Renovated Duplex with Fenced
For Sale
$450,000
2304 Reynolds Street, Savannah, GA 31401
Two four-bedroom units offer flexible owner-occupant or rental use, with outdoor space serving both levels.
Property Size2,444 SF
Price / SF$184.12
Days on Market76
Property Features for 2304 Reynolds Street
General Information
Standard status
Active
Size
2,444 SF
Property subtype
Multi-Family
Zoning
R4
Units
Unit Mix
2 x 4BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,235
Amenities
front porch
back deck
private fenced yard
No
Yes
2
8
Washer Hookup,Dryer Hookup
Ceiling Fan(s)
Chain Link,Wood,Yard Fenced
Ceiling Fans,Refrigerator
City Lot
Public
0.078
1
Off Street,On Street
Asphalt
Deck
Block
Public Road
Building Details
Building Size
2,444 SF
Year Built
1920
Stories
2
Listing Agency:
Keller Williams Realty
(912) 233-6000
Listed By:
Danielle Drake · License #288930
Source:
Baystreetrealtygroup
Added: Jun 16
Changed: Aug 28
Last Checked: Aug 29 at 6:24AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This 2,444-square-foot duplex contains two four-bedroom, one-bath units. The first-floor residence has undergone a recent renovation that includes a new bathroom, while the property also provides a front porch, rear deck, and privately fenced yard. The upper unit features its own front porch and has a renewed one-year lease.
Located at 2304 Reynolds St in Savannah, GA, the property has operated as a SCAD rental since its acquisition more than a decade ago. Its two-unit layout supports an owner-occupant arrangement or continued use as a residential income property, subject to applicable requirements.
Located at 2304 Reynolds St in Savannah, GA, the property has operated as a SCAD rental since its acquisition more than a decade ago. Its two-unit layout supports an owner-occupant arrangement or continued use as a residential income property, subject to applicable requirements.
Key Highlights
- 2,444 SF duplex with two 4‑bedroom, 1‑bath units
- First‑floor unit recently renovated with a brand‑new bathroom
- Upper unit includes a renewed one‑year lease
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
$25,913
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
5.76%
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%
$518,260
$518.3K
Cap Rate 7%
$370,186
$370.2K
Cap Rate 9%
$287,922
$287.9K
Market Conditions
NOI Build-Up for 2,444 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
$39.6K $16.20/SF
− Vacancy
−$2.6K −$1.05/SF
EGI
$37.0K $15.15/SF
− OpEx
−$11.1K −$4.54/SF
NOI
$25.9K $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%
$518,260
Cap Rate 7%
$370,186
Cap Rate 9%
$287,922
Alternative Uses
Best Use
Multifamily LT 5
$370.2K
$323.9K – $431.9K
NOI $25,913 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$343.3K
$300.4K – $400.5K
NOI $24,032 @ 7.0% cap · market cap 5.34%
Theoretical Best
Warehouse
$2.28M
$2.00M – $2.66M
NOI $159,885 @ 7.0% cap · market cap 35.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,102
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?
Duplex - Two four-bedroom units offer flexible owner-occupant or rental use, with outdoor space serving both levels.
Where is this duplex located?
The property is located at 2304 Reynolds Street Savannah, GA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2,444 SF duplex with two 4‑bedroom, 1‑bath units; First‑floor unit recently renovated with a brand‑new bathroom; Upper unit includes a renewed one‑year lease
