Corner-Lot Triplex with
For Sale
$749,000
1902 Barnard St, Savannah, GA 31401
TN-2-zoned property with two leased units, flexible rental options, and updated major building systems.
Property Size5,217 SF
Price / SF$143.57
Days on Market36
Property Features for 1902 Barnard St
General Information
Standard status
Active
Size
5,217 SF
Property subtype
Multi-Family
Zoning
TN-2
Additional Details
Multifamily Units
3
Amenities
front porch
private balcony
courtyard
Building Details
Year Built
1906
Buildings
1
Listing Agency:
McIntosh Realty Team LLC
(912) 346-7109
Listed By:
Sarah Sullivan · License #419783
Source:
Barefootbrokers
Added: Jul 28
Changed: Aug 30
Last Checked: Aug 30 at 8:52PM
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 McIntosh Realty Team LLC
Investment Insights
Based on property information with market context.
Built in 1906, this 5,217-square-foot triplex occupies a corner lot and includes three residential units, two of which are currently leased. The property retains historic character through soaring ceilings, hardwood floors, and abundant natural light, while newer HVAC systems, a newer roof, and porch improvements address key building components. Outdoor features include a front porch, private balcony, and courtyard.
The property is located at 1902 Barnard St in Savannah’s Thomas Square/Starland District, near Forsyth Park, SCAD, Foxy Loxy Café, and the Starland dining and shopping district. TN-2 zoning supports owner-occupied short-term vacation rental use, long-term rental use, and a variety of commercial uses, as stated in the property information.
The property is located at 1902 Barnard St in Savannah’s Thomas Square/Starland District, near Forsyth Park, SCAD, Foxy Loxy Café, and the Starland dining and shopping district. TN-2 zoning supports owner-occupied short-term vacation rental use, long-term rental use, and a variety of commercial uses, as stated in the property information.
Key Highlights
- 5,217‑square‑foot triplex on a corner lot
- Three units with two currently leased
- TN‑2 zoning supports STVR, long‑term rental, and commercial uses
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
$55,315
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
7.39%
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%
$1,106,300
$1.1M
Cap Rate 7%
$790,214
$790.2K
Cap Rate 9%
$614,611
$614.6K
Market Conditions
NOI Build-Up for 5,217 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
$84.5K $16.20/SF
− Vacancy
−$5.5K −$1.05/SF
EGI
$79.0K $15.15/SF
− OpEx
−$23.7K −$4.54/SF
NOI
$55.3K $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%
$1,106,300
Cap Rate 7%
$790,214
Cap Rate 9%
$614,611
Alternative Uses
Best Use
Multifamily LT 5
$790.2K
$691.4K – $921.9K
NOI $55,315 @ 7.0% cap · market cap 7.39%
Second Best
Apartment 5plus
$732.8K
$641.2K – $855.0K
NOI $51,298 @ 7.0% cap · market cap 6.85%
Theoretical Best
Warehouse
$4.88M
$4.27M – $5.69M
NOI $341,294 @ 7.0% cap · market cap 45.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,757
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?
Triplex - TN-2-zoned property with two leased units, flexible rental options, and updated major building systems.
Where is this triplex located?
The property is located at 1902 Barnard St Savannah, GA.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 5,217‑square‑foot triplex on a corner lot; Three units with two currently leased; TN‑2 zoning supports STVR, long‑term rental, and commercial uses
