Brick Triplex with Two
For Sale
$899,000
1323 E 48th Street, Savannah, GA 31404
Residential Income, Savannah, GA
Property Size3,009 SF
Lot Size0.14 Acres
Price / SF$298.77
Days on Market19
Property Features for 1323 E 48th Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R1
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 7, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 4, Bedroom 6, Bathroom 1, Bedroom 5
Parking features
Off Street, On Street
Patio and Porch features
Porch
Fencing
Fenced, Chain Link
Appliances
Electric Water Heater, Dryer, Refrigerator, Washer
Subdivision
Pierpont Ward
Lot features
Alley, Corner Lot, City Lot, Garden
Directions
Washington toward Bee Road turn right on ASH on the corner of Ash and 48th
Standard status
Active
APN
2008510019
Size
3,009 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 214 & 215 PIERPONT WARD
Tax Annual Amount
2827
Legal Description
LOTS 214 & 215 PIERPONT WARD
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric, Window Unit(s)
Water source
Public
Amenities
front porch
hardwood floors
decorative fireplace
formal dining room
laundry room
central heating and air
attic
fenced yard
covered porch
Building Details
Year built
1930
Floors in Building
1
Number of units
3
Building materials
Brick
Roof type
Composition, Asphalt
Listing Agency:
Engel & Volkers
(912) 238-0874
Listed By:
Quintin Cowart · License #169219
(912) 667-5585
Added: Aug 17
Changed: Sep 4
Last Checked: Sep 4 at 12:06PM
MLS# SA362629
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 triplex comprises two separate brick buildings totaling 3,009 square feet on a 0.1446-acre corner lot. The primary residence includes three bedrooms, two bathrooms, hardwood floors, a living room with a decorative fireplace, formal dining space, a laundry room, and a floored attic. A newer central heating and air unit serves the house, which also has a private fenced yard and front porch.
The rear structure contains two independent two-bedroom, one-bath units. One unit includes a covered porch, laundry room, and separate fenced yard area. Additional property features include off-street and on-street parking, electric heating, window-unit cooling, public water, public sewer, and a composition and asphalt roof. The property was built in 1930 and is zoned R1.
Daffin Park recreation paths, a pool, and sports fields are located one block away. Grayson Stadium, Whole Foods, local hospitals, and historic downtown Savannah are also described as being minutes from the property.
The rear structure contains two independent two-bedroom, one-bath units. One unit includes a covered porch, laundry room, and separate fenced yard area. Additional property features include off-street and on-street parking, electric heating, window-unit cooling, public water, public sewer, and a composition and asphalt roof. The property was built in 1930 and is zoned R1.
Daffin Park recreation paths, a pool, and sports fields are located one block away. Grayson Stadium, Whole Foods, local hospitals, and historic downtown Savannah are also described as being minutes from the property.
Key Highlights
- Triplex configuration across two separate brick buildings
- 3,009‑square‑foot property on a 0.1446‑acre corner lot
- Main residence offers 3 bedrooms and 2 bathrooms
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
$31,904
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
3.55%
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%
$638,080
$638.1K
Cap Rate 7%
$455,771
$455.8K
Cap Rate 9%
$354,489
$354.5K
Market Conditions
NOI Build-Up for 3,009 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
$48.7K $16.20/SF
− Vacancy
−$3.2K −$1.05/SF
EGI
$45.6K $15.15/SF
− OpEx
−$13.7K −$4.54/SF
NOI
$31.9K $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%
$638,080
Cap Rate 7%
$455,771
Cap Rate 9%
$354,489
Alternative Uses
Best Use
Multifamily LT 5
$455.8K
$398.8K – $531.7K
NOI $31,904 @ 7.0% cap · market cap 3.55%
Second Best
Apartment 5plus
$422.7K
$369.8K – $493.1K
NOI $29,587 @ 7.0% cap · market cap 3.29%
Theoretical Best
Warehouse
$2.81M
$2.46M – $3.28M
NOI $196,847 @ 7.0% cap · market cap 21.90%
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
480
Businesses Nearby
Explore this area
Business Placement
Demographics for 31404, GA
31,530
Population
14,427
Households
2.2
Avg Household Size
35
Median Age
28%
College-Educated
89%
High-School Grad
13.7 sq mi
ZIP Area
2,301
Density / Sq Mi
$49,805
Median Household Income
$31,620
Median Earnings
$1,199
Median Rent
$193,100
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-unit brick property with separate living spaces, porches, fenced yards, and off-street parking in Savannah.
Where is this triplex located?
The property is located at 1323 E 48th Street Savannah, GA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Triplex configuration across two separate brick buildings; 3,009‑square‑foot property on a 0.1446‑acre corner lot; Main residence offers 3 bedrooms and 2 bathrooms
