Historic Two-Unit
For Sale
$680,000
515 E Duffy Street, Savannah, GA 31401
Savannah, GA
Property Size2,652 SF
Price / SF$256.41
Days on Market47
Property Features for 515 E Duffy Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bedroom 5, Bedroom 3, Bedroom 2
Subdivision
Victorian District
Standard status
Active
Size
2,652 SF
Amenities
in-unit washer/dryer
balcony
fenced backyard
granite countertops
hardwood floors
decorative fireplaces
pocket doors
Building Details
Year built
1900
Listing Agency:
Engel & Volkers Savannah · Engel & Völkers
(912) 238-0874
Listed By:
Anna Grace Lowenthal · License #425445
(770) 695-4886
Added: Jul 18
Changed: Aug 20
Last Checked: Sep 2 at 4:06PM
MLS# SA350820
Copyright © 2026 Engel & Völkers. 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 2,652-square-foot duplex, built in 1900, is arranged as two residential units. The first-floor residence has three bedrooms and one full bathroom, while the second-floor unit includes two bedrooms, one full bathroom, and a flex or office area. Each unit includes a kitchen with granite countertops, a washer and dryer, hardwood floors, and period details such as decorative fireplaces and pocket doors. The upper residence also provides a large balcony, and the property includes a fenced backyard and two off-street parking spaces.
The property is in Savannah’s Victorian District near Forsyth Park and Dixon Park, with nearby restaurants, cafes, boutique shopping, entertainment, and SCAD buildings. Downtown Savannah is also readily accessible. Long-term tenants are currently in place.
The property is in Savannah’s Victorian District near Forsyth Park and Dixon Park, with nearby restaurants, cafes, boutique shopping, entertainment, and SCAD buildings. Downtown Savannah is also readily accessible. Long-term tenants are currently in place.
Key Highlights
- 2,652 SF duplex built in 1900
- Two units: 3 bedrooms/1 bath downstairs and 2 bedrooms/1 bath upstairs
- Upper unit includes a flex/office area and large balcony
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
$28,119
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
4.14%
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%
$562,380
$562.4K
Cap Rate 7%
$401,700
$401.7K
Cap Rate 9%
$312,433
$312.4K
Market Conditions
NOI Build-Up for 2,652 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
$43.0K $16.20/SF
− Vacancy
−$2.8K −$1.05/SF
EGI
$40.2K $15.15/SF
− OpEx
−$12.1K −$4.54/SF
NOI
$28.1K $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%
$562,380
Cap Rate 7%
$401,700
Cap Rate 9%
$312,433
Alternative Uses
Best Use
Multifamily LT 5
$401.7K
$351.5K – $468.7K
NOI $28,119 @ 7.0% cap · market cap 4.14%
Second Best
Apartment 5plus
$372.5K
$326.0K – $434.6K
NOI $26,077 @ 7.0% cap · market cap 3.83%
Theoretical Best
Warehouse
$2.48M
$2.17M – $2.89M
NOI $173,493 @ 7.0% cap · market cap 25.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,686
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 - Two residences include private laundry, hardwood flooring, and separate kitchens with granite countertops.
Where is this duplex located?
The property is located at 515 E Duffy Street Savannah, GA.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: 2,652 SF duplex built in 1900; Two units: 3 bedrooms/1 bath downstairs and 2 bedrooms/1 bath upstairs; Upper unit includes a flex/office area and large balcony
