Historic Bungalow
For Sale
$380,000
Pending
221 E 49th Street, Savannah, GA 31405
Residential Income, Savannah, GA
Property Size2,578 SF
Lot Size0.18 Acres
Days on Market214
Property Features for 221 E 49th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 4
Subdivision
Chathem Crescent McKenna Ward
Directions
Turn left on 49th st from driving south on Abercorn.
Standard status
Pending
APN
2008722008
Size
2,578 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOTS 165, 166 AND WEST 15 FEET OF LOT 167 MCKENNA WARD
Tax Annual Amount
1956
Legal Description
LOTS 165, 166 AND WEST 15 FEET OF LOT 167 MCKENNA WARD
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1922
Floors in Building
1
Building materials
Wood Siding
Architectural style
Bungalow
Listing Agency:
Seaport Real Estate Group
(912) 202-2042
Listed By:
Jane G. Kemp · License #425943
(770) 756-5915
Added: Jan 21
Changed: Aug 19
Last Checked: Aug 23 at 8:06PM
MLS# SA347327
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 for-sale multifamily bungalow property is located at 221 E 49th Street in Savannah, Georgia 31405. The offering includes a total building size of 2,578 square feet on a 0.181-acre lot. The property is described as a historic asset, presented for restoration.
The site is in the Ardsley Park neighborhood area and is zoned R6. For buyers and investors looking for a renovation opportunity, this property provides a bungalow format within a compact residential lot configuration.
The current layout details and unit configuration are not provided in the available information, but the building size and lot dimensions support a restoration-focused redevelopment plan for a single bungalow-style multifamily structure.
The site is in the Ardsley Park neighborhood area and is zoned R6. For buyers and investors looking for a renovation opportunity, this property provides a bungalow format within a compact residential lot configuration.
The current layout details and unit configuration are not provided in the available information, but the building size and lot dimensions support a restoration-focused redevelopment plan for a single bungalow-style multifamily structure.
Key Highlights
- Bungalow built in 1922 with wood siding
- Central heating and central air conditioning
- Public water supply and public sewer
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
$25,349
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
6.67%
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%
$506,980
$507.0K
Cap Rate 7%
$362,129
$362.1K
Cap Rate 9%
$281,656
$281.7K
Market Conditions
NOI Build-Up for 2,578 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
$49.2K $19.08/SF
− Vacancy
−$3.1K −$1.20/SF
EGI
$46.1K $17.88/SF
− OpEx
−$20.7K −$8.05/SF
NOI
$25.3K $9.83/SF
Area
Savannah, GA
Vacancy
6.30%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
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%
$506,980
Cap Rate 7%
$362,129
Cap Rate 9%
$281,656
Alternative Uses
Best Use
Apartment 5plus
$362.1K
$316.9K – $422.5K
NOI $25,349 @ 7.0% cap · market cap 6.67%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.41M
$2.11M – $2.81M
NOI $168,652 @ 7.0% cap · market cap 44.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
747
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - For sale bungalow-style multifamily property in Savannah with a small lot, zoned R6.
Where is this single family property located?
The property is located at 221 E 49th Street Savannah, GA.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Bungalow built in 1922 with wood siding; Central heating and central air conditioning; Public water supply and public sewer
