Fenced-Yard
For Sale
$450,000
603 W 40th St, Savannah, GA 31415
As-is three-unit property with on-site parking and a large fenced outdoor area.
Property Size2,640 SF
Price / SF$170.45
Days on Market47
Property Features for 603 W 40th St
General Information
Standard status
Active
Size
2,640 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Amenities
large outdoor fenced in area
Building Details
Year Built
1940
Buildings
1
Listing Agency:
McIntosh Realty Team LLC
(912) 346-7109
Listed By:
Sarah Sullivan · License #419783
Source:
Southeastgahomesearch
Added: Jul 17
Changed: Aug 30
Last Checked: Aug 31 at 6:26PM
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 McIntosh Realty Team LLC
Investment Insights
Based on property information with market context.
This 2,640-square-foot triplex contains three residential units and includes on-site parking. A large fenced outdoor area provides additional exterior space for the property’s occupants and supports a range of possible site configurations. The property is offered as-is.
The Savannah location is near Thomas Square, downtown Savannah, SCAD, Enmarket Arena, the Georgia Ports, Forsyth Park, and Daffin Park. Its proximity to these destinations places the property within reach of downtown, educational, recreational, event, and port-related areas.
The Savannah location is near Thomas Square, downtown Savannah, SCAD, Enmarket Arena, the Georgia Ports, Forsyth Park, and Daffin Park. Its proximity to these destinations places the property within reach of downtown, educational, recreational, event, and port-related areas.
Key Highlights
- Three‑unit triplex totaling 2,640 square feet
- On‑site parking included
- Large fenced outdoor area
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
$27,992
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
6.22%
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%
$559,840
$559.8K
Cap Rate 7%
$399,886
$399.9K
Cap Rate 9%
$311,022
$311.0K
Market Conditions
NOI Build-Up for 2,640 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
$42.8K $16.20/SF
− Vacancy
−$2.8K −$1.05/SF
EGI
$40.0K $15.15/SF
− OpEx
−$12.0K −$4.54/SF
NOI
$28.0K $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%
$559,840
Cap Rate 7%
$399,886
Cap Rate 9%
$311,022
Alternative Uses
Best Use
Multifamily LT 5
$399.9K
$349.9K – $466.5K
NOI $27,992 @ 7.0% cap · market cap 6.22%
Second Best
Apartment 5plus
$370.8K
$324.5K – $432.7K
NOI $25,959 @ 7.0% cap · market cap 5.77%
Theoretical Best
Warehouse
$2.47M
$2.16M – $2.88M
NOI $172,708 @ 7.0% cap · market cap 38.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,273
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
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Frequently Asked Questions
What type of property is this?
Triplex - As-is three-unit property with on-site parking and a large fenced outdoor area.
Where is this triplex located?
The property is located at 603 W 40th St Savannah, GA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Three‑unit triplex totaling 2,640 square feet; On‑site parking included; Large fenced outdoor area
