Renovated Duplex with Covered
For Sale
$405,000
720 Waters Avenue, Savannah, GA 31404
Two occupied units include updated interiors and washer/dryer connections.
Property Size1,268 SF
Days on Market47
Property Features for 720 Waters Avenue
General Information
Standard status
Active
Size
1,268 SF
Property subtype
Multi Family Home
Zoning
R4
Occupancy
100%
Additional Details
Gross Income
$38,400
Multifamily Units
2
Amenities
in-unit washer and dryer connections
covered front porch
offstreet parking
Building Details
Building Size
1,268 SF
Year Built
1914
Buildings
1
Stories
2
Units
2
Listing Agency:
Keller Williams Coastal Area P
(315) 289-6677
Listed By:
Shannee L. Theus · License #390473
(315) 289-6677
Source:
Woodwardrealestategroup
Added: Jul 15
Changed: Aug 28
Last Checked: Aug 29 at 10:17AM
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.
This legal duplex contains two separate units with a combined layout of 4 bedrooms and 2 bathrooms. Interior improvements include white shaker cabinetry, granite countertops, stainless steel appliances, wide-plank flooring, and a renovated bathroom finished with a marble tile surround. Each unit also has washer and dryer connections.
Both units are occupied, and the property includes off-street parking for the occupants. A covered front porch adds outdoor space to the 1914 structure. The property is located at 720 Waters Avenue in Savannah and carries R4 zoning.
Both units are occupied, and the property includes off-street parking for the occupants. A covered front porch adds outdoor space to the 1914 structure. The property is located at 720 Waters Avenue in Savannah and carries R4 zoning.
Key Highlights
- Legal duplex with 2 separate units
- 4 bedrooms and 2 bathrooms across the property
- Both units occupied with existing leases
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
$13,444
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
3.32%
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%
$268,880
$268.9K
Cap Rate 7%
$192,057
$192.1K
Cap Rate 9%
$149,378
$149.4K
Market Conditions
NOI Build-Up for 1,268 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
$20.5K $16.20/SF
− Vacancy
−$1.3K −$1.05/SF
EGI
$19.2K $15.15/SF
− OpEx
−$5.8K −$4.54/SF
NOI
$13.4K $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%
$268,880
Cap Rate 7%
$192,057
Cap Rate 9%
$149,378
Alternative Uses
Best Use
Multifamily LT 5
$192.1K
$168.1K – $224.1K
NOI $13,444 @ 7.0% cap · market cap 3.32%
Second Best
Apartment 5plus
$178.1K
$155.9K – $207.8K
NOI $12,468 @ 7.0% cap · market cap 3.08%
Theoretical Best
Warehouse
$1.19M
$1.04M – $1.38M
NOI $82,952 @ 7.0% cap · market cap 20.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
488
Businesses Nearby
Explore this area
Business Placement
Demographics for 31404, GA
31,530
Population
14,427
Households
2.2
Avg Household Size
35
Median Age
28%
College-Educated
89%
High-School Grad
13.7 sq mi
ZIP Area
2,301
Density / Sq Mi
$49,805
Median Household Income
$31,620
Median Earnings
$1,199
Median Rent
$193,100
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 - Two occupied units include updated interiors and washer/dryer connections.
Where is this duplex located?
The property is located at 720 Waters Avenue Savannah, GA.
What is the asking price?
The asking price for this property is $405,000.
What are key features of this property?
This property features: Legal duplex with 2 separate units; 4 bedrooms and 2 bathrooms across the property; Both units occupied with existing leases
