Occupied Duplex with Covered
For Sale
$230,000
4591 Hickory Dr Unit A/B, Evans, GA 30809
Two-bedroom units include dens, laundry rooms, kitchens, and private outdoor areas.
Property Size1,829 SF
Lot Size0.35 Acres
Price / SF$125.75
Days on Market10
Property Features for 4591 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
Building Details
Year Built
1981
Listing Agency:
Blanchard & Calhoun - Evans
Listed By:
Trulock Group · License #302679
(706) 868-1000
Source:
Searchgreateraugustahomes
Added: Sep 15
Changed: Sep 23
Last Checked: Sep 24 at 11:25AM
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.
This duplex in Evans, Georgia, includes two residential units, each with 2 bedrooms, 1 full bath, a den, dining area, kitchen, laundry room, covered front porch, and rear patio. The property is fully occupied and sits on a 0.35-acre lot with tenant parking and separation between the units. A new roof was installed in 2025. Unit A has updated flooring and a new dishwasher from 2024, while Unit B features updated electrical, a new refrigerator from 2026, and a new water heater from 2024.
Built in 1981, the property is located off Belair Road at 4591 Hickory Dr Unit A/B in Evans, GA 30809. The duplex may be purchased individually or packaged with 4589 Hickory Drive. Interior access is coordinated through the listing agent to accommodate the occupants.
Built in 1981, the property is located off Belair Road at 4591 Hickory Dr Unit A/B in Evans, GA 30809. The duplex may be purchased individually or packaged with 4589 Hickory Drive. Interior access is coordinated through the listing agent to accommodate the occupants.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bath per unit
- 0.35‑acre lot with tenant parking and privacy between units
- New roof installed in 2025
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 - Two-bedroom units include dens, laundry rooms, kitchens, and private outdoor areas.
Where is this duplex located?
The property is located at 4591 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: Two‑unit duplex with 2 bedrooms and 1 full bath per unit; 0.35‑acre lot with tenant parking and privacy between units; New roof installed in 2025
