Two-Story
For Sale
$495,000
404 E 31st Street, Savannah, GA 31401
Residential Income, Savannah, GA
Property Size1,955 SF
Lot Size0.04 Acres
Price / SF$253.20
Days on Market320
Property Features for 404 E 31st Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RM40
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3
Parking features
On Street
Appliances
Electric Water Heater, Oven, Range, Refrigerator
Lot features
City Lot
Directions
East Anderson and make a right on Price Street. Right on East 31st Street. Property on the right.
Standard status
Active
APN
2005320028
Size
1,955 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Description
LOT 31-A EAST ANDERSON LANE DIVISION BARRY WD BK51 PG33 .04AC
Legal Description
LOT 31-A EAST ANDERSON LANE DIVISION BARRY WD BK51 PG33 .04AC
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Window Unit(s), Central Air, Electric
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Building materials
Concrete
Listing Agency:
Seabolt Real Estate
(912) 233-6609
Listed By:
Nicole Johnson · License #384499
(912) 398-3838
Added: Oct 15, 2025
Changed: Aug 28
Last Checked: Aug 30 at 1:06PM
MLS# SA343051
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 1,955-square-foot duplex was built in 1900 on a 0.04-acre lot and contains two residential units arranged across two floors. Each unit offers two bedrooms and one bathroom; the upper residence may accommodate a three-bedroom layout. The property includes an electric water heater, oven, range, and refrigerator, with central and window-unit cooling options, central electric heating, concrete construction, and on-street parking.
The property is located in Savannah’s Historic District near SCAD, shopping, Forsyth Park, restaurants, and downtown amenities. Public water and public sewer serve the property, cable is available, and zoning is RM40. The address is 404 E 31st Street, Savannah, Georgia 31401.
The property is located in Savannah’s Historic District near SCAD, shopping, Forsyth Park, restaurants, and downtown amenities. Public water and public sewer serve the property, cable is available, and zoning is RM40. The address is 404 E 31st Street, Savannah, Georgia 31401.
Key Highlights
- Two residential units arranged on separate floors
- 1,955 square feet on a 0.04‑acre lot
- Each unit includes 2 bedrooms and 1 bathroom
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
$20,729
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
4.19%
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%
$414,580
$414.6K
Cap Rate 7%
$296,129
$296.1K
Cap Rate 9%
$230,322
$230.3K
Market Conditions
NOI Build-Up for 1,955 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
$31.7K $16.20/SF
− Vacancy
−$2.1K −$1.05/SF
EGI
$29.6K $15.15/SF
− OpEx
−$8.9K −$4.54/SF
NOI
$20.7K $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%
$414,580
Cap Rate 7%
$296,129
Cap Rate 9%
$230,322
Alternative Uses
Best Use
Multifamily LT 5
$296.1K
$259.1K – $345.5K
NOI $20,729 @ 7.0% cap · market cap 4.19%
Second Best
Apartment 5plus
$274.6K
$240.3K – $320.4K
NOI $19,223 @ 7.0% cap · market cap 3.88%
Theoretical Best
Warehouse
$1.83M
$1.60M – $2.13M
NOI $127,895 @ 7.0% cap · market cap 25.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - RM40-zoned residential property with one dwelling on each level.
Where is this duplex located?
The property is located at 404 E 31st Street Savannah, GA.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Two residential units arranged on separate floors; 1,955 square feet on a 0.04‑acre lot; Each unit includes 2 bedrooms and 1 bathroom
