Duplex with Updated
For Sale
$399,900
506 Greenbay Avenue, Rincon, GA 31326
Residential Income, Rincon, GA
Property Size2,012 SF
Lot Size0.67 Acres
Price / SF$198.76
Days on Market18
Property Features for 506 Greenbay Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-6
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 5, Bedroom 3
Parking features
Off Street
Patio and Porch features
Patio
Fencing
Privacy
Appliances
Dishwasher, Electric Water Heater, Oven, Range, Tankless Water Heater
Subdivision
Green Bay Heights
Directions
Take I-516 West. Turn left onto W Fifth Street. Turn Right onto Greenbay Ave. The house is on your right.
Standard status
Active
APN
R2020-00000-008-F00
Size
2,012 SF
Lot size
0.67 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOT 7
Tax Annual Amount
2354
Legal Description
LOT 7
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1986
Floors in Building
1
Flooring type
Vinyl
Building materials
Brick
Roof type
Asphalt
Architectural style
Ranch
Listing Agency:
Realty One Group Inclusion
(912) 298-7200
Listed By:
Annmarie Neill · License #361269
(912) 713-4630
Added: Sep 15
Changed: Sep 30
Last Checked: Oct 2 at 3:06AM
MLS# SA364910
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 brick ranch duplex contains 2,012 square feet across two residences: one with three bedrooms and two bathrooms, and the other with two bedrooms and two bathrooms. Vinyl flooring is present throughout. The larger unit has stainless steel appliances, updated countertops, a tankless water heater, an enclosed sunroom, and a covered rear porch; it also has a private fenced yard. The smaller unit features stainless steel appliances and fresh paint. HVAC equipment serves both units, and ductwork in the smaller residence has been replaced. A new roof was installed in 2025.
The property occupies 0.67 acres in Rincon and is zoned R-6. It was built in 1986 and has off-street parking, public water, and a septic system. The lot has privacy fencing, and the building has an asphalt roof.
The property occupies 0.67 acres in Rincon and is zoned R-6. It was built in 1986 and has off-street parking, public water, and a septic system. The lot has privacy fencing, and the building has an asphalt roof.
Key Highlights
- Two residences: one 3‑bedroom, 2‑bath unit and one 2‑bedroom, 2‑bath unit
- 2,012 square feet on a 0.67‑acre lot
- 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
$21,333
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
5.33%
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%
$426,660
$426.7K
Cap Rate 7%
$304,757
$304.8K
Cap Rate 9%
$237,033
$237.0K
Market Conditions
NOI Build-Up for 2,012 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
$32.6K $16.20/SF
− Vacancy
−$2.1K −$1.05/SF
EGI
$30.5K $15.15/SF
− OpEx
−$9.1K −$4.54/SF
NOI
$21.3K $10.60/SF
Area
Effingham County, 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%
$426,660
Cap Rate 7%
$304,757
Cap Rate 9%
$237,033
Alternative Uses
Best Use
Multifamily LT 5
$304.8K
$266.7K – $355.6K
NOI $21,333 @ 7.0% cap · market cap 5.33%
Second Best
Apartment 5plus
$282.6K
$247.3K – $329.7K
NOI $19,784 @ 7.0% cap · market cap 4.95%
Theoretical Best
Warehouse
$1.88M
$1.65M – $2.19M
NOI $131,624 @ 7.0% cap · market cap 32.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
216
Businesses Nearby
Explore this area
Business Placement
Demographics for 31326, GA
22,449
Population
9,465
Households
2.4
Avg Household Size
37
Median Age
29%
College-Educated
94%
High-School Grad
68.6 sq mi
ZIP Area
327
Density / Sq Mi
$82,196
Median Household Income
$47,234
Median Earnings
$1,141
Median Rent
$244,300
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two distinct floor plans offer separate two- and three-bedroom residences on a privacy-fenced parcel.
Where is this duplex located?
The property is located at 506 Greenbay Avenue Rincon, GA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Two residences: one 3‑bedroom, 2‑bath unit and one 2‑bedroom, 2‑bath unit; 2,012 square feet on a 0.67‑acre lot; New roof installed in 2025
