C-3 Zoned
For Sale
$935,000
138 W 51st St, Savannah, GA 31405
Four occupied apartments offer a mix of two-bedroom and one-bedroom floor plans near Savannah’s West Side destinations.
Property Size4,000 SF
Price / SF$233.75
Days on Market27
Property Features for 138 W 51st St
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Multi-Family
Zoning
C-3
Occupancy
100%
Units
Unit Mix
2 x 2BD/1BA, 2 x 1BD/1BA
Multifamily Units
4
Additional Details
Road Access
Yes
Building Details
Year Built
1950
Listing Agency:
Seaport Real Estate Group
(912) 481-8379
Listed By:
Victoria Williams Adcock · License #412102
Source:
Southeastgahomesearch
Added: Aug 3
Changed: Aug 28
Last Checked: Aug 25 at 5:29AM
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 Seaport Real Estate Group
Investment Insights
Based on property information with market context.
This 4,000-square-foot quadplex, built in 1950, contains four residential units: two 2BD/1BA apartments and two 1BD/1BA apartments. All units are occupied by long-term tenants, providing an established rental configuration. The property carries C-3 zoning, supporting its current multifamily use and providing flexibility for future planning considerations.
Located at 138 W 51st St in Savannah’s West Side, the property is directly across from Byte Cafe and near Starland Yard, Ardsley Station, Victory North, and Two Tides Brewing Co. Savannah College of Art and Design facilities, including Montgomery House Residence Hall and Montgomery Hall, are also nearby. Midtown Savannah is approximately five minutes away, while Victory Drive provides access to Daffin Park in under ten minutes.
Located at 138 W 51st St in Savannah’s West Side, the property is directly across from Byte Cafe and near Starland Yard, Ardsley Station, Victory North, and Two Tides Brewing Co. Savannah College of Art and Design facilities, including Montgomery House Residence Hall and Montgomery Hall, are also nearby. Midtown Savannah is approximately five minutes away, while Victory Drive provides access to Daffin Park in under ten minutes.
Key Highlights
- Four‑unit property with two 2BD/1BA units and two 1BD/1BA units
- 4,000 square feet on a 0.09‑acre lot
- Fully occupied by long‑term tenants
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
$42,412
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
4.54%
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%
$848,240
$848.2K
Cap Rate 7%
$605,886
$605.9K
Cap Rate 9%
$471,244
$471.2K
Market Conditions
NOI Build-Up for 4,000 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
$64.8K $16.20/SF
− Vacancy
−$4.2K −$1.05/SF
EGI
$60.6K $15.15/SF
− OpEx
−$18.2K −$4.54/SF
NOI
$42.4K $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%
$848,240
Cap Rate 7%
$605,886
Cap Rate 9%
$471,244
Alternative Uses
Best Use
Multifamily LT 5
$605.9K
$530.2K – $706.9K
NOI $42,412 @ 7.0% cap · market cap 4.54%
Second Best
Apartment 5plus
$561.9K
$491.7K – $655.5K
NOI $39,332 @ 7.0% cap · market cap 4.21%
Theoretical Best
Warehouse
$3.74M
$3.27M – $4.36M
NOI $261,678 @ 7.0% cap · market cap 27.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
767
Businesses Nearby
Explore this area
Business Placement
Demographics for 31405, GA
38,069
Population
16,809
Households
2.3
Avg Household Size
36
Median Age
35%
College-Educated
90%
High-School Grad
31.2 sq mi
ZIP Area
1,220
Density / Sq Mi
$62,123
Median Household Income
$35,836
Median Earnings
$1,431
Median Rent
$304,800
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?
Quadplex - Four occupied apartments offer a mix of two-bedroom and one-bedroom floor plans near Savannah’s West Side destinations.
Where is this quadplex located?
The property is located at 138 W 51st St Savannah, GA.
What is the asking price?
The asking price for this property is $935,000.
What are key features of this property?
This property features: Four‑unit property with two 2BD/1BA units and two 1BD/1BA units; 4,000 square feet on a 0.09‑acre lot; Fully occupied by long‑term tenants
