Two-Story
For Sale
$495,000
404 E 31st St, Savannah, GA 31401
Two separately configured residences provide two bedrooms and one bathroom on each level, with additional bedroom flexibility upstairs.
Property Size1,955 SF
Price / SF$253.20
Days on Market12
Property Features for 404 E 31st St
General Information
Standard status
Active
Size
1,955 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
Seabolt Real Estate
(912) 398-3838
Listed By:
Nicole Johnson · License #384499
Source:
Southeastgahomesearch
Added: Aug 19
Changed: Aug 29
Last Checked: Aug 29 at 4:56PM
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 Seabolt Real Estate
Investment Insights
Based on property information with market context.
Built in 1900, this two-story duplex contains one residence per floor within a 1,955-square-foot property. Both units are configured with two bedrooms and one bathroom, while the upper residence offers the option to function as a three-bedroom layout.
The property is located at 404 E 31st St in Savannah’s Historic District, near SCAD, Forsyth Park, shopping, restaurants, and downtown Savannah amenities. Its two-level arrangement and separate residences provide a clear multifamily configuration for an owner or investor evaluating a duplex asset.
The property is located at 404 E 31st St in Savannah’s Historic District, near SCAD, Forsyth Park, shopping, restaurants, and downtown Savannah amenities. Its two-level arrangement and separate residences provide a clear multifamily configuration for an owner or investor evaluating a duplex asset.
Key Highlights
- Two‑story duplex with one unit on each floor
- 1,955‑square‑foot property built in 1900
- Each unit includes 2 bedrooms and 1 bathroom
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
$20,729
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
4.19%
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%
$414,580
$414.6K
Cap Rate 7%
$296,129
$296.1K
Cap Rate 9%
$230,322
$230.3K
Market Conditions
NOI Build-Up for 1,955 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
$31.7K $16.20/SF
− Vacancy
−$2.1K −$1.05/SF
EGI
$29.6K $15.15/SF
− OpEx
−$8.9K −$4.54/SF
NOI
$20.7K $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%
$414,580
Cap Rate 7%
$296,129
Cap Rate 9%
$230,322
Alternative Uses
Best Use
Multifamily LT 5
$296.1K
$259.1K – $345.5K
NOI $20,729 @ 7.0% cap · market cap 4.19%
Second Best
Apartment 5plus
$274.6K
$240.3K – $320.4K
NOI $19,223 @ 7.0% cap · market cap 3.88%
Theoretical Best
Warehouse
$1.83M
$1.60M – $2.13M
NOI $127,895 @ 7.0% cap · market cap 25.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,791
Businesses Nearby
Explore this area
Business Placement
Demographics for 31401, GA
22,927
Population
11,832
Households
1.9
Avg Household Size
28
Median Age
48%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
6,743
Density / Sq Mi
$50,182
Median Household Income
$27,309
Median Earnings
$1,428
Median Rent
$477,600
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 configured residences provide two bedrooms and one bathroom on each level, with additional bedroom flexibility upstairs.
Where is this duplex located?
The property is located at 404 E 31st St Savannah, GA.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Two‑story duplex with one unit on each floor; 1,955‑square‑foot property built in 1900; Each unit includes 2 bedrooms and 1 bathroom
