Updated Duplex with Tenant
New
For Sale
$230,000
4589 Hickory Drive, Evans, GA 30809
Residential Income, Evans, GA
Property Size1,829 SF
Lot Size0.36 Acres
Price / SF$125.75
Days on Market2
Property Features for 4589 Hickory Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bedroom 3, Bedroom 4, Bathroom 2, Bedroom 1
Patio and Porch features
Patio, Porch
Appliances
Vented Exhaust Fan, Electric Oven, Built-In Electric Oven, Refrigerator, Dishwasher
Subdivision
Calloway Woods
Elementary school
Westmont
Middle school
Evans
High school
Evans
Directions
North Belair Road to Hickory Drive. Duplex ahead on the right.
Standard status
Active
APN
073h049
Size
1,829 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Deed Book 16194 Page 0075
Legal Description
Deed Book 16194 Page 0075
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
covered front porch
rear patio
laundry room
Building Details
Year built
1981
Floors in Building
1
Number of units
2
Building materials
Brick
Roof type
Shingle
Listing Agency:
Blanchard & Calhoun - Evans
(706) 868-1000
Listed By:
Trulock Group · License #302679
(706) 267-1269
Added: Sep 17
Last Checked: Sep 18 at 8:06AM
MLS# 100604323
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 1,829-square-foot brick duplex, built in 1981, contains two residences with matching layouts: each has 2 bedrooms, 1 full bathroom, a den, dining area, kitchen, laundry room, covered front porch, and rear patio. The property is fully occupied and sits on a 0.358-acre lot with tenant parking. A brand-new roof was installed in 2026. Unit A includes updated appliances, while Unit B has a new HVAC system and water heater installed in 2024.
Located at 4589 Hickory Drive in Evans, Georgia, the property is served by public water and public sewer. The R-2 zoning, brick construction, central air, natural-gas forced-air heating, and shingle roof provide a clear overview of the existing residential configuration. Current leases are scheduled to expire in spring 2027.
Located at 4589 Hickory Drive in Evans, Georgia, the property is served by public water and public sewer. The R-2 zoning, brick construction, central air, natural-gas forced-air heating, and shingle roof provide a clear overview of the existing residential configuration. Current leases are scheduled to expire in spring 2027.
Key Highlights
- Two‑unit duplex totaling 1,829 square feet on a 0.358‑acre lot
- Each unit includes 2 bedrooms, 1 full bathroom, den, dining area, kitchen, laundry room, porch, and patio
- Fully occupied with current leases expiring in spring 2027
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
$17,937
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
7.80%
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%
$358,740
$358.7K
Cap Rate 7%
$256,243
$256.2K
Cap Rate 9%
$199,300
$199.3K
Market Conditions
NOI Build-Up for 1,829 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
$27.9K $15.24/SF
− Vacancy
−$2.2K −$1.23/SF
EGI
$25.6K $14.01/SF
− OpEx
−$7.7K −$4.20/SF
NOI
$17.9K $9.81/SF
Area
Columbia County, GA
Vacancy
8.07%
Lease Rate
$15.24 /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%
$358,740
Cap Rate 7%
$256,243
Cap Rate 9%
$199,300
Alternative Uses
Best Use
Multifamily LT 5
$256.2K
$224.2K – $299.0K
NOI $17,937 @ 7.0% cap · market cap 7.80%
Second Best
Apartment 5plus
$236.7K
$207.1K – $276.1K
NOI $16,568 @ 7.0% cap · market cap 7.20%
Theoretical Best
Office A
$577.3K
$505.1K – $673.5K
NOI $40,411 @ 7.0% cap · market cap 17.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
338
Businesses Nearby
Explore this area
Business Placement
Demographics for 30809, GA
51,813
Population
18,920
Households
2.7
Avg Household Size
39
Median Age
48%
College-Educated
96%
High-School Grad
44.2 sq mi
ZIP Area
1,172
Density / Sq Mi
$130,150
Median Household Income
$56,391
Median Earnings
$1,659
Median Rent
$346,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied R-2 duplex with two-bedroom units, covered porches, rear patios, and dedicated tenant parking.
Where is this duplex located?
The property is located at 4589 Hickory Drive Evans, GA.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,829 square feet on a 0.358‑acre lot; Each unit includes 2 bedrooms, 1 full bathroom, den, dining area, kitchen, laundry room, porch, and patio; Fully occupied with current leases expiring in spring 2027
