Historic Duplex with Original
For Sale
$650,000
309 W 33rd St, Savannah, GA 31401
Two residences offer updated bathrooms, full kitchens, and in-unit laundry within a character-rich historic property.
Property Size2,818 SF
Price / SF$230.66
Days on Market21
Property Features for 309 W 33rd St
General Information
Standard status
Active
Size
2,818 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Gross Income
$67,800
Amenities
in-unit laundry
fireplaces
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Six Bricks LLC
Listed By:
Chelsea Phillips · License #349197
(912) 356-5001
Source:
Searchhomesinsavannah
Added: Sep 7
Changed: Sep 15
Last Checked: Sep 26 at 7:03AM
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 Six Bricks LLC
Investment Insights
Based on property information with market context.
Built in 1900, this duplex contains two residences, each with three bedrooms, two bathrooms, a living area, full kitchen, and in-unit laundry. Original wood floors, transoms, moldings, fireplaces, and high ceilings preserve the historic character, while all four bathrooms have updated tiled showers, tubs, and vanities. The layout also allows potential conversion to a single-family arrangement.
The property is in Savannah’s Thomas Square Streetcar District, within walking distance of The Laundry Diner, PERC Coffee, Cotton & Rye, and Tequila’s Town. Forsyth Park and downtown Savannah are minutes away. The duplex has an established rental history and combines period details with updated bathroom finishes and practical residential layouts.
The property is in Savannah’s Thomas Square Streetcar District, within walking distance of The Laundry Diner, PERC Coffee, Cotton & Rye, and Tequila’s Town. Forsyth Park and downtown Savannah are minutes away. The duplex has an established rental history and combines period details with updated bathroom finishes and practical residential layouts.
Key Highlights
- Two‑unit duplex with 2,818 square feet, built in 1900
- Each unit includes 3 bedrooms, 2 bathrooms, a full kitchen, living area, and in‑unit laundry
- Original wood floors, transoms, moldings, fireplaces, and high ceilings
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
$29,879
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
4.60%
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%
$597,580
$597.6K
Cap Rate 7%
$426,843
$426.8K
Cap Rate 9%
$331,989
$332.0K
Market Conditions
NOI Build-Up for 2,818 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
$45.7K $16.20/SF
− Vacancy
−$3.0K −$1.05/SF
EGI
$42.7K $15.15/SF
− OpEx
−$12.8K −$4.54/SF
NOI
$29.9K $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%
$597,580
Cap Rate 7%
$426,843
Cap Rate 9%
$331,989
Alternative Uses
Best Use
Multifamily LT 5
$426.8K
$373.5K – $498.0K
NOI $29,879 @ 7.0% cap · market cap 4.60%
Second Best
Apartment 5plus
$395.8K
$346.4K – $461.8K
NOI $27,709 @ 7.0% cap · market cap 4.26%
Theoretical Best
Warehouse
$2.63M
$2.30M – $3.07M
NOI $184,352 @ 7.0% cap · market cap 28.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,791
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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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer updated bathrooms, full kitchens, and in-unit laundry within a character-rich historic property.
Where is this duplex located?
The property is located at 309 W 33rd St Savannah, GA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,818 square feet, built in 1900; Each unit includes 3 bedrooms, 2 bathrooms, a full kitchen, living area, and in‑unit laundry; Original wood floors, transoms, moldings, fireplaces, and high ceilings
