Historic Victorian
For Sale
$685,000
319 W 33rd St, Savannah, GA 31401
Two separate residences combine period character with practical layouts for long-term rental use.
Property Size2,304 SF
Price / SF$297.31
Days on Market162
Property Features for 319 W 33rd St
General Information
Standard status
Active
Size
2,304 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1.5BA, 1 x 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Stories
2
Construction
Victorian
Tenancy
Multi
Listing Agency:
Century 21 Solomon Properties
(912) 786-5466
Listed By:
Tanya Huff · License #413165
(912) 944-8259
Source:
Exprealty
Added: Mar 26
Changed: Aug 30
Last Checked: Aug 31 at 6:50PM
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 Century 21 Solomon Properties
Investment Insights
Based on property information with market context.
Built in 1900, this 2,304-square-foot Victorian duplex at 319 W 33rd St features preserved architectural details and two fully independent residences. The lower-level apartment includes two bedrooms, 1.5 baths, tall ceilings, an updated kitchen, and connected living areas. The upper apartment offers one bedroom, one bath, and a dedicated office, with abundant natural light and original craftsmanship throughout.
The property is located in downtown Savannah, near restaurants, parks, and cultural landmarks. Its two-unit configuration supports long-term rental use while also allowing for residential occupancy with supplemental rental space or multigenerational living, uses explicitly identified for the property.
The property is located in downtown Savannah, near restaurants, parks, and cultural landmarks. Its two-unit configuration supports long-term rental use while also allowing for residential occupancy with supplemental rental space or multigenerational living, uses explicitly identified for the property.
Key Highlights
- 1900 Victorian duplex with preserved period details
- 2,304 SF property with two fully independent residences
- Lower unit includes 2 bedrooms and 1.5 baths
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
$24,429
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
3.57%
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%
$488,580
$488.6K
Cap Rate 7%
$348,986
$349.0K
Cap Rate 9%
$271,433
$271.4K
Market Conditions
NOI Build-Up for 2,304 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
$37.3K $16.20/SF
− Vacancy
−$2.4K −$1.05/SF
EGI
$34.9K $15.15/SF
− OpEx
−$10.5K −$4.54/SF
NOI
$24.4K $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%
$488,580
Cap Rate 7%
$348,986
Cap Rate 9%
$271,433
Alternative Uses
Best Use
Multifamily LT 5
$349.0K
$305.4K – $407.2K
NOI $24,429 @ 7.0% cap · market cap 3.57%
Second Best
Apartment 5plus
$323.6K
$283.2K – $377.6K
NOI $22,655 @ 7.0% cap · market cap 3.31%
Theoretical Best
Warehouse
$2.15M
$1.88M – $2.51M
NOI $150,727 @ 7.0% cap · market cap 22.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences combine period character with practical layouts for long-term rental use.
Where is this duplex located?
The property is located at 319 W 33rd St Savannah, GA.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: 1900 Victorian duplex with preserved period details; 2,304 SF property with two fully independent residences; Lower unit includes 2 bedrooms and 1.5 baths
