Newly Renovated 6-Unit
For Sale
$999,000
810-816 W 38th/ 2120- 2122 Bulloch Street, Savannah, GA 31415
MULTI_FAMILY - Other - Savannah, GA
Property Size5,245 SF
Lot Size0.12 Acres
Price / SF$190.47
Days on Market542
Property Features for 810-816 W 38th/ 2120- 2122 Bulloch Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Tr-1
Bedrooms
12
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 12, Bedroom 5, Bedroom 7, Bedroom 11, Bathroom 4, Bedroom 8, Bathroom 2, Bathroom 5, Bathroom 6, Bathroom 3, Bedroom 6, Bedroom 10, Bedroom 1, Bedroom 3, Bedroom 9, Bathroom 1, Bedroom 4, Bedroom 2
Appliances
Electric Water Heater
Directions
Heading West on Victory turn onto Bulloch Street. The property is on the North corner of 38th and Bulloch.
Standard status
Active
APN
2007303020/2007303021
Size
5,245 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
LT 87A RECOMBINATION OF 87 & 88 BROWNSVILLE WD PRB 39P 82 .12AC
Legal Description
LT 87A RECOMBINATION OF 87 & 88 BROWNSVILLE WD PRB 39P 82 .12AC
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace, Electric (Heating)
Cooling system
Electric, Wall Unit(s)
Water source
Public
Building Details
Year built
1990
Floors in Building
2
Building materials
Wood Siding
Architectural style
Other
Listing Agency:
BHHS Bay Street Realty Group
(912) 355-4171
Listed By:
Heather Booth · License #314371
(912) 401-9401
Added: Feb 13, 2025
Changed: Jul 8
Last Checked: Aug 9 at 1:06AM
MLS# SA323178
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 newly renovated 6-unit multifamily property is configured as units with 2 bedrooms, 1 bathroom, and private entrances. The building is split across two structures, with a large shared, fenced courtyard area available between them for tenant use. Renovations include new kitchens and baths, along with updated flooring, lighting, and electrical and plumbing improvements. Each unit also has HVAC via split systems and updated hot water heaters. Kitchen appliances, including stainless refrigerators and stoves, are planned to be installed by the seller prior to closing.
The property is located near downtown Savannah and within reach of service and construction industry employers, SCAD, other colleges and universities, and I-516.
The current configuration and turnkey condition make this a practical fit for an investor seeking a 1031 exchange or a straightforward residential income asset. The offering includes a stated potential annual income of $91,776, with a pro-forma available upon request. Units are available for immediate occupancy, which can simplify timelines for new ownership.
The property is located near downtown Savannah and within reach of service and construction industry employers, SCAD, other colleges and universities, and I-516.
The current configuration and turnkey condition make this a practical fit for an investor seeking a 1031 exchange or a straightforward residential income asset. The offering includes a stated potential annual income of $91,776, with a pro-forma available upon request. Units are available for immediate occupancy, which can simplify timelines for new ownership.
Key Highlights
- 6‑unit building built in 1990; each unit has 2 beds/1 bath with a private entrance
- Recently renovated units with new kitchens, baths, flooring, lighting, HVAC (split system), hot water heaters, and updated electrical/plumbing
- Kitchen appliances include stainless refrigerators and stoves (to be installed by seller prior to closing)
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
$51,573
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
5.16%
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%
$1,031,460
$1.0M
Cap Rate 7%
$736,757
$736.8K
Cap Rate 9%
$573,033
$573.0K
Market Conditions
NOI Build-Up for 5,245 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
$100.1K $19.08/SF
− Vacancy
−$6.3K −$1.20/SF
EGI
$93.8K $17.88/SF
− OpEx
−$42.2K −$8.05/SF
NOI
$51.6K $9.83/SF
Area
Savannah, GA
Vacancy
6.30%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
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%
$1,031,460
Cap Rate 7%
$736,757
Cap Rate 9%
$573,033
Alternative Uses
Best Use
Apartment 5plus
$736.8K
$644.7K – $859.6K
NOI $51,573 @ 7.0% cap · market cap 5.16%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.90M
$4.29M – $5.72M
NOI $343,125 @ 7.0% cap · market cap 34.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
601
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?
Apartment building - Six newly renovated units with private entrances and in-unit upgrades, offering steady residential income potential.
Where is this apartment building located?
The property is located at 810-816 W 38th/ 2120- 2122 Bulloch Street Savannah, GA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 6‑unit building built in 1990; each unit has 2 beds/1 bath with a private entrance; Recently renovated units with new kitchens, baths, flooring, lighting, HVAC (split system), hot water heaters, and updated electrical/plumbing; Kitchen appliances include stainless refrigerators and stoves (to be installed by seller prior to closing)
