Two-Unit Masonry
New
For Sale
$279,900
2221 & 2223 Delesseps Ave, Savannah, GA 31404
Single-level construction includes two tenant-occupied rental units.
Property Size1,592 SF
Price / SF$175.82
Days on Market4
Property Features for 2221 & 2223 Delesseps Ave
General Information
Standard status
Active
Size
1,592 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1959
Buildings
1
Stories
1
Construction
masonry
Listing Agency:
The Allen Real Estate Group
(912) 596-1378
Listed By:
Larry C. Allen · License #305104
Source:
Ginesandburnsed.searchhomesinsavannah
Added: Aug 27
Changed: Aug 29
Last Checked: Aug 29 at 10:51PM
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 The Allen Real Estate Group
Investment Insights
Based on property information with market context.
This 1,592-square-foot duplex contains two separate two-bedroom, one-bath residences within a one-story masonry structure. Both units are occupied by tenants, providing established rental occupancy, and the property is offered as-is. Constructed in 1959, the building’s single-level layout supports straightforward access between the residences.
The property is located at 2221 & 2223 DeLesseps Ave in Savannah’s LaRoche Park area, with access to Midtown, downtown Savannah, Truman Parkway, Savannah State University, medical facilities, shopping, and dining. The DeLesseps corridor includes City improvements such as sidewalks, bike lanes, drainage work, and upgraded pedestrian facilities.
The property is located at 2221 & 2223 DeLesseps Ave in Savannah’s LaRoche Park area, with access to Midtown, downtown Savannah, Truman Parkway, Savannah State University, medical facilities, shopping, and dining. The DeLesseps corridor includes City improvements such as sidewalks, bike lanes, drainage work, and upgraded pedestrian facilities.
Key Highlights
- 1,592 SF duplex with two separate residential units
- Two 2‑bedroom, 1‑bath units
- Both units are currently tenant‑occupied
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
$16,880
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
6.03%
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%
$337,600
$337.6K
Cap Rate 7%
$241,143
$241.1K
Cap Rate 9%
$187,556
$187.6K
Market Conditions
NOI Build-Up for 1,592 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
$25.8K $16.20/SF
− Vacancy
−$1.7K −$1.05/SF
EGI
$24.1K $15.15/SF
− OpEx
−$7.2K −$4.54/SF
NOI
$16.9K $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%
$337,600
Cap Rate 7%
$241,143
Cap Rate 9%
$187,556
Alternative Uses
Best Use
Multifamily LT 5
$241.1K
$211.0K – $281.3K
NOI $16,880 @ 7.0% cap · market cap 6.03%
Second Best
Apartment 5plus
$223.6K
$195.7K – $260.9K
NOI $15,654 @ 7.0% cap · market cap 5.59%
Theoretical Best
Warehouse
$1.49M
$1.30M – $1.74M
NOI $104,148 @ 7.0% cap · market cap 37.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
327
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Single-level construction includes two tenant-occupied rental units.
Where is this duplex located?
The property is located at 2221 & 2223 Delesseps Ave Savannah, GA.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: 1,592 SF duplex with two separate residential units; Two 2‑bedroom, 1‑bath units; Both units are currently tenant‑occupied
