Four-Unit Apartment
For Sale
$995,000
309 W 41st Street, Savannah, GA 31401
MULTI_FAMILY - Savannah, GA
Property Size5,358 SF
Lot Size0.19 Acres
Price / SF$185.70
Days on Market133
Property Features for 309 W 41st Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RIP
Bedrooms
16
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 8, Bedroom 13, Bedroom 9, Bathroom 3, Bedroom 10, Bedroom 5, Bedroom 1, Bathroom 2, Bedroom 6, Bedroom 11, Bedroom 7, Bedroom 2, Bedroom 16, Bedroom 14, Bedroom 12, Bathroom 4, Bathroom 1, Bedroom 4, Bedroom 15
Parking features
Parking Lot, Off Street
Interior features
Pull Down Attic Stairs
Appliances
Dryer, Dishwasher, Electric Water Heater, Microwave, Oven, Range, Refrigerator, Washer
Subdivision
Lovell
Lot features
City Lot
Directions
Big blue quad near the cornet of W 41st and Montgomery Street.
Standard status
Active
APN
2007330002
Size
5,358 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 62 AND WEST 30 FEET OF LOT 61 LOVELL WARD
Tax Annual Amount
6931
Legal Description
LOT 62 AND WEST 30 FEET OF LOT 61 LOVELL WARD
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1910
Floors in Building
2
Number of units
4
Flooring type
Hardwood, Vinyl
Building materials
Wood Siding
Listing Agency:
Bare Real Estate
(912) 712-6606
Listed By:
Daniel Worsley · License #357843
(912) 308-9806
Added: Apr 1
Changed: Aug 10
Last Checked: Aug 11 at 11:06PM
MLS# SA352132
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 four-unit apartment property at 309 W 41st Street in Savannah contains approximately 5,358 square feet and was built in 1910. Each apartment provides four bedrooms and one bathroom, creating spacious layouts suited to the property’s established rental configuration. Interior features include hardwood and vinyl flooring, pull-down attic stairs, central electric heating, and central air conditioning. The property includes washers, dryers, refrigerators, ranges, ovens, microwaves, dishwashers, and electric water heaters.
The 0.186-acre parcel includes a 0.07-acre off-street parking lot. Public water and public sewer serve the property, while wood siding forms the exterior. The address is in ZIP code 31401, within Chatham County. Current rental activity is reported for all four units, with each producing approximately $2,000 per month; monetary figures are excluded from this listing summary.
The 0.186-acre parcel includes a 0.07-acre off-street parking lot. Public water and public sewer serve the property, while wood siding forms the exterior. The address is in ZIP code 31401, within Chatham County. Current rental activity is reported for all four units, with each producing approximately $2,000 per month; monetary figures are excluded from this listing summary.
Key Highlights
- Four units, each with 4 bedrooms and 1 bathroom
- Approximately 5,358 square feet on a 0.186‑acre parcel
- 0.07‑acre off‑street parking lot
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
$56,810
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
5.71%
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%
$1,136,200
$1.1M
Cap Rate 7%
$811,571
$811.6K
Cap Rate 9%
$631,222
$631.2K
Market Conditions
NOI Build-Up for 5,358 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
$86.8K $16.20/SF
− Vacancy
−$5.6K −$1.05/SF
EGI
$81.2K $15.15/SF
− OpEx
−$24.3K −$4.54/SF
NOI
$56.8K $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%
$1,136,200
Cap Rate 7%
$811,571
Cap Rate 9%
$631,222
Alternative Uses
Best Use
Multifamily LT 5
$811.6K
$710.1K – $946.8K
NOI $56,810 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$752.6K
$658.6K – $878.1K
NOI $52,685 @ 7.0% cap · market cap 5.29%
Theoretical Best
Warehouse
$5.01M
$4.38M – $5.84M
NOI $350,518 @ 7.0% cap · market cap 35.23%
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
975
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
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 large-bedroom apartments with off-street parking and public utilities in Savannah.
Where is this quadplex located?
The property is located at 309 W 41st Street Savannah, GA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Four units, each with 4 bedrooms and 1 bathroom; Approximately 5,358 square feet on a 0.186‑acre parcel; 0.07‑acre off‑street parking lot
