Savannah Triplex with Development
For Sale
$450,000
603 W 40th Street, Savannah, GA 31415
MULTI_FAMILY - Other - Savannah, GA
Property Size2,640 SF
Lot Size0.16 Acres
Price / SF$170.45
Days on Market153
Property Features for 603 W 40th Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
TR1
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 1, Bathroom 4, Bedroom 6, Bedroom 2, Bedroom 3, Bathroom 3, Bedroom 5, Bathroom 1, Bedroom 4
Parking features
Garage, Off Street, On Street, Parking Lot
Patio and Porch features
Porch
Fencing
Fenced, Privacy
Appliances
Electric Water Heater, Oven, Range, Refrigerator
Lot features
Alley, Garden, Interior Lot, Level
Directions
From MLK Jr. Blvd. turn west onto W 40th St. and property is on the left.
Standard status
Active
APN
2007326010
Size
2,640 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
2 3 STILES WD
Legal Description
2 3 STILES WD
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1940
Floors in Building
2
Number of units
4
Roof type
Asphalt
Architectural style
Other
Listing Agency:
McIntosh Realty Team LLC
(912) 436-6551
Listed By:
Sarah Sullivan · License #419783
(912) 346-7109
Added: Mar 18
Changed: Aug 16
Last Checked: Aug 17 at 5:06PM
MLS# SA351527
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 spacious triplex presents a value-add opportunity for investors. The property features three generously sized units, on-site parking, and a large fenced lot with potential for future development, including the possibility of an additional unit, subject to zoning and city approval. The property is conveniently situated near Thomas Square, downtown Savannah, SCAD, Enmarket Arena, and the Georgia Ports, providing access to key attractions and amenities, including Forsyth Park and Daffin Park. The lot size is 0.158 acres and the property size is 2640 square feet. The zoning is TR1. This property is being sold as-is, presenting a fantastic opportunity for investors to capitalize on a growing neighborhood.
Key Highlights
- Triplex built in 1940 with central heating and central air
- 3‑unit property with multiple bedrooms (Bedroom 1‑6) and 4 bathrooms (Bathroom 1‑4)
- Large fenced lot with privacy fencing; includes a porch
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
1,355
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 - Spacious triplex near downtown Savannah with value-add opportunity.
Where is this triplex located?
The property is located at 603 W 40th Street 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: Triplex built in 1940 with central heating and central air; 3‑unit property with multiple bedrooms (Bedroom 1‑6) and 4 bathrooms (Bathroom 1‑4); Large fenced lot with privacy fencing; includes a porch
