Historic Two-Unit
For Sale
$650,000
534 E Waldburg St, Savannah, GA 31401
Savannah duplex with original details, separate kitchens, private outdoor space, and a flexible third-floor bonus room.
Property Size2,005 SF
Price / SF$324.19
Days on Market21
Property Features for 534 E Waldburg St
General Information
Standard status
Active
Size
2,005 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$49,140
Amenities
front porch
decorative fireplace
private deck
fenced backyard
off-street parking
Building Details
Year Built
1900
Listing Agency:
Keller Williams Coastal Area P
(607) 316-0810
Listed By:
Colleen Mullin-park · License #404077
Source:
Thehomesourcegroupga
Added: Aug 10
Changed: Aug 28
Last Checked: Aug 29 at 11:52AM
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.
Built in 1900, this 2,005-square-foot duplex contains two residential units in Savannah’s Victorian Historic District, two blocks from Forsyth Park. Both apartments provide two bedrooms, one bathroom, a kitchen, and a living area with a decorative fireplace. Original woodwork and hardwood flooring add period character, while a classic front porch serves as the entry point.
The upper unit includes a private deck overlooking the fenced backyard, which also provides off-street parking. A third-floor bonus room adds flexible space for an office, studio, or additional living area. Restaurants, shopping, and Forsyth Park are located nearby within the Historic District.
The upper unit includes a private deck overlooking the fenced backyard, which also provides off-street parking. A third-floor bonus room adds flexible space for an office, studio, or additional living area. Restaurants, shopping, and Forsyth Park are located nearby within the Historic District.
Key Highlights
- Two‑unit duplex with 2,005 square feet of interior space
- Constructed in 1900 in Savannah’s Victorian Historic District
- Each unit includes 2 bedrooms, 1 bathroom, a kitchen, and a decorative fireplace
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
$21,259
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
3.27%
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%
$425,180
$425.2K
Cap Rate 7%
$303,700
$303.7K
Cap Rate 9%
$236,211
$236.2K
Market Conditions
NOI Build-Up for 2,005 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
$32.5K $16.20/SF
− Vacancy
−$2.1K −$1.05/SF
EGI
$30.4K $15.15/SF
− OpEx
−$9.1K −$4.54/SF
NOI
$21.3K $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%
$425,180
Cap Rate 7%
$303,700
Cap Rate 9%
$236,211
Alternative Uses
Best Use
Multifamily LT 5
$303.7K
$265.7K – $354.3K
NOI $21,259 @ 7.0% cap · market cap 3.27%
Second Best
Apartment 5plus
$281.6K
$246.4K – $328.6K
NOI $19,715 @ 7.0% cap · market cap 3.03%
Theoretical Best
Warehouse
$1.87M
$1.64M – $2.19M
NOI $131,166 @ 7.0% cap · market cap 20.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,786
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 - Savannah duplex with original details, separate kitchens, private outdoor space, and a flexible third-floor bonus room.
Where is this duplex located?
The property is located at 534 E Waldburg St Savannah, GA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,005 square feet of interior space; Constructed in 1900 in Savannah’s Victorian Historic District; Each unit includes 2 bedrooms, 1 bathroom, a kitchen, and a decorative fireplace
