Two-Unit Duplex with Covered
For Sale
$329,900
22 W 59th St, Savannah, GA 31405
Two dwellings provide separate kitchens, laundry rooms, and outdoor living areas within a flexible residential income property.
Property Size1,575 SF
Price / SF$209.46
Days on Market32
Property Features for 22 W 59th St
General Information
Standard status
Active
Size
1,575 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
covered porches
off-street parking
fenced yard
central heat and air
stainless steel appliances
hardwood floors
ceramic tile
butcher block countertops
laundry room
Building Details
Year Built
1946
Listing Agency:
Properties By Me
(912) 844-1577
Listed By:
Erica F. Ferrell · License #297352
Source:
Patrickrealestate
Added: Jul 30
Changed: Aug 28
Last Checked: Aug 29 at 11:32AM
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 Properties By Me
Investment Insights
Based on property information with market context.
Built in 1946, this 1,575-square-foot duplex includes two dwellings with a combined four bedrooms and two bathrooms. Each dwelling has its own kitchen and laundry room, while central heat and air serve the interiors. Stainless steel appliances, two refrigerators, butcher block countertops, hardwood flooring, and ceramic tile are among the interior features.
The property also includes front and rear covered porches, off-street parking, and a privacy-fenced yard. Located at 22 W 59th St in Savannah, the property offers access to downtown, the southside, and I-516.
The property also includes front and rear covered porches, off-street parking, and a privacy-fenced yard. Located at 22 W 59th St in Savannah, the property offers access to downtown, the southside, and I-516.
Key Highlights
- Two dwellings with a combined four bedrooms and two bathrooms
- 1,575 SF duplex built in 1946
- Separate kitchen and laundry room for each dwelling
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
$16,700
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
5.06%
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%
$334,000
$334.0K
Cap Rate 7%
$238,571
$238.6K
Cap Rate 9%
$185,556
$185.6K
Market Conditions
NOI Build-Up for 1,575 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
$25.5K $16.20/SF
− Vacancy
−$1.7K −$1.05/SF
EGI
$23.9K $15.15/SF
− OpEx
−$7.2K −$4.54/SF
NOI
$16.7K $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%
$334,000
Cap Rate 7%
$238,571
Cap Rate 9%
$185,556
Alternative Uses
Best Use
Multifamily LT 5
$238.6K
$208.8K – $278.3K
NOI $16,700 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$221.2K
$193.6K – $258.1K
NOI $15,487 @ 7.0% cap · market cap 4.69%
Theoretical Best
Warehouse
$1.47M
$1.29M – $1.72M
NOI $103,036 @ 7.0% cap · market cap 31.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
527
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two dwellings provide separate kitchens, laundry rooms, and outdoor living areas within a flexible residential income property.
Where is this duplex located?
The property is located at 22 W 59th St Savannah, GA.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Two dwellings with a combined four bedrooms and two bathrooms; 1,575 SF duplex built in 1946; Separate kitchen and laundry room for each dwelling
