Duplex Property with Furnished
For Sale
$999,000
521 W 37th Street, Savannah, GA 31415
Residential Income, Savannah, GA
Property Size3,506 SF
Lot Size0.08 Acres
Price / SF$284.94
Days on Market207
Property Features for 521 W 37th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Half bathrooms
1
Rooms
Bathroom 5, Bathroom 1, Bedroom 5, Bedroom 3, Bedroom 4, Bathroom 4, Bathroom 3, Bedroom 1, Bedroom 6, Bathroom 2, Bedroom 2
Interior features
Pull Down Attic Stairs
Appliances
Dryer, Electric Water Heater, Microwave, Oven, Range, Refrigerator, Washer
Subdivision
Duncan Ward
Directions
Duplex on the corner of W. 37th and Burroughs. The Triplex is along Burroughs.
Standard status
Active
APN
2007310001
Size
3,506 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT LETTER K DUNCAN WARD
Tax Annual Amount
3500
Legal Description
LOT LETTER K DUNCAN WARD
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1950
Floors in Building
1
Number of units
4
Building materials
Wood Siding
Roof type
Asphalt
Listing Agency:
Bare Real Estate
(912) 712-6606
Listed By:
Daniel Worsley · License #357843
(912) 308-9806
Added: Feb 4
Changed: Aug 28
Last Checked: Aug 30 at 7:06AM
MLS# SA348254
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 residential income property comprises two buildings: a duplex at 521 W 37th Street and a one-story triplex at 2106-2108 Burroughs Street. Together, the five units provide 3,506 square feet of living space. Three units are furnished and operating as executive rentals, while another is leased on a long-term basis. One unit, 2106B Burroughs Street, remains unrenovated. The property was built in 1950 and is zoned R4, with public water and public sewer service. Central heating and cooling, electric systems, wood siding, asphalt roofing, and a range of household appliances are included. The buildings are near downtown Savannah, employment centers, hospitals, dining, and shopping.
Key Highlights
- Five units across a duplex and one‑story triplex
- 3,506 square feet of combined living space
- Furnished executive rentals at 521B, 2106, and 2108 Burroughs Street
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
$37,174
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
3.72%
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%
$743,480
$743.5K
Cap Rate 7%
$531,057
$531.1K
Cap Rate 9%
$413,044
$413.0K
Market Conditions
NOI Build-Up for 3,506 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
$56.8K $16.20/SF
− Vacancy
−$3.7K −$1.05/SF
EGI
$53.1K $15.15/SF
− OpEx
−$15.9K −$4.54/SF
NOI
$37.2K $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%
$743,480
Cap Rate 7%
$531,057
Cap Rate 9%
$413,044
Alternative Uses
Best Use
Multifamily LT 5
$531.1K
$464.7K – $619.6K
NOI $37,174 @ 7.0% cap · market cap 3.72%
Second Best
Apartment 5plus
$492.5K
$430.9K – $574.6K
NOI $34,474 @ 7.0% cap · market cap 3.45%
Theoretical Best
Warehouse
$3.28M
$2.87M – $3.82M
NOI $229,361 @ 7.0% cap · market cap 22.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,405
Businesses Nearby
Explore this area
Business Placement
Demographics for 31415, GA
11,034
Population
5,591
Households
2
Avg Household Size
37
Median Age
15%
College-Educated
79%
High-School Grad
6.6 sq mi
ZIP Area
1,672
Density / Sq Mi
$37,890
Median Household Income
$28,229
Median Earnings
$973
Median Rent
$112,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Five-unit configuration combines furnished executive rentals with a long-term rental and one unrenovated unit.
Where is this duplex located?
The property is located at 521 W 37th Street Savannah, GA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Five units across a duplex and one‑story triplex; 3,506 square feet of combined living space; Furnished executive rentals at 521B, 2106, and 2108 Burroughs Street
