Renovated Duplex with Finished
For Sale
$359,000
Pending
1321/1323 E 55th St, Savannah, GA 31404
Two separately metered residences offer updated interiors, private parking, and a large shared backyard with storage and workshop space.
Property Size1,655 SF
Days on Market47
Property Features for 1321/1323 E 55th St
General Information
Standard status
Pending
Size
1,655 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$36,000
Amenities
storage shed/workshop
Building Details
Year Built
1944
Tenancy
Multi
Listing Agency:
eXp Realty LLC
Listed By:
Christopher J. Edenfield · License #123587
(478) 951-9532
Source:
Ginesandburnsed.searchhomesinsavannah
Added: Jul 19
Changed: Sep 2
Last Checked: Sep 2 at 6:38PM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
Built in 1944, this 1,655-square-foot duplex contains two separately metered residences, each arranged with two bedrooms and one bathroom. One unit also includes a dedicated dining room and finished attic space. Recent improvements include electrical service, HVAC systems, kitchens with new cabinetry and countertops, flooring, interior and exterior paint, and professional landscaping.
The property is located at 1321/1323 E 55th St in Savannah, less than one mile from Daffin Park, approximately 10 minutes from Downtown Savannah, and near Memorial Health. Off-street parking serves the property, while the oversized backyard adds usable outdoor area. A permanent storage shed/workshop is also included.
The property is located at 1321/1323 E 55th St in Savannah, less than one mile from Daffin Park, approximately 10 minutes from Downtown Savannah, and near Memorial Health. Off-street parking serves the property, while the oversized backyard adds usable outdoor area. A permanent storage shed/workshop is also included.
Key Highlights
- Two‑unit duplex totaling 1,655 SF
- Each unit includes 2 bedrooms and 1 bathroom
- Separately metered residences with updated electrical and HVAC systems
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
$17,548
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
4.89%
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%
$350,960
$351.0K
Cap Rate 7%
$250,686
$250.7K
Cap Rate 9%
$194,978
$195.0K
Market Conditions
NOI Build-Up for 1,655 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
$26.8K $16.20/SF
− Vacancy
−$1.7K −$1.05/SF
EGI
$25.1K $15.15/SF
− OpEx
−$7.5K −$4.54/SF
NOI
$17.5K $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%
$350,960
Cap Rate 7%
$250,686
Cap Rate 9%
$194,978
Alternative Uses
Best Use
Multifamily LT 5
$250.7K
$219.4K – $292.5K
NOI $17,548 @ 7.0% cap · market cap 4.89%
Second Best
Apartment 5plus
$232.5K
$203.4K – $271.2K
NOI $16,273 @ 7.0% cap · market cap 4.53%
Theoretical Best
Warehouse
$1.55M
$1.35M – $1.80M
NOI $108,269 @ 7.0% cap · market cap 30.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
954
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 separately metered residences offer updated interiors, private parking, and a large shared backyard with storage and workshop space.
Where is this duplex located?
The property is located at 1321/1323 E 55th St Savannah, GA.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,655 SF; Each unit includes 2 bedrooms and 1 bathroom; Separately metered residences with updated electrical and HVAC systems
