Restored Colonial
For Sale
$485,700
90 Varnedoe Avenue, Savannah, GA 31408
MULTI_FAMILY - Colonial - Savannah, GA
Property Size1,930 SF
Lot Size0.74 Acres
Price / SF$251.66
Days on Market107
Property Features for 90 Varnedoe Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 1, Bathroom 2, Bedroom 4
Parking features
RV
Window features
Double Pane Windows
Patio and Porch features
Patio, Porch, Deck
Interior features
Ceiling Fan(s)
Exterior features
Deck
Fencing
Privacy
Appliances
Disposal, Gas Water Heater, Oven, Plumbed For Ice Maker, Range, Refrigerator
Subdivision
Industrial City Gardens
Lot features
City Lot
Directions
Hwy 21N to Right on Rommell Ave, Right on Varnedoe Ave, Home on Left. Sign in Yard.
Standard status
Active
APN
60009 03002
Size
1,930 SF
Lot size
0.74 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 12 SUB OF 61 THRU 75 IND CIT Y GDNS
Tax Annual Amount
1709
Legal Description
LOT 12 SUB OF 61 THRU 75 IND CIT Y GDNS
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air, Electric
Water source
Public
Amenities
circular driveway
laundry area
private entrance
RV ready
EV charging pre-wiring
Building Details
Year built
1935
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Tile
Building materials
Frame, Metal Siding
Roof type
Composition
Architectural style
Colonial
Listing Agency:
Next Move Real Estate LLC
(912) 295-5807
Listed By:
Scotti Moore · License #331532
(912) 272-8600
Added: Apr 27
Changed: Aug 10
Last Checked: Aug 11 at 7:06PM
MLS# SA354794
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 1935 Colonial property comprises a 1,410-square-foot primary residence and a 520-square-foot carriage house, totaling 1,930 square feet. The main dwelling offers three bedrooms, two full baths, a dedicated laundry area, original pine and hardwood flooring, 9' ceilings, plaster detailing, picture rails, and a renovated kitchen with leathered marble countertops, farmhouse sink, and custom cabinetry. The 520-square-foot carriage house includes one bedroom, one bath, a private entrance, and a separate laundry room. Both structures have been restored with wood, stone, and brick materials while retaining period details.
Set on 0.744 acres, the property includes a circular driveway, deck, patio, porch, privacy fencing, mature oak trees, and producing pecan trees. Public water and sewer serve the site, with RV parking and pre-wiring for an EV charging station. The carriage house has an active STVR permit and may also be used for long- or mid-term occupancy or as a guest suite. The property is approximately 10 minutes from Historic Downtown Savannah and Houlihan Boat Ramp.
Set on 0.744 acres, the property includes a circular driveway, deck, patio, porch, privacy fencing, mature oak trees, and producing pecan trees. Public water and sewer serve the site, with RV parking and pre-wiring for an EV charging station. The carriage house has an active STVR permit and may also be used for long- or mid-term occupancy or as a guest suite. The property is approximately 10 minutes from Historic Downtown Savannah and Houlihan Boat Ramp.
Key Highlights
- Two dwellings totaling 1,930 square feet on 0.744 acres
- Main residence measures 1,410 square feet with 3 bedrooms and 2 full baths
- Carriage house provides 520 square feet, 1 bedroom, 1 bath, private entry, and separate laundry
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
$20,464
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
4.21%
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%
$409,280
$409.3K
Cap Rate 7%
$292,343
$292.3K
Cap Rate 9%
$227,378
$227.4K
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
$31.3K $16.20/SF
− Vacancy
−$2.0K −$1.05/SF
EGI
$29.2K $15.15/SF
− OpEx
−$8.8K −$4.54/SF
NOI
$20.5K $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%
$409,280
Cap Rate 7%
$292,343
Cap Rate 9%
$227,378
Alternative Uses
Best Use
Multifamily LT 5
$292.3K
$255.8K – $341.1K
NOI $20,464 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$271.1K
$237.2K – $316.3K
NOI $18,977 @ 7.0% cap · market cap 3.91%
Theoretical Best
Warehouse
$1.80M
$1.58M – $2.10M
NOI $126,260 @ 7.0% cap · market cap 26.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate dwellings combine a renovated primary residence with a permitted short-term rental unit.
Where is this duplex located?
The property is located at 90 Varnedoe Avenue Savannah, GA.
What is the asking price?
The asking price for this property is $485,700.
What are key features of this property?
This property features: Two dwellings totaling 1,930 square feet on 0.744 acres; Main residence measures 1,410 square feet with 3 bedrooms and 2 full baths; Carriage house provides 520 square feet, 1 bedroom, 1 bath, private entry, and separate laundry
