Historic Duplex with Updated
New
For Sale
$650,000
309 W 33rd Street, Savannah, GA 31401
Residential Income, Savannah, GA
Property Size2,818 SF
Lot Size0.11 Acres
Price / SF$230.66
Days on Market2
Property Features for 309 W 33rd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RIP
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 6, Bedroom 5, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4, Bathroom 3, Bedroom 3, Bedroom 2
Parking features
Off Street
Interior features
Pull Down Attic Stairs
Fireplace
1
Appliances
Dryer, Dishwasher, Gas Water Heater, Microwave, Oven, Range, Refrigerator, Washer
Subdivision
Lester Ward
Lot features
City Lot, Interior Lot
Directions
From Downtown Savannah, head south on Bull St. Continue approximately 2.5 miles. Turn right onto W 33rd St. The property will be on your right.
Standard status
Active
APN
2006626010
Size
2,818 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
EAST 10 FEET OF LOT 47 AND WEST 30 FEET OF LOT 48 LESTER WAR D
Legal Description
EAST 10 FEET OF LOT 47 AND WEST 30 FEET OF LOT 48 LESTER WAR D
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
in-unit laundry
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Hardwood
Building materials
Wood Siding
Roof type
Asphalt
Architectural style
Victorian
Listing Agency:
Six Bricks LLC
(912) 200-9044
Listed By:
Chelsea Phillips · License #349197
(912) 332-0465
Added: Sep 10
Changed: Sep 11
Last Checked: Sep 11 at 6:06PM
MLS# SA364321
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Victorian duplex at 309 W 33rd Street includes 2,818 square feet across two residences. Each unit has three bedrooms, two bathrooms, a living area, full kitchen, and in-unit laundry. Hardwood floors, wood siding, fireplaces, high ceilings, transoms, and classic moldings retain the building’s historic character, while all four full bathrooms have been updated. Off-street parking, public water, and public sewer are also provided.
Built in 1900 on a 0.11-acre lot, the property is located in Savannah’s Thomas Square Streetcar District. The address is within walking distance of The Laundry Diner, PERC Coffee, Cotton & Rye, and Tequila’s Town, with Forsyth Park and downtown Savannah a short distance away. Zoning is RIP, and the layout is described as adaptable for possible single-family conversion.
Built in 1900 on a 0.11-acre lot, the property is located in Savannah’s Thomas Square Streetcar District. The address is within walking distance of The Laundry Diner, PERC Coffee, Cotton & Rye, and Tequila’s Town, with Forsyth Park and downtown Savannah a short distance away. Zoning is RIP, and the layout is described as adaptable for possible single-family conversion.
Key Highlights
- Two‑unit duplex with 2,818 square feet
- Each residence includes 3 bedrooms and 2 bathrooms
- All four full bathrooms have been updated
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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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,691
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 - Two residences combine historic details with updated bathrooms and in-unit laundry.
Where is this duplex located?
The property is located at 309 W 33rd Street 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; Each residence includes 3 bedrooms and 2 bathrooms; All four full bathrooms have been updated
