2011423006
Size
1,683 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 318 & 319 SOUTH GARDENS SUB BEVILL WARD
Tax Annual Amount
3594
Legal Description
LOTS 318 & 319 SOUTH GARDENS SUB BEVILL WARD
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Amenities
off-street parking
patio area
Building Details
Year built
1948
Floors in Building
2
Number of units
2
Flooring type
Tile, Wood
Building materials
Block
Roof type
Asphalt
Architectural style
Contemporary
Listing Agency:
Keller Williams Coastal Area P · Keller Williams Realty
(912) 356-5001
Listed By:
Samuel J. Bates · License #422215
(404) 644-4339
Added: Jun 29
Changed: Aug 20
Last Checked: Aug 30 at 7:06AM
MLS# SA359587
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 at 1223 & 1225 E 70th Street contains 1,683 square feet on a 0.14-acre lot. The property is arranged as two independent units, each with two bedrooms and one bathroom. Interior features include wood and tile flooring, central heating and air conditioning, ceiling fans, and pull-down attic stairs. Kitchens have granite countertops, white cabinetry, stainless steel appliances, open shelving, dishwashers, ranges, microwaves, refrigerators, washers, and dryers. A patio, balcony, courtyard, landscape lighting, and off-street parking add practical exterior amenities.
Built in 1948 with block construction and an asphalt roof, the property is served by public water and public sewer. It is zoned R6 and located in Midtown Savannah, near major hospitals, shopping centers, and Downtown Savannah. The two-unit layout supports separate occupancy arrangements, including use of one residence while leasing the other or leasing both units.
Built in 1948 with block construction and an asphalt roof, the property is served by public water and public sewer. It is zoned R6 and located in Midtown Savannah, near major hospitals, shopping centers, and Downtown Savannah. The two-unit layout supports separate occupancy arrangements, including use of one residence while leasing the other or leasing both units.
Key Highlights
- Two independent units, each with 2 bedrooms and 1 bathroom
- 1,683 square feet on a 0.14‑acre lot
- Renovated kitchens with granite counters 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
$17,845
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
3.89%
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%
$356,900
$356.9K
Cap Rate 7%
$254,929
$254.9K
Cap Rate 9%
$198,278
$198.3K
Market Conditions
NOI Build-Up for 1,683 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
$27.3K $16.20/SF
− Vacancy
−$1.8K −$1.05/SF
EGI
$25.5K $15.15/SF
− OpEx
−$7.6K −$4.54/SF
NOI
$17.8K $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%
$356,900
Cap Rate 7%
$254,929
Cap Rate 9%
$198,278
Alternative Uses
Best Use
Multifamily LT 5
$254.9K
$223.1K – $297.4K
NOI $17,845 @ 7.0% cap · market cap 3.89%
Second Best
Apartment 5plus
$236.4K
$206.9K – $275.8K
NOI $16,549 @ 7.0% cap · market cap 3.61%
Theoretical Best
Warehouse
$1.57M
$1.38M – $1.84M
NOI $110,101 @ 7.0% cap · market cap 23.99%
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
1,791
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate flats offer renovated kitchens, hardwood floors, patio space, and off-street parking in Midtown Savannah.
Where is this duplex located?
The property is located at 1223 & 1225 E 70th Street Savannah, GA.
What is the asking price?
The asking price for this property is $459,000.
What are key features of this property?
This property features: Two independent units, each with 2 bedrooms and 1 bathroom; 1,683 square feet on a 0.14‑acre lot; Renovated kitchens with granite counters and stainless steel appliances
