Renovated 6-Unit Apartment
For Sale
$999,000
810 810-816 W 38th/ 2120- 2122 Bulloch St, Savannah, GA 31415
Six apartments offer private entrances, updated interiors, and access to a shared fenced courtyard.
Property Size5,245 SF
Price / SF$190.47
Days on Market27
Property Features for 810 810-816 W 38th/ 2120- 2122 Bulloch St
General Information
Standard status
Active
Size
5,245 SF
Property subtype
Multi-Family
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Additional Details
Highway Access
Yes
Amenities
courtyard
Building Details
Year Built
1990
Buildings
2
Listing Agency:
BHHS Bay Street Realty Group
(912) 401-9401
Listed By:
Heather Booth · License #314371
Source:
Patrickrealestate
Added: Aug 4
Changed: Aug 28
Last Checked: Aug 29 at 12:35PM
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 BHHS Bay Street Realty Group
Investment Insights
Based on property information with market context.
This 5,245-square-foot apartment property contains six recently renovated units, each configured with 2 beds and 1 bath and accessed through a private entrance. Improvements include new kitchens and bathrooms, flooring, lighting, split-system HVAC, hot water heaters, and updated electrical and plumbing. Stainless steel refrigerators and stoves are scheduled for installation by the seller before closing. The 1990-built property includes a shared, fenced courtyard between two structures, with space for tenant use and bike storage. Units are available for immediate occupancy.
The property is located at 810 810-816 W 38th / 2120-2122 Bulloch St in Savannah, near downtown, SCAD, other colleges and universities, service and construction businesses, and I-516.
The property is located at 810 810-816 W 38th / 2120-2122 Bulloch St in Savannah, near downtown, SCAD, other colleges and universities, service and construction businesses, and I-516.
Key Highlights
- 6‑unit apartment building with six 2‑bed/1‑bath residences
- 5,245 SF property built in 1990
- Recently renovated kitchens, baths, flooring, lighting, HVAC, plumbing, and electrical systems
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
Current Use
Lease Details
6
Residential units
Yes
Highway access
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 apartments offer private entrances, updated interiors, and access to a shared fenced courtyard.
Where is this apartment building located?
The property is located at 810 810-816 W 38th/ 2120- 2122 Bulloch St 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 apartment building with six 2‑bed/1‑bath residences; 5,245 SF property built in 1990; Recently renovated kitchens, baths, flooring, lighting, HVAC, plumbing, and electrical systems
