Multifamily Compound with
For Sale
$875,000
2411 Texas Avenue, Savannah, GA 31404
Established garden compound with separate living spaces, a workshop, laundry area, and approved subdivision application with conditions.
Property Size2,100 SF
Lot Size0.50 Acres
Days on Market19
Property Features for 2411 Texas Avenue
General Information
Standard status
Active
Size
2,100 SF
Lot size
0.50 Acres
Property subtype
Multi Family Home
Amenities
courtyard garden
seating areas
firepit
hammock
patio
outdoor shower
workshop
laundry area
Building Details
Building Size
2,100 SF
Year Built
2026
Stories
1
Units
2
Listing Agency:
Laurie deVegter Real Estate
(912) 220-0957
Listed By:
Laurie H. Devegter · License #264519
(912) 220-0957
Source:
Woodwardrealestategroup
Added: Aug 11
Changed: Aug 28
Last Checked: Aug 28 at 9:11PM
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 Laurie deVegter Real Estate
Investment Insights
Based on property information with market context.
This multifamily property combines an original 2-bedroom, 1-bath residence with a studio and bathroom addition, plus an approximately 700-square-foot raised cottage built with an Eco-Panels system. The 2,100-square-foot compound includes a new roof, spray-foam insulation, HVAC, appliances, reclaimed wood finishes, abundant windows, and a private studio entrance. A workshop and laundry area provide additional utility.
Set at 2411 Texas Ave in Savannah’s Avondale neighborhood near Thunderbolt, Bonaventure Cemetery, and the marsh, the property occupies approximately half an acre. Mature trees, landscaped courtyard areas, seating spaces, a firepit, hammock, patio, and outdoor shower shape the exterior setting. Architectural studies identify two additional proposed building sites and multiple configurations. A minor subdivision application has received City approval with conditions; future construction remains subject to permitting and governmental approvals.
Set at 2411 Texas Ave in Savannah’s Avondale neighborhood near Thunderbolt, Bonaventure Cemetery, and the marsh, the property occupies approximately half an acre. Mature trees, landscaped courtyard areas, seating spaces, a firepit, hammock, patio, and outdoor shower shape the exterior setting. Architectural studies identify two additional proposed building sites and multiple configurations. A minor subdivision application has received City approval with conditions; future construction remains subject to permitting and governmental approvals.
Key Highlights
- Approximately half‑acre multifamily compound at 2411 Texas Ave, Savannah, GA 31404
- 2,100‑square‑foot property with original 2‑bedroom, 1‑bath home and studio addition
- Approximately 700‑square‑foot raised cottage constructed with an Eco‑Panels system
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
$29,196
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
3.34%
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%
$583,920
$583.9K
Cap Rate 7%
$417,086
$417.1K
Cap Rate 9%
$324,400
$324.4K
Market Conditions
NOI Build-Up for 2,100 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
$46.6K $22.20/SF
− Vacancy
−$7.7K −$3.66/SF
EGI
$38.9K $18.54/SF
− OpEx
−$9.7K −$4.63/SF
NOI
$29.2K $13.90/SF
Area
Savannah, GA
Vacancy
16.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$583,920
Cap Rate 7%
$417,086
Cap Rate 9%
$324,400
Alternative Uses
Best Use
Office B
$417.1K
$365.0K – $486.6K
NOI $29,196 @ 7.0% cap · market cap 3.34%
Second Best
Mixed Use
$339.7K
$297.2K – $396.3K
NOI $23,779 @ 7.0% cap · market cap 2.72%
Theoretical Best
Warehouse
$1.96M
$1.72M – $2.29M
NOI $137,381 @ 7.0% cap · market cap 15.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
311
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 Office in Savannah, GA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Established garden compound with separate living spaces, a workshop, laundry area, and approved subdivision application with conditions.
Where is this multifamily property located?
The property is located at 2411 Texas Avenue Savannah, GA.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Approximately half‑acre multifamily compound at 2411 Texas Ave, Savannah, GA 31404; 2,100‑square‑foot property with original 2‑bedroom, 1‑bath home and studio addition; Approximately 700‑square‑foot raised cottage constructed with an Eco‑Panels system
