Restored Duplex with Carriage
For Sale
$485,700
90 Varnedoe Ave, Savannah, GA 31408
Two distinct dwellings pair historic character with updated systems and an active STVR permit.
Property Size1,930 SF
Lot Size0.74 Acres
Price / SF$251.66
Days on Market33
Property Features for 90 Varnedoe Ave
General Information
Standard status
Active
Size
1,930 SF
Lot size
0.74 Acres
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
RV ready
EV charging pre-wiring
Building Details
Year Built
1935
Buildings
2
Construction
Colonial Revival
Listing Agency:
Next Move Real Estate LLC
Listed By:
Scotti Moore
Source:
Southeastgahomesearch
Added: Aug 8
Changed: Sep 8
Last Checked: Aug 25 at 5:30AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Next Move Real Estate LLC
Investment Insights
Based on property information with market context.
This restored duplex combines a Colonial Revival main residence with a separate carriage house ADU. Built in 1935, the property retains original pine and hardwood flooring, plasterwork, picture rails, glass door knobs, rounded corners, and nine-foot ceilings. The 1,410-square-foot main home offers three bedrooms, two full baths, a dedicated laundry area, and a renovated kitchen with leathered marble countertops, farmhouse sink, and custom cabinetry. The 520-square-foot carriage house includes one bedroom, one bath, a private entrance, and its own laundry room.
Set on a 0.744-acre city lot at 90 Varnedoe Avenue in Savannah, the property includes a circular driveway, paved parking, RV access, a deck, and mature oak and pecan trees. It is zoned R1 and located 10 minutes from Historic Downtown Savannah and the Houlihan Boat Ramp, with access to the Savannah River. The carriage house has an active STVR Permit and may also be used for long- or mid-term leasing or as a guest suite.
Set on a 0.744-acre city lot at 90 Varnedoe Avenue in Savannah, the property includes a circular driveway, paved parking, RV access, a deck, and mature oak and pecan trees. It is zoned R1 and located 10 minutes from Historic Downtown Savannah and the Houlihan Boat Ramp, with access to the Savannah River. The carriage house has an active STVR Permit and may also be used for long- or mid-term leasing or as a guest suite.
Key Highlights
- 1,930 SF total across the main residence and separate carriage house ADU
- Main home includes 3 bedrooms, 2 full baths, and a renovated kitchen
- Carriage house measures 520 SF with 1 bedroom, 1 bath, private entrance, and laundry room
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
$20,464
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
4.21%
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%
$409,280
$409.3K
Cap Rate 7%
$292,343
$292.3K
Cap Rate 9%
$227,378
$227.4K
Market Conditions
NOI Build-Up for 1,930 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
$31.3K $16.20/SF
− Vacancy
−$2.0K −$1.05/SF
EGI
$29.2K $15.15/SF
− OpEx
−$8.8K −$4.54/SF
NOI
$20.5K $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%
$409,280
Cap Rate 7%
$292,343
Cap Rate 9%
$227,378
Alternative Uses
Best Use
Multifamily LT 5
$292.3K
$255.8K – $341.1K
NOI $20,464 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$271.1K
$237.2K – $316.3K
NOI $18,977 @ 7.0% cap · market cap 3.91%
Theoretical Best
Warehouse
$1.80M
$1.58M – $2.10M
NOI $126,260 @ 7.0% cap · market cap 26.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
Explore this area
Business Placement
Demographics for 31408, GA
11,790
Population
4,529
Households
2.6
Avg Household Size
36
Median Age
13%
College-Educated
82%
High-School Grad
21.1 sq mi
ZIP Area
559
Density / Sq Mi
$40,109
Median Household Income
$30,667
Median Earnings
$1,080
Median Rent
$160,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two distinct dwellings pair historic character with updated systems and an active STVR permit.
Where is this duplex located?
The property is located at 90 Varnedoe Ave Savannah, GA.
What is the asking price?
The asking price for this property is $485,700.
What are key features of this property?
This property features: 1,930 SF total across the main residence and separate carriage house ADU; Main home includes 3 bedrooms, 2 full baths, and a renovated kitchen; Carriage house measures 520 SF with 1 bedroom, 1 bath, private entrance, and laundry room
