Historic Two-Unit
For Sale
$649,900
2313 Whitaker St, Savannah, GA 31401
Fully rented duplex with two updated residential units and restored historic details.
Property Size2,128 SF
Price / SF$305.40
Days on Market8
Property Features for 2313 Whitaker St
General Information
Standard status
Active
Size
2,128 SF
Property subtype
Multi-Family
Zoning
TN-2
Occupancy
100%
Units
Unit Mix
1 x 2BR/1.5BA, 1 x 2BR/2BA
Multifamily Units
2
Building Details
Year Built
1897
Year Renovated
2022
Buildings
1
Stories
2
Listing Agency:
Seabolt Real Estate
Listed By:
Monica A. Gelok · License #262965
(912) 484-2132
Source:
Patrickrealestate
Added: Sep 20
Last Checked: Sep 26 at 12:21PM
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 Seabolt Real Estate
Investment Insights
Based on property information with market context.
Built in 1897, this 2,128-square-foot duplex contains two fully rented residential units. The first-floor residence has 2 bedrooms and 1.5 baths, while the second-floor unit includes 2 bedrooms and 2 en-suite baths. Original heart pine flooring, custom tile showers, stainless appliances, granite countertops, historic windows and trim, and recreated period details are incorporated throughout.
A historic tax credit rehabilitation was completed in 2022, including replacement electrical, plumbing, insulation, fire-rated sheetrock, and waste lines. The work was fully permitted and inspected, and a tax freeze remains in place through 2030. Approved plans for a rear carriage house and garage provide an additional future improvement option. The property is zoned TN-2 and is located at 2313 Whitaker St in Savannah’s Starland District, near Starland Yard, dining, shopping, and entertainment. The property is being sold as is.
A historic tax credit rehabilitation was completed in 2022, including replacement electrical, plumbing, insulation, fire-rated sheetrock, and waste lines. The work was fully permitted and inspected, and a tax freeze remains in place through 2030. Approved plans for a rear carriage house and garage provide an additional future improvement option. The property is zoned TN-2 and is located at 2313 Whitaker St in Savannah’s Starland District, near Starland Yard, dining, shopping, and entertainment. The property is being sold as is.
Key Highlights
- 2,128‑square‑foot duplex built in 1897
- Two fully rented units: 2BR/1.5BA and 2BR with 2 en‑suite baths
- Historic Tax Credit rehabilitation completed in 2022
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
$22,563
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
3.47%
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%
$451,260
$451.3K
Cap Rate 7%
$322,329
$322.3K
Cap Rate 9%
$250,700
$250.7K
Market Conditions
NOI Build-Up for 2,128 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
$34.5K $16.20/SF
− Vacancy
−$2.2K −$1.05/SF
EGI
$32.2K $15.15/SF
− OpEx
−$9.7K −$4.54/SF
NOI
$22.6K $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%
$451,260
Cap Rate 7%
$322,329
Cap Rate 9%
$250,700
Alternative Uses
Best Use
Multifamily LT 5
$322.3K
$282.0K – $376.1K
NOI $22,563 @ 7.0% cap · market cap 3.47%
Second Best
Apartment 5plus
$298.9K
$261.6K – $348.7K
NOI $20,924 @ 7.0% cap · market cap 3.22%
Theoretical Best
Warehouse
$1.99M
$1.74M – $2.32M
NOI $139,213 @ 7.0% cap · market cap 21.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,465
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Fully rented duplex with two updated residential units and restored historic details.
Where is this duplex located?
The property is located at 2313 Whitaker St Savannah, GA.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: 2,128‑square‑foot duplex built in 1897; Two fully rented units: 2BR/1.5BA and 2BR with 2 en‑suite baths; Historic Tax Credit rehabilitation completed in 2022
