Brick Four-Unit
For Sale
$595,000
2511 Oak Forest Dr, Savannah, GA 31404
Four two-bedroom residences offer off-street parking and covered front porches near Savannah-area amenities.
Property Size3,190 SF
Price / SF$186.52
Days on Market33
Property Features for 2511 Oak Forest Dr
General Information
Standard status
Active
Size
3,190 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$49,500
Amenities
off-street parking
covered front porches
Building Details
Year Built
1978
Buildings
1
Construction
brick
Listing Agency:
Better Homes and Gardens Real
(912) 237-9619
Listed By:
Christopher C. Anderson · License #439242
Source:
Searchgreateraugustahomes
Added: Jul 31
Changed: Aug 31
Last Checked: Aug 31 at 5:40PM
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 Better Homes and Gardens Real
Investment Insights
Based on property information with market context.
This brick quadplex contains four residential units within 3,190 square feet, with a consistent two-bedroom, one-bath layout across the property. Built in 1978, the building includes covered front porches and off-street parking. Three units are leased, while one is available for occupancy or leasing.
The property sits outside the Savannah city limits and is located near Savannah State University, shopping, restaurants, hospitals, and major commuter routes. Its four-unit configuration provides an established rental setup with one vacancy available for a new occupant or lease-up.
The property sits outside the Savannah city limits and is located near Savannah State University, shopping, restaurants, hospitals, and major commuter routes. Its four-unit configuration provides an established rental setup with one vacancy available for a new occupant or lease-up.
Key Highlights
- Four‑unit quadplex with 3,190 SF of building area
- Each unit features 2 bedrooms and 1 bath
- Three units leased; one unit currently available
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
$33,823
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
5.68%
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%
$676,460
$676.5K
Cap Rate 7%
$483,186
$483.2K
Cap Rate 9%
$375,811
$375.8K
Market Conditions
NOI Build-Up for 3,190 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
$51.7K $16.20/SF
− Vacancy
−$3.4K −$1.05/SF
EGI
$48.3K $15.15/SF
− OpEx
−$14.5K −$4.54/SF
NOI
$33.8K $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%
$676,460
Cap Rate 7%
$483,186
Cap Rate 9%
$375,811
Alternative Uses
Best Use
Multifamily LT 5
$483.2K
$422.8K – $563.7K
NOI $33,823 @ 7.0% cap · market cap 5.68%
Second Best
Apartment 5plus
$448.1K
$392.1K – $522.8K
NOI $31,367 @ 7.0% cap · market cap 5.27%
Theoretical Best
Warehouse
$2.98M
$2.61M – $3.48M
NOI $208,688 @ 7.0% cap · market cap 35.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
224
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom residences offer off-street parking and covered front porches near Savannah-area amenities.
Where is this quadplex located?
The property is located at 2511 Oak Forest Dr Savannah, GA.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Four‑unit quadplex with 3,190 SF of building area; Each unit features 2 bedrooms and 1 bath; Three units leased; one unit currently available
