Fully Occupied Savannah
For Sale
$935,000
138 W 51st Street, Savannah, GA 31405
Residential Income, Savannah, GA
Property Size4,000 SF
Lot Size0.15 Acres
Price / SF$233.75
Days on Market100
Property Features for 138 W 51st Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RM25
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 6, Bedroom 5, Bathroom 3, Bedroom 1, Bedroom 4, Bedroom 2, Bathroom 1, Bathroom 4, Bedroom 3
Parking features
Parking Lot, Off Street
Appliances
Dishwasher, Electric Water Heater, Oven, Range, Refrigerator
Lot features
Alley, Corner Lot
Directions
Montgomery Street at West 51st directly across from SCAD Montgomery Hall. Park in front on 51st Street.
Standard status
Active
APN
2-0088-17-025
Size
4,000 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2018
Tax Description
LOTS 85 & 86 WRIGHT WARD
Tax Annual Amount
3082
Legal Description
LOTS 85 & 86 WRIGHT WARD
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1950
Floors in Building
2
Number of units
4
Flooring type
Hardwood, Tile
Building materials
Brick, Stucco
Roof type
Asphalt
Architectural style
Colonial
Listing Agency:
Seaport Real Estate Group
(912) 202-2042
Listed By:
Victoria Williams Adcock · License #412102
(912) 481-8379
Added: May 27
Changed: Aug 30
Last Checked: Sep 3 at 5:06AM
MLS# SA352315
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 4,000-square-foot quadplex in Savannah contains two 2BD/1BA units and two 1BD/1BA units, with all four residences occupied by long-term tenants. Built in 1950, the property features brick and stucco construction, hardwood and tile flooring, central electric heating and cooling, and kitchens equipped with ranges, ovens, refrigerators, dishwashers, and electric water heaters. Off-street parking is provided through a parking lot.
The property occupies 0.145 acres at 138 W 51st Street on Savannah’s West Side, 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 nearby, while Byte Cafe is directly across the street. Midtown Savannah is approximately five minutes away, and Victory Drive connects to Daffin Park in under ten minutes.
The property occupies 0.145 acres at 138 W 51st Street on Savannah’s West Side, 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 nearby, while Byte Cafe is directly across the street. Midtown Savannah is approximately five minutes away, and Victory Drive connects to Daffin Park in under ten minutes.
Key Highlights
- Four occupied units: two 2BD/1BA residences and two 1BD/1BA residences
- 4,000 square feet on a 0.145‑acre parcel
- Built in 1950 with brick and stucco construction
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
905
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-unit multifamily property with an established tenant base and a balanced mix of one- and two-bedroom residences.
Where is this quadplex located?
The property is located at 138 W 51st Street 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 occupied units: two 2BD/1BA residences and two 1BD/1BA residences; 4,000 square feet on a 0.145‑acre parcel; Built in 1950 with brick and stucco construction
