Fully Occupied
New
For Sale
$230,000
4589 Hickory Dr Unit A/B, Evans, GA 30809
Both residences offer dens, dining areas, kitchens, laundry rooms, covered front porches, and rear patios.
Property Size1,829 SF
Lot Size0.35 Acres
Price / SF$125.75
Days on Market4
Property Features for 4589 Hickory Dr Unit A/B
General Information
Standard status
Active
Size
1,829 SF
Lot size
0.35 Acres
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
covered front porch
rear patio
laundry room
Building Details
Year Built
1981
Listing Agency:
Blanchard & Calhoun - Evans
Listed By:
Trulock Group · License #302679
(706) 868-1000
Source:
Bradberrygarnerrealestate
Added: Sep 21
Last Checked: Sep 22 at 8:30PM
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 Blanchard & Calhoun - Evans
Investment Insights
Based on property information with market context.
Built in 1981, this 1,829-square-foot duplex contains two residences, each with 2 bedrooms and 1 full bath. The layouts also include a den, dining area, kitchen, and laundry room, along with a covered front porch and rear patio. The property is fully occupied.
Situated on a 0.35-acre parcel off Belair Road in Evans, the property includes tenant parking. Recent improvements include a new roof in 2026, updated appliances in Unit A, and a 2024 HVAC system and water heater in Unit B. Existing leases are scheduled to expire in spring 2027.
Situated on a 0.35-acre parcel off Belair Road in Evans, the property includes tenant parking. Recent improvements include a new roof in 2026, updated appliances in Unit A, and a 2024 HVAC system and water heater in Unit B. Existing leases are scheduled to expire in spring 2027.
Key Highlights
- 1,829 SF duplex with two units; each has 2 bedrooms and 1 full bath
- Fully occupied property with leases scheduled to expire in spring 2027
- 0.35‑acre lot with tenant parking
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
Current Use
Lease Details
2
Residential units
100%
Occupancy
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
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 - Both residences offer dens, dining areas, kitchens, laundry rooms, covered front porches, and rear patios.
Where is this duplex located?
The property is located at 4589 Hickory Dr Unit A/B 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: 1,829 SF duplex with two units; each has 2 bedrooms and 1 full bath; Fully occupied property with leases scheduled to expire in spring 2027; 0.35‑acre lot with tenant parking
