Restored Victorian
New
For Sale
$950,000
407 W 35th St, Savannah, GA 31401
Two updated residences combine period character, modern kitchens and baths, fireplaces, landscaped grounds, and off-street parking.
Property Size2,928 SF
Price / SF$324.45
Days on Market6
Property Features for 407 W 35th St
General Information
Standard status
Active
Size
2,928 SF
Property subtype
Multi-Family
Building Details
Year Built
1920
Listing Agency:
Realty One Group Inclusion
(912) 210-1494
Listed By:
Laura C. Celaya · License #392133
Source:
Patrickrealestate
Added: Aug 25
Changed: Aug 29
Last Checked: Aug 29 at 2:11PM
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 Realty One Group Inclusion
Investment Insights
Based on property information with market context.
Built in 1920, this 2,928-square-foot Victorian duplex contains two renovated residences with updated kitchens and bathrooms, designer finishes, fireplaces, and in-unit laundry. The larger 1,594-square-foot unit includes 3 bedrooms and 2 bathrooms, a primary suite with double vanity and walk-in shower, plus a kitchen with high-end appliances, gas cooktop, island, and walk-in pantry. The 1,334-square-foot unit offers 2 bedrooms and 2 bathrooms, an open layout, fireplaces in both bedrooms, a double-vanity hall bath, and in-unit laundry.
Located at 407 W 35th St in Savannah, the property is near Forsyth Park, shopping, dining, and Historic Savannah. Exterior improvements include a privacy fence, off-street parking, and landscaped grounds.
Located at 407 W 35th St in Savannah, the property is near Forsyth Park, shopping, dining, and Historic Savannah. Exterior improvements include a privacy fence, off-street parking, and landscaped grounds.
Key Highlights
- 2,928‑square‑foot Victorian duplex built in 1920
- Two renovated units measuring 1,594 square feet and 1,334 square feet
- Unit A includes 3 bedrooms, 2 bathrooms, a primary suite, and a walk‑in pantry
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
$31,045
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
3.27%
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%
$620,900
$620.9K
Cap Rate 7%
$443,500
$443.5K
Cap Rate 9%
$344,944
$344.9K
Market Conditions
NOI Build-Up for 2,928 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
$47.4K $16.20/SF
− Vacancy
−$3.1K −$1.05/SF
EGI
$44.4K $15.15/SF
− OpEx
−$13.3K −$4.54/SF
NOI
$31.0K $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%
$620,900
Cap Rate 7%
$443,500
Cap Rate 9%
$344,944
Alternative Uses
Best Use
Multifamily LT 5
$443.5K
$388.1K – $517.4K
NOI $31,045 @ 7.0% cap · market cap 3.27%
Second Best
Apartment 5plus
$411.3K
$359.9K – $479.9K
NOI $28,791 @ 7.0% cap · market cap 3.03%
Theoretical Best
Warehouse
$2.74M
$2.39M – $3.19M
NOI $191,548 @ 7.0% cap · market cap 20.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 updated residences combine period character, modern kitchens and baths, fireplaces, landscaped grounds, and off-street parking.
Where is this duplex located?
The property is located at 407 W 35th St Savannah, GA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 2,928‑square‑foot Victorian duplex built in 1920; Two renovated units measuring 1,594 square feet and 1,334 square feet; Unit A includes 3 bedrooms, 2 bathrooms, a primary suite, and a walk‑in pantry
