Occupied Duplex with Covered
For Sale
$405,000
720 Waters Avenue, Savannah, GA 31404
Residential Income, Savannah, GA
Property Size1,268 SF
Lot Size0.05 Acres
Price / SF$319.40
Days on Market47
Property Features for 720 Waters Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R4
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 1
Parking features
Off Street
Patio and Porch features
Porch
Interior features
Pull Down Attic Stairs
Appliances
Dishwasher, Electric Water Heater, Refrigerator
Lot features
Alley, City Lot
Directions
Waters just off of Gwinnett
Standard status
Active
APN
2003429015
Size
1,268 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
5 BLK 2 HULL WARD
Tax Annual Amount
1544
Legal Description
5 BLK 2 HULL WARD
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Amenities
updated kitchen with white shaker cabinets
granite countertops
stainless steel appliances
wide-plank flooring
fully renovated bathroom with marble tile surround
in-unit washer and dryer connections
covered front porch
Building Details
Year built
1914
Floors in Building
2
Number of units
2
Flooring type
Vinyl
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Coastal Area P · Keller Williams Realty
(912) 356-5001
Listed By:
Shannee L. Theus · License #390473
(315) 289-6677
Added: Jul 15
Changed: Aug 27
Last Checked: Aug 30 at 5:06AM
MLS# SA360346
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 legal duplex contains 1,268 square feet across two separate units, with four bedrooms and two bathrooms in total. The lower apartment is furnished, while interior improvements include an updated kitchen with white shaker cabinetry, granite counters, and stainless steel appliances. Wide-plank vinyl flooring, a renovated bathroom with marble tile surround, and washer-dryer connections add practical utility. Central electric heating and cooling serve the property, with public water and public sewer.
Located at 720 Waters Avenue in Savannah, the property includes off-street parking for both units and a covered front porch. Unit 720A is occupied under a month-to-month arrangement, while Unit 720B has a fixed lease extending through April 2027. The property was built in 1914 and is zoned R4.
Located at 720 Waters Avenue in Savannah, the property includes off-street parking for both units and a covered front porch. Unit 720A is occupied under a month-to-month arrangement, while Unit 720B has a fixed lease extending through April 2027. The property was built in 1914 and is zoned R4.
Key Highlights
- 1,268‑square‑foot legal duplex with 4 bedrooms and 2 bathrooms total
- Two separate units; both occupied, with Unit 720B leased through April 2027
- Lower unit is furnished and includes an updated kitchen with granite counters
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
Property Profile
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 separate units offer off-street parking, washer-dryer connections, and a furnished lower-level apartment.
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: 1,268‑square‑foot legal duplex with 4 bedrooms and 2 bathrooms total; Two separate units; both occupied, with Unit 720B leased through April 2027; Lower unit is furnished and includes an updated kitchen with granite counters
