R4-Zoned Multifamily
For Sale
$795,000
902 E 34th Street, Savannah, GA 31401
Income-producing property with multiple units and functional layouts for flexible leasing arrangements.
Property Size3,644 SF
Price / SF$218.17
Days on Market234
Property Features for 902 E 34th Street
General Information
Standard status
Active
Size
3,644 SF
Property subtype
Multi-Family
Zoning
R4
Amenities
No
Yes
4
2
Public
0.127
Building Details
Building Size
3,644 SF
Year Built
1940
Stories
2
Tenancy
Multi
Listing Agency:
Foote Real Estate LLC
(912) 233-6000
Listed By:
Margaret Winkler
(407) 399-1537
Source:
Baystreetrealtygroup
Added: Feb 10
Changed: Oct 1
Last Checked: Oct 1 at 10:33AM
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 Foote Real Estate LLC
Investment Insights
Based on property information with market context.
This multifamily property at 902 E. 34th Street includes multiple units with functional layouts and an income-producing configuration. Built in 1940, the asset is zoned R4 and supports flexible leasing arrangements within an established residential setting.
The property is positioned in Savannah’s Eastside area, with access to major roadways and proximity to Downtown Savannah, Midtown, parks, and dining. These surrounding destinations provide context for the property’s location and tenant-oriented setting.
The property is positioned in Savannah’s Eastside area, with access to major roadways and proximity to Downtown Savannah, Midtown, parks, and dining. These surrounding destinations provide context for the property’s location and tenant-oriented setting.
Key Highlights
- Multiple‑unit multifamily property with functional layouts
- R4 zoning
- Built in 1940
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
$35,831
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
4.51%
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%
$716,620
$716.6K
Cap Rate 7%
$511,871
$511.9K
Cap Rate 9%
$398,122
$398.1K
Market Conditions
NOI Build-Up for 3,644 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
$69.5K $19.08/SF
− Vacancy
−$4.4K −$1.20/SF
EGI
$65.1K $17.88/SF
− OpEx
−$29.3K −$8.05/SF
NOI
$35.8K $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%
$716,620
Cap Rate 7%
$511,871
Cap Rate 9%
$398,122
Alternative Uses
Best Use
Apartment 5plus
$511.9K
$447.9K – $597.2K
NOI $35,831 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.41M
$2.98M – $3.97M
NOI $238,389 @ 7.0% cap · market cap 29.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Income-producing property with multiple units and functional layouts for flexible leasing arrangements.
Where is this multifamily property located?
The property is located at 902 E 34th Street Savannah, GA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Multiple‑unit multifamily property with functional layouts; R4 zoning; Built in 1940
