Restored Short-Term Rental
For Sale
Contact for pricing
90 VARNEDOE AVE, Garden City, GA 31408
R-1-zoned property includes a separate income-producing dwelling with private entry and dedicated laundry facilities.
Property Size1,930 SF
Price / SF$265.28
Days on Market125
Property Features for 90 VARNEDOE AVE
General Information
Standard status
Active
Size
1,930 SF
Class
A
Total Parking Spaces
7
Property subtype
Multifamily, Hospitality
Zoning
R-1
Investment Type
Owner/User
Building Details
Year Built
1935
Year Renovated
2024
Buildings
2
Stories
2
Units
7
Tenancy
Single
Listing Agency:
Next Move Real Estate
(912) 272-8600
Listed By:
Scotti Moore · License #GA #331532
Source:
Crexi
Added: Apr 28
Changed: Aug 30
Last Checked: Aug 30 at 10:27AM
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 Next Move Real Estate
Investment Insights
Based on property information with market context.
This restored Colonial Revival residence includes a 1,410-square-foot main home and a separate 520-square-foot carriage house ADU. The primary dwelling offers three bedrooms, two full baths, a renovated kitchen with leathered marble countertops, farmhouse sink, extensive cabinetry, and dedicated laundry space. Original pine and hardwood floors, 9-foot ceilings, plasterwork, picture rails, glass door knobs, and rounded corners remain part of the interior character. Updated systems and finishes complement the preserved architectural details.
The one-bedroom, one-bath ADU has its own entrance and laundry room and currently operates as an income-producing short-term rental with an active STVR Permit. The property is zoned R-1 and occupies a .74-acre landscape with a circular driveway, mature oak trees, and producing Georgia pecan trees. Located at 90 VARNEDOE AVE in Garden City, the property is 10 minutes from Historic Downtown Savannah and 10 minutes from Houlihan Boat Ramp, with access to the Savannah River. Additional features include RV readiness and pre-wiring for an EV charging station.
The one-bedroom, one-bath ADU has its own entrance and laundry room and currently operates as an income-producing short-term rental with an active STVR Permit. The property is zoned R-1 and occupies a .74-acre landscape with a circular driveway, mature oak trees, and producing Georgia pecan trees. Located at 90 VARNEDOE AVE in Garden City, the property is 10 minutes from Historic Downtown Savannah and 10 minutes from Houlihan Boat Ramp, with access to the Savannah River. Additional features include RV readiness and pre-wiring for an EV charging station.
Key Highlights
- 1,410sf main home with 3 bedrooms and 2 full baths
- 520sf carriage house ADU with 1 Bedroom, 1 Bath, private entrance, and separate laundry room
- Active STVR Permit for the income‑producing ADU
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
$18,977
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
3.71%
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%
$379,540
$379.5K
Cap Rate 7%
$271,100
$271.1K
Cap Rate 9%
$210,856
$210.9K
Market Conditions
NOI Build-Up for 1,930 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
$36.8K $19.08/SF
− Vacancy
−$2.3K −$1.20/SF
EGI
$34.5K $17.88/SF
− OpEx
−$15.5K −$8.05/SF
NOI
$19.0K $9.83/SF
Area
Chatham County, 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%
$379,540
Cap Rate 7%
$271,100
Cap Rate 9%
$210,856
Alternative Uses
Best Use
Apartment 5plus
$271.1K
$237.2K – $316.3K
NOI $18,977 @ 7.0% cap · market cap 3.71%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.80M
$1.58M – $2.10M
NOI $126,260 @ 7.0% cap · market cap 24.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
Explore this area
Business Placement
Demographics for 31408, GA
11,790
Population
4,529
Households
2.6
Avg Household Size
36
Median Age
13%
College-Educated
82%
High-School Grad
21.1 sq mi
ZIP Area
559
Density / Sq Mi
$40,109
Median Household Income
$30,667
Median Earnings
$1,080
Median Rent
$160,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Short term rental property - R-1-zoned property includes a separate income-producing dwelling with private entry and dedicated laundry facilities.
Where is this short term rental property located?
The property is located at 90 VARNEDOE AVE Garden City, GA.
What is the asking price?
The asking price for this property is $512,000.
What are key features of this property?
This property features: 1,410sf main home with 3 bedrooms and 2 full baths; 520sf carriage house ADU with 1 Bedroom, 1 Bath, private entrance, and separate laundry room; Active STVR Permit for the income‑producing ADU
