Furnished Duplex with
For Sale
$499,900
2141 New York Avenue, Savannah, GA 31404
Updated two-unit property with private outdoor areas, in-unit laundry, and dedicated off-street parking.
Property Size1,644 SF
Days on Market32
Property Features for 2141 New York Avenue
General Information
Standard status
Active
Size
1,644 SF
Property subtype
Multi Family Home
Zoning
R6
Occupancy
50%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Furnished
Yes
Road Access
Yes
Amenities
updated kitchens and baths
LVP flooring
in-unit laundry
private fenced courtyards
dedicated off-street parking
Building Details
Building Size
1,644 SF
Year Built
1936
Stories
1
Units
2
Listing Agency:
Corcoran Austin Hill Realty
(478) 319-7254
Listed By:
Brent Sappe · License #420355
(478) 319-7254
Source:
Woodwardrealestategroup
Added: Jul 30
Changed: Aug 28
Last Checked: Aug 29 at 10:22AM
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 Corcoran Austin Hill Realty
Investment Insights
Based on property information with market context.
This 1,644-square-foot duplex, built in 1936, contains two furnished units configured with 2 bedrooms and 1 bath each. One unit is occupied, while the second is vacant. Both residences include updated kitchens and bathrooms, LVP flooring, in-unit laundry, private fenced courtyards, and dedicated off-street parking. The property sits on a corner lot and supports furnished, mid-term, or long-term rental use as described in the offering details.
The duplex is located near SCAD, downtown Savannah, local hospitals, and Tybee Island. Its two-unit layout, existing furnishings, and separate outdoor areas provide a practical configuration for an owner-occupant or rental portfolio, subject to applicable requirements.
The duplex is located near SCAD, downtown Savannah, local hospitals, and Tybee Island. Its two-unit layout, existing furnishings, and separate outdoor areas provide a practical configuration for an owner-occupant or rental portfolio, subject to applicable requirements.
Key Highlights
- Two furnished 2‑bedroom, 1‑bath units
- One unit is currently rented; the other is vacant
- 1,644 SF duplex built in 1936
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
$17,431
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
3.49%
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%
$348,620
$348.6K
Cap Rate 7%
$249,014
$249.0K
Cap Rate 9%
$193,678
$193.7K
Market Conditions
NOI Build-Up for 1,644 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
$26.6K $16.20/SF
− Vacancy
−$1.7K −$1.05/SF
EGI
$24.9K $15.15/SF
− OpEx
−$7.5K −$4.54/SF
NOI
$17.4K $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%
$348,620
Cap Rate 7%
$249,014
Cap Rate 9%
$193,678
Alternative Uses
Best Use
Multifamily LT 5
$249.0K
$217.9K – $290.5K
NOI $17,431 @ 7.0% cap · market cap 3.49%
Second Best
Apartment 5plus
$230.9K
$202.1K – $269.4K
NOI $16,165 @ 7.0% cap · market cap 3.23%
Theoretical Best
Warehouse
$1.54M
$1.34M – $1.79M
NOI $107,550 @ 7.0% cap · market cap 21.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
342
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?
Duplex - Updated two-unit property with private outdoor areas, in-unit laundry, and dedicated off-street parking.
Where is this duplex located?
The property is located at 2141 New York Avenue Savannah, GA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Two furnished 2‑bedroom, 1‑bath units; One unit is currently rented; the other is vacant; 1,644 SF duplex built in 1936
