Victorian Duplex with
For Sale
$654,000
545 E Park Avenue, Savannah, GA 31401
Residential Income, Savannah, GA
Property Size2,720 SF
Lot Size0.07 Acres
Price / SF$240.44
Days on Market50
Property Features for 545 E Park Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
TN-1
Zoning description
Mixed use, Multi Family, Single Family
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 3, Bedroom 4, Bedroom 6, Bathroom 4, Bedroom 2
Parking features
Off Street, On Street
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Pull Down Attic Stairs
Exterior features
Balcony, Courtyard
Fencing
Privacy, Fenced
Fireplace
1
Appliances
Some Electric Appliances, Dishwasher, Electric Water Heater, Microwave, Oven, Range, Tankless Water Heater, Dryer, Refrigerator, Washer
Subdivision
Waring Wd Sub
Lot features
Alley, Back Yard, City Lot, Interior Lot, Level, Private
Directions
545 is the second house west of East Broad Street on the south side of East Park Avenue in the block between East Broad and Price Street.
Standard status
Active
APN
2004317028
Size
2,720 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
LOT 2 WARING WD SUB 6
Legal Description
LOT 2 WARING WD SUB 6
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Hardwood
Building materials
Frame, Wood Siding
Roof type
Asphalt
Architectural style
Victorian
Listing Agency:
Keller Williams Coastal Area P · Keller Williams Realty
(912) 356-5001
Listed By:
Ronald C. Melander · License #283913
(912) 441-7124
Added: Jul 16
Changed: Aug 19
Last Checked: Sep 3 at 9:06AM
MLS# SA360116
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 two-unit Victorian property at 545 E Park Avenue contains 2,720 square feet on a 0.073-acre lot. Originally built in 1900, the frame residence retains leaded glass, antique wood details, French doors, spindlework, hardwood flooring, a fireplace, balcony, porch, and fenced courtyard. The kitchens and bathrooms have been updated, along with the roof, HVAC, electrical, and plumbing systems.
The property is in Savannah, GA 31401, near Forsyth Park, neighborhood cafes, and locally operated restaurants. On-street and off-street parking are available, while public water and public sewer serve the site. TN-1 zoning applies to the property.
The property is in Savannah, GA 31401, near Forsyth Park, neighborhood cafes, and locally operated restaurants. On-street and off-street parking are available, while public water and public sewer serve the site. TN-1 zoning applies to the property.
Key Highlights
- Duplex with 2,720 square feet of building area on a 0.073‑acre lot
- 1900 Victorian property with leaded glass, antique woodwork, French doors, and spindlework
- Updated roof, HVAC, electrical, plumbing, kitchens, and bathrooms
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
$28,840
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
4.41%
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%
$576,800
$576.8K
Cap Rate 7%
$412,000
$412.0K
Cap Rate 9%
$320,444
$320.4K
Market Conditions
NOI Build-Up for 2,720 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
$44.1K $16.20/SF
− Vacancy
−$2.9K −$1.05/SF
EGI
$41.2K $15.15/SF
− OpEx
−$12.4K −$4.54/SF
NOI
$28.8K $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%
$576,800
Cap Rate 7%
$412,000
Cap Rate 9%
$320,444
Alternative Uses
Best Use
Multifamily LT 5
$412.0K
$360.5K – $480.7K
NOI $28,840 @ 7.0% cap · market cap 4.41%
Second Best
Apartment 5plus
$382.1K
$334.3K – $445.8K
NOI $26,745 @ 7.0% cap · market cap 4.09%
Theoretical Best
Warehouse
$2.54M
$2.22M – $2.97M
NOI $177,941 @ 7.0% cap · market cap 27.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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 - Updated major systems pair with preserved period architecture, hardwood floors, private outdoor space, and off-street parking.
Where is this duplex located?
The property is located at 545 E Park Avenue Savannah, GA.
What is the asking price?
The asking price for this property is $654,000.
What are key features of this property?
This property features: Duplex with 2,720 square feet of building area on a 0.073‑acre lot; 1900 Victorian property with leaded glass, antique woodwork, French doors, and spindlework; Updated roof, HVAC, electrical, plumbing, kitchens, and bathrooms
