Two-Unit Duplex with Rental
For Sale
$479,900
511 E 34th St, Savannah, GA 31401
Separate main-floor and upstairs residences are both currently leased.
Property Size2,040 SF
Price / SF$235.25
Days on Market31
Property Features for 511 E 34th St
General Information
Standard status
Active
Size
2,040 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
Keller Williams Coastal Area P
(912) 398-1224
Listed By:
Chandie W. Hupman · License #268856
Source:
Patrickrealestate
Added: Jul 31
Changed: Aug 29
Last Checked: Aug 29 at 11:29AM
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 Keller Williams Coastal Area P
Investment Insights
Based on property information with market context.
This 2,040-square-foot duplex, built in 1900, contains two separate residences with distinct living areas. Each unit includes 2 bedrooms and 1 full bathroom, with the lower residence arranged on the main floor and the second positioned upstairs. Both units are currently leased, providing an established rental setup for the property’s next owner.
The property is located in Savannah’s Thomas Square neighborhood at 511 E 34th St, Savannah, GA 31401. Downtown Savannah is minutes away, along with restaurants, boutiques, parks, entertainment, and historic attractions. The property is also eligible for an owner-occupied STVR permit, subject to local regulations and permitting requirements, creating an additional use option for an owner who lives in one unit.
The property is located in Savannah’s Thomas Square neighborhood at 511 E 34th St, Savannah, GA 31401. Downtown Savannah is minutes away, along with restaurants, boutiques, parks, entertainment, and historic attractions. The property is also eligible for an owner-occupied STVR permit, subject to local regulations and permitting requirements, creating an additional use option for an owner who lives in one unit.
Key Highlights
- 2,040‑square‑foot duplex built in 1900
- Two residences, each with 2 bedrooms and 1 full bathroom
- Lower unit occupies the main floor; second unit is upstairs
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
$21,630
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
4.51%
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%
$432,600
$432.6K
Cap Rate 7%
$309,000
$309.0K
Cap Rate 9%
$240,333
$240.3K
Market Conditions
NOI Build-Up for 2,040 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
$33.0K $16.20/SF
− Vacancy
−$2.1K −$1.05/SF
EGI
$30.9K $15.15/SF
− OpEx
−$9.3K −$4.54/SF
NOI
$21.6K $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%
$432,600
Cap Rate 7%
$309,000
Cap Rate 9%
$240,333
Alternative Uses
Best Use
Multifamily LT 5
$309.0K
$270.4K – $360.5K
NOI $21,630 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$286.6K
$250.7K – $334.3K
NOI $20,059 @ 7.0% cap · market cap 4.18%
Theoretical Best
Warehouse
$1.91M
$1.67M – $2.22M
NOI $133,456 @ 7.0% cap · market cap 27.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,683
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
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 - Separate main-floor and upstairs residences are both currently leased.
Where is this duplex located?
The property is located at 511 E 34th St Savannah, GA.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: 2,040‑square‑foot duplex built in 1900; Two residences, each with 2 bedrooms and 1 full bathroom; Lower unit occupies the main floor; second unit is upstairs
