Brick Quadplex with
New
For Sale
$565,000
8 Lewis Drive, Savannah, GA 31406
MULTI_FAMILY - Savannah, GA
Property Size4,310 SF
Lot Size0.10 Acres
Price / SF$131.09
Days on Market3
Property Features for 8 Lewis Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
PUDM
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Half bathrooms
4
Rooms
Bathroom 6, Bathroom 2, Bedroom 4, Bathroom 5, Bedroom 5, Bathroom 8, Bedroom 8, Bedroom 2, Bathroom 1, Bathroom 4, Bedroom 6, Bedroom 3, Bathroom 3, Bedroom 7, Bathroom 7, Bedroom 1
Parking features
Off Street
Exterior features
Courtyard
Appliances
Electric Water Heater, Oven, Range, Refrigerator
Subdivision
Towngates Apts
Directions
From Abercorn St (US-204), turn onto White Bluff Rd. Turn onto Lewis Dr. Property is located on the left at 8 Lewis Dr.
Standard status
Active
APN
2064501013
Size
4,310 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 8 TOWNGATE APTS
Tax Annual Amount
4975
Legal Description
LOT 8 TOWNGATE APTS
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Heat Pump (Heating), Central
Cooling system
Heat Pump, Electric, Central Air, Window Unit(s)
Water source
Public
Building Details
Year built
1977
Floors in Building
2
Number of units
4
Flooring type
Vinyl
Building materials
Brick
Listing Agency:
Better Homes and Gardens Real
(912) 303-8405
Listed By:
Christopher C. Anderson · License #439242
(912) 237-9619
Added: Aug 12
Changed: Aug 14
Last Checked: Aug 14 at 4:06PM
MLS# SA362674
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 4,310-square-foot quadplex contains four apartments, each configured with two bedrooms and 1.5 bathrooms. The 1977 brick property has a courtyard-style layout, vinyl flooring, and new window heat pump HVAC units in every unit. Electric heating and cooling, public water, and public sewer serve the building, while each apartment includes an oven, range, and refrigerator.
Off-street parking supports the property, which sits on a 0.1-acre parcel in Savannah’s 31406 postal area. The property is zoned PUDM and is fully occupied. Its residential income configuration provides four separate units within one multifamily asset.
Off-street parking supports the property, which sits on a 0.1-acre parcel in Savannah’s 31406 postal area. The property is zoned PUDM and is fully occupied. Its residential income configuration provides four separate units within one multifamily asset.
Key Highlights
- 4,310 square feet containing four residential units
- Each unit includes 2 bedrooms and 1.5 bathrooms
- Fully occupied four‑unit configuration
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
$45,698
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
8.09%
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%
$913,960
$914.0K
Cap Rate 7%
$652,829
$652.8K
Cap Rate 9%
$507,756
$507.8K
Market Conditions
NOI Build-Up for 4,310 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
$69.8K $16.20/SF
− Vacancy
−$4.5K −$1.05/SF
EGI
$65.3K $15.15/SF
− OpEx
−$19.6K −$4.54/SF
NOI
$45.7K $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%
$913,960
Cap Rate 7%
$652,829
Cap Rate 9%
$507,756
Alternative Uses
Best Use
Multifamily LT 5
$652.8K
$571.2K – $761.6K
NOI $45,698 @ 7.0% cap · market cap 8.09%
Second Best
Apartment 5plus
$605.4K
$529.8K – $706.3K
NOI $42,380 @ 7.0% cap · market cap 7.50%
Theoretical Best
Warehouse
$4.03M
$3.52M – $4.70M
NOI $281,958 @ 7.0% cap · market cap 49.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
624
Businesses Nearby
Explore this area
Business Placement
Demographics for 31406, GA
34,579
Population
15,424
Households
2.2
Avg Household Size
39
Median Age
37%
College-Educated
93%
High-School Grad
26.2 sq mi
ZIP Area
1,320
Density / Sq Mi
$66,084
Median Household Income
$41,512
Median Earnings
$1,340
Median Rent
$260,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied four-unit property with two-bedroom apartments, off-street parking, and updated heat pump HVAC units.
Where is this quadplex located?
The property is located at 8 Lewis Drive Savannah, GA.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: 4,310 square feet containing four residential units; Each unit includes 2 bedrooms and 1.5 bathrooms; Fully occupied four‑unit configuration
