Property Description:
🔥Quadplex Investment Opportunity in Savannah, GA 🔥
📍 Property Location:
🏠 Address: 603 W 39th St, Savannah, Georgia 31415
🏙? Neighborhood: Cuyler-Brownville Historic District
📏 Proximity: 2 miles from Enmarket Arena, surrounded by parks
🔍 Property Details:
🏢 Type: 4-Unit Apartment
🏚? Configuration:
2 Apartments Upstairs 2bed 1bath
2 Apartments Downstairs 2bed 1bath
📐 Size:
Total Sqft: 2,700 sqft
Lot Size: 3,484 sqft
🏗? Zoning: Commercial and Residential
?? Condition:
No electricity currently
Full rehab needed
Roof replaced 5 years ago
💰 Pricing Information:
💲 Asking Price: $230,000
🔧 Rehab Estimate: $80k-$100,000 wiggle room, had multiple contractors check property.
🏡 ARV (After Repair Value): $500,000 - $600,000
Similar multifamily properties selling for $600,000 - $1.88 million
? Proof of Funds (POF) & Earnest Money Deposit (EMD): Required
🏘? Potential Rental Income:
💵 Monthly Rent (Per Unit) Cash Tenants: $1,300*4 units = $5,200/ month
x 12= $62,400 - Annual rent
💵 Monthly Rent (Per Unit) Section 8 Tenants: $1,584*4 units = $6,336/month
x 12= $76,032 - Annual rent
1?? 1% Rule: Asking price is below $360,000 (based on $5,200 monthly rent)
🏷? Comps (Comparable Sales):
🏡 304 W 39th St, Savannah, GA: Sold for $658,000 "As-Is" on 04/11/2024
🏠 311 W 39th St, Savannah, GA: Sold for $590,000 on 10/19/2023
🏘? 1101 & 1105 E Anderson St, Savannah, GA: Sold for $575,000 on 08/15/2024
🏚? 803-801 Duffy St, Savannah, GA: Sold for $520,000 on 08/09/2024
🏡 509 W 37th St, Savannah, GA: Sold for $500,000 on 04/19/2024
🏠 112 W Duffy Ln, Savannah, GA: Sold for $490,000 on 03/28/2024
3 extra photos of inside