Restored Victorian
For Sale
$950,000
407 W 35th Street, Savannah, GA 31401
Residential Income, Savannah, GA
Property Size2,928 SF
Lot Size0.11 Acres
Price / SF$324.45
Days on Market333
Property Features for 407 W 35th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
TC-2
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 4, Bedroom 2, Bathroom 1, Bathroom 4, Bedroom 3, Bedroom 5, Bathroom 3, Bathroom 2
Parking features
Off Street, Garage
Interior features
Ceiling Fan(s), Fireplace
Fencing
Privacy
Fireplace
1
Appliances
Some Electric Appliances, Some Gas Appliances, Cooktop, Dishwasher, Disposal, Ice Maker, Microwave, Range, Range Hood, Self Cleaning Oven, Tankless Water Heater, Dryer, Refrigerator, Washer
Elementary school
Gadsden
Middle school
DeRenne
High school
Beach
Directions
35th St between Montgomery and MLK Blvd.
Standard status
Active
APN
2006643011
Size
2,928 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
WEST 15 FEET OF LOT 1 AND EAST 30 FEET OF LOT 2 DUNCAN WARD
Tax Annual Amount
10332
Legal Description
WEST 15 FEET OF LOT 1 AND EAST 30 FEET OF LOT 2 DUNCAN WARD
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Amenities
fireplaces
in-unit laundry
off-street parking
privacy fence
landscaped grounds
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Architectural style
Victorian
Listing Agency:
Realty One Group Inclusion
(912) 298-7200
Listed By:
Laura C. Celaya · License #392133
(912) 210-1494
Added: Oct 6, 2025
Changed: Aug 29
Last Checked: Sep 3 at 10:06PM
MLS# SA341101
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.
Built in 1920, this Victorian duplex contains two renovated residences totaling 2,928 square feet. The larger 1,594-square-foot unit includes 3 bedrooms and 2 bathrooms, with a primary suite, fireplace-equipped family and dining rooms, a kitchen with island and walk-in pantry, and updated baths. The 1,334-square-foot second unit provides 2 bedrooms and 2 bathrooms, an open living arrangement, fireplaces in both bedrooms, and in-unit laundry.
The property sits on a 0.11-acre lot at 407 W 35th Street in Savannah, with proximity to Forsyth Park, shopping, dining, and Historic Savannah. Exterior features include a privacy fence, landscaped grounds, garage parking, and additional off-street parking. The property is served by public water and public sewer and carries TC-2 zoning.
The property sits on a 0.11-acre lot at 407 W 35th Street in Savannah, with proximity to Forsyth Park, shopping, dining, and Historic Savannah. Exterior features include a privacy fence, landscaped grounds, garage parking, and additional off-street parking. The property is served by public water and public sewer and carries TC-2 zoning.
Key Highlights
- Two renovated units totaling 2,928 square feet
- Unit A: 1,594 square feet with 3 bedrooms and 2 bathrooms
- Unit B: 1,334 square feet with 2 bedrooms and 2 bathrooms
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
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
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 offer fireplaces, modern kitchens and baths, private parking, and landscaped outdoor space.
Where is this duplex located?
The property is located at 407 W 35th Street 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: Two renovated units totaling 2,928 square feet; Unit A: 1,594 square feet with 3 bedrooms and 2 bathrooms; Unit B: 1,334 square feet with 2 bedrooms and 2 bathrooms
