Renovated Two-Home Multifamily
For Sale
$599,900
1332 E 39TH & 2205 Ash Street, Savannah, GA 31404
Residential Income, Savannah, GA
Property Size1,915 SF
Lot Size0.14 Acres
Price / SF$313.26
Days on Market13
Property Features for 1332 E 39TH & 2205 Ash Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Bathroom 3, Bedroom 3, Bathroom 4, Bedroom 4, Bedroom 2, Bedroom 5
Parking features
On Street
Patio and Porch features
Patio
Fencing
Fenced, Privacy
Appliances
Dishwasher, Electric Water Heater, Oven, Range, Refrigerator
Lot features
Corner Lot, Garden
Directions
Corner of 39th Street and Ash Street
Standard status
Active
APN
2006227025
Size
1,915 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
See Attachment
Legal Description
See Attachment
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Central, Electric (Heating)
Cooling system
Central Air, Electric, Heat Pump
Water source
Public
Amenities
laundry room
covered patio
yard
Building Details
Year built
1933
Floors in Building
1
Building materials
Block
Roof type
Asphalt
Architectural style
Bungalow
Listing Agency:
Coldwell Banker Access Realty
(912) 352-1222
Listed By:
Tara F. Saxon · License #250294
(912) 660-2382
Added: Aug 21
Changed: Aug 23
Last Checked: Sep 2 at 5:06PM
MLS# SA363197
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 multifamily property includes two fully renovated homes totaling 1,915 square feet on a 0.14-acre lot. The first residence offers 3 bedrooms and 2 bathrooms, an open-concept layout, dedicated laundry, covered patio, storage, greenspace, and privacy fencing. The second home features an open floor plan, bedrooms positioned on opposite sides, dedicated baths, privacy fencing, and yard space. Both residences include updated finishes and are equipped with refrigerators, ranges, ovens, dishwashers, electric water heaters, central air, and heat pumps.
The property is located at 1332 E 39TH & 2205 Ash Street in Savannah, near the Historic District and parks, with Tybee Island a short drive away. Public water and sewer serve the property, while on-street parking is available. Block construction, asphalt roofing, and bungalow architecture complete the improvements.
The property is located at 1332 E 39TH & 2205 Ash Street in Savannah, near the Historic District and parks, with Tybee Island a short drive away. Public water and sewer serve the property, while on-street parking is available. Block construction, asphalt roofing, and bungalow architecture complete the improvements.
Key Highlights
- Two fully renovated homes on a 0.14‑acre lot
- Combined property size of 1,915 square feet
- First residence includes 3 BR and 2 BA
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
Property Profile
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 - Two updated residences offer flexible living arrangements, rental use, and separate spaces for work or extended household needs.
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 on a 0.14‑acre lot; Combined property size of 1,915 square feet; First residence includes 3 BR and 2 BA
