Renovated Mid-Century
For Sale
$1,000,000
718 -724 E 35th Street, Savannah, GA 31401
MULTI_FAMILY - Other - Savannah, GA
Property Size6,028 SF
Lot Size0.19 Acres
Price / SF$165.89
Days on Market60
Property Features for 718 -724 E 35th Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R4
Bedrooms
12
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 7, Bathroom 2, Bedroom 4, Bedroom 6, Bathroom 7, Bedroom 3, Bedroom 12, Bedroom 8, Bedroom 10, Bathroom 3, Bedroom 2, Bathroom 5, Bedroom 1, Bedroom 9, Bedroom 11, Bathroom 4, Bathroom 1, Bedroom 5, Bathroom 6, Bathroom 8
Parking features
Off Street
Patio and Porch features
Porch
Fireplace
1
Appliances
Electric Water Heater
Lot features
Alley, City Lot
Directions
Located on 35th and Paulsen.
Standard status
Active
APN
2-0064-17-021
Size
6,028 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
LOTS 26, 27 AND 28 BLOCK D SCHWA RZ WARD
Legal Description
LOTS 26, 27 AND 28 BLOCK D SCHWA RZ WARD
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
Flooring type
Hardwood
Building materials
Asbestos, Frame
Roof type
Composition, Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Coastal Area P · Keller Williams Realty
(912) 356-5001
Listed By:
Ben Barksdale · License #262950
(912) 844-8772
Added: Jun 14
Changed: Aug 10
Last Checked: Aug 12 at 2:06AM
MLS# SA358249
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 renovated mid-century quadplex offers four separate residential units. Each unit is configured with three bedrooms and two full bathrooms, along with custom updated kitchens. The property’s recent upgrades are described as modernized while preserving the mid-century character throughout.
The building is located at 718–724 E 35th Street in Savannah, Georgia (Chatham County), on a 0.19-acre lot. Zoning is listed as R4, supporting multifamily residential use.
For prospective buyers looking for a four-unit income property, the consistent unit layout can simplify planning and leasing, with each home offering the same three-bedroom, two-bath configuration. The updated kitchen improvements and renovation details described for all units may appeal to tenants seeking move-in-ready interiors. This is a for-sale multifamily opportunity totaling 6,028 square feet, presented as a turnkey option within the R4 zoning designation.
The building is located at 718–724 E 35th Street in Savannah, Georgia (Chatham County), on a 0.19-acre lot. Zoning is listed as R4, supporting multifamily residential use.
For prospective buyers looking for a four-unit income property, the consistent unit layout can simplify planning and leasing, with each home offering the same three-bedroom, two-bath configuration. The updated kitchen improvements and renovation details described for all units may appeal to tenants seeking move-in-ready interiors. This is a for-sale multifamily opportunity totaling 6,028 square feet, presented as a turnkey option within the R4 zoning designation.
Key Highlights
- Quadplex built in 1940 with frame construction and asphalt/composition roof
- Four units, each with 3 bedrooms and 2 full bathrooms
- Custom updated kitchens noted for each unit
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
$63,914
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
6.39%
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%
$1,278,280
$1.3M
Cap Rate 7%
$913,057
$913.1K
Cap Rate 9%
$710,156
$710.2K
Market Conditions
NOI Build-Up for 6,028 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
$97.7K $16.20/SF
− Vacancy
−$6.3K −$1.05/SF
EGI
$91.3K $15.15/SF
− OpEx
−$27.4K −$4.54/SF
NOI
$63.9K $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%
$1,278,280
Cap Rate 7%
$913,057
Cap Rate 9%
$710,156
Alternative Uses
Best Use
Multifamily LT 5
$913.1K
$798.9K – $1.07M
NOI $63,914 @ 7.0% cap · market cap 6.39%
Second Best
Apartment 5plus
$846.8K
$740.9K – $987.9K
NOI $59,273 @ 7.0% cap · market cap 5.93%
Theoretical Best
Warehouse
$5.63M
$4.93M – $6.57M
NOI $394,349 @ 7.0% cap · market cap 39.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
610
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?
Quadplex - Four renovated units each with three bedrooms and two full baths, suited for multifamily buyers.
Where is this quadplex located?
The property is located at 718 -724 E 35th Street Savannah, GA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Quadplex built in 1940 with frame construction and asphalt/composition roof; Four units, each with 3 bedrooms and 2 full bathrooms; Custom updated kitchens noted for each unit
