1004 East Park Avenue
Rehabilitating an historic property allows you to have the modern conveniences of new construction with the style and elegance of a historic building, and for a much smaller investment. New construction can cost $150 to $200 per square foot, yet rehabilitating 1004 East Park Avenue will provide more than 2700 square feet of living space at less than $100 per square foot or as little as $65 per square foot with available tax incentives*.
Income-Producing Use (Rental Property)
| Acquisition and closing costs | $95,000 |
| Qualified rehabilitation expenditure | $150,000 |
| Non-qualified rehabilitation expenditure | $30,000 |
| Total initial cost | $275,000 |
| Federal tax credit | $30,000 |
| State tax credit | $37,500 |
| Property tax abatement (savings) | $28,000 |
| Total savings | $95,500 |
| Cost of rehabilitated property* | $179,500 |
Owner-occupied (Single Family)
| Acquisition and closing costs | $95,000 |
| Qualified rehabilitation expenditure | $150,000 |
| Non-qualified rehabilitation expenditure | $30,000 |
| Total initial cost | $275,000 |
| State tax credit | $30,000 |
| Property tax abatement (savings) | $37,500 |
| Total savings | $67,500 |
| Cost of rehabilitated property* | $207,500 |
This house offers over 2,700 square feet of living space with three bedrooms and three full baths as well as two parlors, a living room, kitchen and dining room on the first floor. The home is situated on a corner lot with a large rear yard and lane access on a tree lined residential street in Savannah’s eastside.
Built in 1893-1898 for the Snedeker family, this home is a fine example of Victorian era architecture with some Gothic revival details. The interior still retains many of its character defining features including pressed metal ceilings and pressed metal wainscoting, stained glass windows through out and an ornate wooden staircase and balustrade and pocket doors. The home is located in the Savannah Eastside National Register Historic District making the home eligible for federal and state incentives to aid with the exterior and interior repairs.
Purchased by Historic Savannah Foundation in 2008, the home underwent stabilization in the summer of 2008. The home is currently stable and ready to be rehabilitated.
| Price | $95,000 |
| Square footage | 2,767 |
| Bedrooms/Bathrooms | 3Br, 2.5Ba |
| Lot Size | 89’x115’ |
| Zoning | R4 |
*Cost of property after application of maximum Federal and State tax credits (can be amortized over 10 year period) and property tax savings (over an 8.5 year period) are applied. Click here and here for more information.
For more information or to schedule a showing, please contact Dicky Mopper at 912.663.5500 or dmopper@mopper-stapen.com.