Renovated Duplex with
For Sale
$525,000
856 E 35th Street, Savannah, GA 31401
Residential Income, Savannah, GA
Property Size2,004 SF
Lot Size0.08 Acres
Price / SF$261.98
Days on Market179
Property Features for 856 E 35th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 3, Bathroom 4, Bedroom 4, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking features
Off Street, Underground/Basement
Window features
Double Pane Windows
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Pull Down Attic Stairs
Appliances
Electric Water Heater, Dryer, Refrigerator, Washer
Subdivision
Grayson Ward
Directions
On 35th St between Harmon St. and Paulson St.
Standard status
Active
APN
2005530017
Size
2,004 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 86 AND EAST 7 FEET OF LOT 85 GRAYSON WARD
Tax Annual Amount
7088
Legal Description
LOT 86 AND EAST 7 FEET OF LOT 85 GRAYSON WARD
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Electric (Heating), Forced Air
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1850
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic, Hardwood, Carpet
Building materials
Concrete, Vinyl Siding
Roof type
Composition
Architectural style
Other
Listing Agency:
Engel & Volkers
(912) 238-0874
Listed By:
Lana Halta Sanders · License #238482
(912) 507-4065
Added: Apr 6
Changed: Sep 30
Last Checked: Oct 1 at 8:06PM
MLS# SA352923
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 duplex property includes a 2,004-square-foot primary residence and a detached, single-level cottage arranged with one bedroom and one bathroom. Originally constructed in 1850, the property received a comprehensive renovation in 2019. Interior features include an open-concept layout, granite countertops, stainless appliances, large closets, ceramic tile, hardwood, and updated luxury vinyl plank flooring. Two heating and cooling units serve the main residence, which also offers front and rear porches and off-street parking.
The 0.078-acre property is zoned R4 and served by public water and public sewer. Its Savannah setting provides access to downtown, the beach, Truman Parkway, shopping, and restaurants. Additional improvements include a composition roof, vinyl siding, central air, electric heating, a washer, dryer, refrigerator, and electric water heater.
The 0.078-acre property is zoned R4 and served by public water and public sewer. Its Savannah setting provides access to downtown, the beach, Truman Parkway, shopping, and restaurants. Additional improvements include a composition roof, vinyl siding, central air, electric heating, a washer, dryer, refrigerator, and electric water heater.
Key Highlights
- 2,004 SF duplex property on a 0.078‑acre lot
- Detached one‑level cottage with 1 bedroom and 1 bathroom
- Main residence built in 1850 and renovated in 2019
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
$21,248
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
4.05%
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%
$424,960
$425.0K
Cap Rate 7%
$303,543
$303.5K
Cap Rate 9%
$236,089
$236.1K
Market Conditions
NOI Build-Up for 2,004 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
$32.5K $16.20/SF
− Vacancy
−$2.1K −$1.05/SF
EGI
$30.4K $15.15/SF
− OpEx
−$9.1K −$4.54/SF
NOI
$21.2K $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%
$424,960
Cap Rate 7%
$303,543
Cap Rate 9%
$236,089
Alternative Uses
Best Use
Multifamily LT 5
$303.5K
$265.6K – $354.1K
NOI $21,248 @ 7.0% cap · market cap 4.05%
Second Best
Apartment 5plus
$281.5K
$246.3K – $328.4K
NOI $19,705 @ 7.0% cap · market cap 3.75%
Theoretical Best
Warehouse
$1.87M
$1.64M – $2.19M
NOI $131,101 @ 7.0% cap · market cap 24.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - R4-zoned income property with a separate cottage and off-street parking near downtown, shopping, restaurants, and major local routes.
Where is this duplex located?
The property is located at 856 E 35th Street Savannah, GA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 2,004 SF duplex property on a 0.078‑acre lot; Detached one‑level cottage with 1 bedroom and 1 bathroom; Main residence built in 1850 and renovated in 2019
