Historic Triplex Near
For Sale
$1,149,000
1102 Lovell Avenue, Tybee Island, GA 31328
Residential Income, Tybee Island, GA
Property Size3,258 SF
Lot Size0.11 Acres
Price / SF$352.67
Days on Market122
Property Features for 1102 Lovell Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R2
Zoning description
Multi Family, Single Family
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 6, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 5, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 4, Bathroom 5, Bathroom 2
Parking features
Off Street
Patio and Porch features
Porch, Patio
Interior features
Ceiling Fan(s), Pull Down Attic Stairs
Exterior features
Courtyard, Fire Pit
Fencing
Privacy
Appliances
Some Gas Appliances, Dishwasher, Electric Water Heater, Disposal, Oven, Range, Range Hood, Wine Cooler, Dryer, Refrigerator, Washer
Subdivision
Tybee Island Ward 3
Lot features
Corner Lot
Directions
Hwy 80 E > Butler Ave > right on 11th st> house is immediately on the left
Standard status
Active
APN
4000619001
Size
3,258 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 17B RECOMBINATION OF LOTS 17A & 17B WARD 3 TYBEE PRB 15P 5
Tax Annual Amount
8637
Legal Description
LOT 17B RECOMBINATION OF LOTS 17A & 17B WARD 3 TYBEE PRB 15P 5
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air, Heat Pump (Heating), Central, Electric (Heating)
Cooling system
Electric, Central Air, Window Unit(s), Heat Pump
Water source
Public
Building Details
Year built
1932
Floors in Building
2
Number of units
3
Flooring type
Hardwood, Tile - Ceramic, Wood
Building materials
Brick, Cedar, Frame, Wood Siding
Roof type
Asphalt
Listing Agency:
Keller Williams Coastal Area P · Keller Williams Realty
(912) 356-5001
Listed By:
Libby Bacon · License #267763
(912) 272-3776
Added: Apr 24
Changed: Aug 20
Last Checked: Aug 23 at 1:06AM
MLS# SA354234
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.
Built in 1932, this 3,258-square-foot triplex combines a principal residence with two separate lower-level accommodations. The upper floor includes three bedrooms, three bathrooms, three living areas, original heart pine flooring, high ceilings, built-in corner cupboards, and other historic architectural details. Its updated kitchen includes quartz countertops, a gas cooktop, wine refrigerator, and a 10-foot peninsula with bar seating.
The lower level contains a two-bedroom, one-bath apartment with a full kitchen, washer, and dryer, along with a separate one-bedroom, one-bath efficiency. Each lower-level space has a private entrance, parking, and outdoor area. A shared downstairs entry and den also allow the three living areas to operate together as one six-bedroom home.
The property sits one block from the beach in a mid-island setting near dining, Memorial Park, and other Tybee Island attractions. Six off-street parking spaces and a one-car garage are included on the 0.11-acre lot.
The lower level contains a two-bedroom, one-bath apartment with a full kitchen, washer, and dryer, along with a separate one-bedroom, one-bath efficiency. Each lower-level space has a private entrance, parking, and outdoor area. A shared downstairs entry and den also allow the three living areas to operate together as one six-bedroom home.
The property sits one block from the beach in a mid-island setting near dining, Memorial Park, and other Tybee Island attractions. Six off-street parking spaces and a one-car garage are included on the 0.11-acre lot.
Key Highlights
- 3,258‑square‑foot triplex built in 1932
- Upper residence with 3 bedrooms, 3 bathrooms, and 3 living areas
- Lower level includes a 2‑bedroom apartment and a 1‑bedroom efficiency
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
$34,544
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
3.01%
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%
$690,880
$690.9K
Cap Rate 7%
$493,486
$493.5K
Cap Rate 9%
$383,822
$383.8K
Market Conditions
NOI Build-Up for 3,258 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
$52.8K $16.20/SF
− Vacancy
−$3.4K −$1.05/SF
EGI
$49.3K $15.15/SF
− OpEx
−$14.8K −$4.54/SF
NOI
$34.5K $10.60/SF
Area
Chatham County, 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%
$690,880
Cap Rate 7%
$493,486
Cap Rate 9%
$383,822
Alternative Uses
Best Use
Multifamily LT 5
$493.5K
$431.8K – $575.7K
NOI $34,544 @ 7.0% cap · market cap 3.01%
Second Best
Apartment 5plus
$457.7K
$400.5K – $533.9K
NOI $32,036 @ 7.0% cap · market cap 2.79%
Theoretical Best
Warehouse
$3.04M
$2.66M – $3.55M
NOI $213,137 @ 7.0% cap · market cap 18.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
254
Businesses Nearby
Explore this area
Business Placement
Demographics for 31328, GA
3,430
Population
3,490
Households
1
Avg Household Size
60
Median Age
49%
College-Educated
97%
High-School Grad
9.2 sq mi
ZIP Area
373
Density / Sq Mi
$105,669
Median Household Income
$42,280
Median Earnings
$1,205
Median Rent
$615,200
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?
Triplex - Three separate living areas support a primary residence plus two private guest accommodations.
Where is this triplex located?
The property is located at 1102 Lovell Avenue Tybee Island, GA.
What is the asking price?
The asking price for this property is $1,149,000.
What are key features of this property?
This property features: 3,258‑square‑foot triplex built in 1932; Upper residence with 3 bedrooms, 3 bathrooms, and 3 living areas; Lower level includes a 2‑bedroom apartment and a 1‑bedroom efficiency
