Three-Level Duplex with
For Sale
$849,000
509 E Jones Street, Savannah, GA 31401
Residential Income, Savannah, GA
Property Size2,640 SF
Lot Size0.06 Acres
Price / SF$321.59
Days on Market31
Property Features for 509 E Jones Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
D-R
Zoning description
Multi Family
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 3, Bedroom 4, Bathroom 4
Parking features
On Street, Off Street
Patio and Porch features
Deck, Porch
Interior features
Ceiling Fan(s), Pull Down Attic Stairs, Fireplace, Programmable Thermostat
Exterior features
Deck
Fireplace
1
Appliances
Dishwasher, Electric Water Heater, Disposal, Oven, Range, Dryer, Refrigerator, Washer
Lot features
City Lot, Historic District
Directions
On E. Jones St. between Price and E. Broad on the South side of the street.
Standard status
Active
APN
2003301563
Size
2,640 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
LOT B SUB OF LOT 32 DAVIS WARD SMB 36S 39 .06AC
Tax Annual Amount
7696
Legal Description
LOT B SUB OF LOT 32 DAVIS WARD SMB 36S 39 .06AC
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Amenities
screened porch
private deck
large backyard
covered foyer
sun room
Building Details
Year built
1900
Floors in Building
3
Number of units
2
Flooring type
Hardwood
Building materials
Brick, Wood Siding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Compass Georgia LLC
(912) 509-0441
Listed By:
Liza DiMarco · License #364345
(805) 450-3795
Added: Sep 1
Changed: Sep 30
Last Checked: Oct 1 at 8:06PM
MLS# SA364627
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 1900, this 2,640-square-foot duplex at 509 E Jones Street includes two separately arranged residences across three levels. The first unit offers an open studio-style plan with living and dining areas, a sizable kitchen, full bath, covered entry, screened porch, and private deck. The second residence occupies two floors and includes a sunroom, kitchen, dining area, living room, two full baths, and two upstairs bedrooms with another full bath.
The property sits on a 0.06-acre lot with a large partially fenced backyard and off-street parking, along with on-street parking. Interior details include hardwood flooring, a fireplace, central heating and cooling, and a programmable thermostat. Public water and public sewer serve the property, which carries D-R zoning.
The property sits on a 0.06-acre lot with a large partially fenced backyard and off-street parking, along with on-street parking. Interior details include hardwood flooring, a fireplace, central heating and cooling, and a programmable thermostat. Public water and public sewer serve the property, which carries D-R zoning.
Key Highlights
- 2,640‑square‑foot duplex on a 0.06‑acre lot
- Two distinct residences across three levels
- Second residence includes two bedrooms and three full baths
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
$27,992
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
3.30%
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%
$559,840
$559.8K
Cap Rate 7%
$399,886
$399.9K
Cap Rate 9%
$311,022
$311.0K
Market Conditions
NOI Build-Up for 2,640 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
$42.8K $16.20/SF
− Vacancy
−$2.8K −$1.05/SF
EGI
$40.0K $15.15/SF
− OpEx
−$12.0K −$4.54/SF
NOI
$28.0K $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%
$559,840
Cap Rate 7%
$399,886
Cap Rate 9%
$311,022
Alternative Uses
Best Use
Multifamily LT 5
$399.9K
$349.9K – $466.5K
NOI $27,992 @ 7.0% cap · market cap 3.30%
Second Best
Apartment 5plus
$370.8K
$324.5K – $432.7K
NOI $25,959 @ 7.0% cap · market cap 3.06%
Theoretical Best
Warehouse
$2.47M
$2.16M – $2.88M
NOI $172,708 @ 7.0% cap · market cap 20.34%
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
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,231
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Historic duplex with flexible layouts, outdoor space, and both off-street and on-street parking.
Where is this duplex located?
The property is located at 509 E Jones Street Savannah, GA.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 2,640‑square‑foot duplex on a 0.06‑acre lot; Two distinct residences across three levels; Second residence includes two bedrooms and three full baths
