Updated Two-Unit
For Sale
Under Contract
$365,000
1226 E 38th Street, Savannah, GA 31404
Residential Income, Savannah, GA
Property Size1,440 SF
Lot Size0.06 Acres
Price / SF$253.47
Days on Market79
Property Features for 1226 E 38th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 1
Appliances
Electric Water Heater
Subdivision
Live Oak
Lot features
Interior Lot
Directions
Victory Drive just north of Daffin Park, turn north on Cedar Street. Left on 38th Street and duplex will be on the right.
Standard status
Active Under Contract
APN
2-0062-28-020
Size
1,440 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Description
Lot 23 Block 11 Oliver Ward
Legal Description
Lot 23 Block 11 Oliver Ward
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric
Water source
Public
Building Details
Year built
1960
Floors in Building
2
Number of units
2
Flooring type
Vinyl
Building materials
Block
Listing Agency:
Keller Williams Coastal Area P · Keller Williams Realty
(912) 356-5001
Listed By:
Mary H. Smith · License #287098
(912) 596-2814
Added: Jun 13
Changed: Aug 29
Last Checked: Aug 30 at 11:06AM
MLS# SA358255
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 two-unit duplex contains 1,440 square feet, with each residence configured as a two-bedroom, one-bath unit. The interiors have been updated, and the building features block construction with vinyl flooring. Electric service supports the heating, cooling, and water-heating systems.
The property occupies 0.06 acres at 1226 E 38th Street in Savannah, within the Live Oak area and a short walk from Daffin Park. Public water and public sewer serve the property. Built in 1960, the duplex offers a defined residential configuration with separate living units under one structure.
The property occupies 0.06 acres at 1226 E 38th Street in Savannah, within the Live Oak area and a short walk from Daffin Park. Public water and public sewer serve the property. Built in 1960, the duplex offers a defined residential configuration with separate living units under one structure.
Key Highlights
- Two‑unit duplex with 1,440 square feet
- Each unit has 2 bedrooms and 1 bathroom
- Updated interiors in both residential units
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
$15,268
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
4.18%
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%
$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
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
$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 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%
$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 4.18%
Second Best
Apartment 5plus
$202.3K
$177.0K – $236.0K
NOI $14,159 @ 7.0% cap · market cap 3.88%
Theoretical Best
Warehouse
$1.35M
$1.18M – $1.57M
NOI $94,204 @ 7.0% cap · market cap 25.81%
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
537
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 - Each residence includes two bedrooms and one bathroom within a compact residential income property.
Where is this duplex located?
The property is located at 1226 E 38th Street Savannah, GA.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,440 square feet; Each unit has 2 bedrooms and 1 bathroom; Updated interiors in both residential units
