Two-Home Multifamily
For Sale
$599,900
1332 E 39th & 2205 Ash Street, Savannah, GA 31404
Fully renovated residences provide separate layouts, outdoor areas, and flexible live/work potential.
Property Size1,915 SF
Price / SF$313.26
Days on Market21
Property Features for 1332 E 39th & 2205 Ash Street
General Information
Standard status
Active
Size
1,915 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1933
Listing Agency:
Coldwell Banker Access Realty
Listed By:
Tara F. Saxon · License #250294
(912) 352-1222
Source:
Searchhomesinsavannah
Added: Aug 14
Changed: Sep 2
Last Checked: Sep 2 at 6:33PM
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 Coldwell Banker Access Realty
Investment Insights
Based on property information with market context.
This multifamily property includes two fully renovated homes at separate addresses. The first residence offers an open-concept layout with 3 BR / 2 BA, a dedicated laundry room, and a third bedroom that can function as an office. Its covered patio, fenced outdoor area, greenspace, and storage space extend the usable living area.
The second home features an open floor plan with bedrooms positioned on opposite sides for added separation, along with dedicated spa-inspired baths. Privacy fencing and a private yard area complete the residence. The property supports several arrangements described in the source, including occupying one home while renting the other, accommodating family members or guests, and separating professional and personal spaces.
The property is located at 1332 E 39th & 2205 Ash Street in Savannah, with access to the Historic District, nearby parks, and Tybee Island within a short drive.
The second home features an open floor plan with bedrooms positioned on opposite sides for added separation, along with dedicated spa-inspired baths. Privacy fencing and a private yard area complete the residence. The property supports several arrangements described in the source, including occupying one home while renting the other, accommodating family members or guests, and separating professional and personal spaces.
The property is located at 1332 E 39th & 2205 Ash Street in Savannah, with access to the Historic District, nearby parks, and Tybee Island within a short drive.
Key Highlights
- Two fully renovated homes at 1332 E 39th & 2205 Ash Street
- Home #1 includes 3 BR / 2 BA, dedicated laundry, covered patio, greenspace, storage, and privacy fencing
- Home #2 has separated bedrooms, dedicated spa‑inspired baths, privacy fencing, and a yard area
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
$18,830
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
3.14%
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%
$376,600
$376.6K
Cap Rate 7%
$269,000
$269.0K
Cap Rate 9%
$209,222
$209.2K
Market Conditions
NOI Build-Up for 1,915 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
$36.5K $19.08/SF
− Vacancy
−$2.3K −$1.20/SF
EGI
$34.2K $17.88/SF
− OpEx
−$15.4K −$8.05/SF
NOI
$18.8K $9.83/SF
Area
Savannah, GA
Vacancy
6.30%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
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%
$376,600
Cap Rate 7%
$269,000
Cap Rate 9%
$209,222
Alternative Uses
Best Use
Apartment 5plus
$269.0K
$235.4K – $313.8K
NOI $18,830 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.79M
$1.57M – $2.09M
NOI $125,278 @ 7.0% cap · market cap 20.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
380
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?
Multifamily property - Fully renovated residences provide separate layouts, outdoor areas, and flexible live/work potential.
Where is this multifamily property located?
The property is located at 1332 E 39th & 2205 Ash Street Savannah, GA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two fully renovated homes at 1332 E 39th & 2205 Ash Street; Home #1 includes 3 BR / 2 BA, dedicated laundry, covered patio, greenspace, storage, and privacy fencing; Home #2 has separated bedrooms, dedicated spa‑inspired baths, privacy fencing, and a yard area
