Historic Quadplex with Private
For Sale
$1,400,000
923 E Park Avenue, Savannah, GA 31401
Residential Income, Savannah, GA
Property Size5,670 SF
Lot Size0.16 Acres
Price / SF$246.91
Days on Market173
Property Features for 923 E Park Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R6
Zoning description
Multi Family
Bedrooms
11
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Bedroom 9, Bathroom 4, Bedroom 6, Bedroom 5, Bedroom 4, Bedroom 11, Bedroom 10, Bathroom 3, Bedroom 7, Bedroom 8, Bathroom 2, Bedroom 3
Parking features
Off Street, Garage, Parking Lot
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Fireplace
Exterior features
Balcony, Courtyard
Fencing
Fenced, Privacy
Fireplace
1
Appliances
Some Electric Appliances, Dishwasher, Electric Water Heater, Oven, Range, Range Hood, Dryer, Refrigerator, Washer
Lot features
Alley, Back Yard, Corner Lot, City Lot, Garden, Private
Directions
Eastern Victorian District. Corner of E. Park and Ott Street. TWO BUILDINGS + STORAGE BUILDING & OFF STREET PARKING!
Standard status
Active
APN
2-0042-18-001
Size
5,670 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
LOT 254 AND EAST 29 FEET LOT 253 TELFAIR WARD
Legal Description
LOT 254 AND EAST 29 FEET LOT 253 TELFAIR WARD
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Amenities
porches
off-street parking
private storage
landscaped backyard
Building Details
Year built
1915
Floors in Building
2
Number of units
4
Flooring type
Tile, Hardwood
Building materials
Brick, Stucco
Roof type
Composition, Metal, Asphalt
Architectural style
Victorian
Additional Structures
Storage
Listing Agency:
Engel & Volkers
(912) 238-0874
Listed By:
Jessica L. Kelly · License #270287
(912) 441-9101
Added: Mar 16
Changed: Sep 4
Last Checked: Sep 4 at 5:06PM
MLS# SA350933
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 1915, this Victorian quadplex comprises two historic apartment buildings and a detached brick storage structure on 0.16 acres. The 5670-square-foot property contains four residences: three 3-bedroom, 1-bath apartments and one 2-bedroom, 1-bath apartment. Original heart pine floors, decorative fireplaces, doors, moldings, and clawfoot tubs complement updated lighting, ceiling fans, window blinds, appliances, and fresh interior and exterior paint. Each apartment has private front and rear porches, a spacious private storage unit, and separate electric and water metering.
The property includes off-street parking for each apartment, a fenced and landscaped backyard, public water, and public sewer. Located at 923 E Park Avenue in Savannah’s Eastern Victorian District, it is one mile from Forsyth Park and offers access to Downtown Savannah and the Victory Drive shopping district. The R6-zoned property also sits within walking distance of the new Laundry Diner.
The property includes off-street parking for each apartment, a fenced and landscaped backyard, public water, and public sewer. Located at 923 E Park Avenue in Savannah’s Eastern Victorian District, it is one mile from Forsyth Park and offers access to Downtown Savannah and the Victory Drive shopping district. The R6-zoned property also sits within walking distance of the new Laundry Diner.
Key Highlights
- Four residences across two historic apartment buildings: three 3‑bedroom, 1‑bath units and one 2‑bedroom, 1‑bath unit
- 5670 square feet on 0.16 acres, built in 1915
- Separate electric and water meters serve every apartment
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
$60,118
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
4.29%
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%
$1,202,360
$1.2M
Cap Rate 7%
$858,829
$858.8K
Cap Rate 9%
$667,978
$668.0K
Market Conditions
NOI Build-Up for 5,670 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
$91.9K $16.20/SF
− Vacancy
−$6.0K −$1.05/SF
EGI
$85.9K $15.15/SF
− OpEx
−$25.8K −$4.54/SF
NOI
$60.1K $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%
$1,202,360
Cap Rate 7%
$858,829
Cap Rate 9%
$667,978
Alternative Uses
Best Use
Multifamily LT 5
$858.8K
$751.5K – $1.00M
NOI $60,118 @ 7.0% cap · market cap 4.29%
Second Best
Apartment 5plus
$796.5K
$696.9K – $929.2K
NOI $55,752 @ 7.0% cap · market cap 3.98%
Theoretical Best
Warehouse
$5.30M
$4.64M – $6.18M
NOI $370,929 @ 7.0% cap · market cap 26.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
463
Businesses Nearby
Explore this area
Business Placement
Demographics for 31401, GA
22,927
Population
11,832
Households
1.9
Avg Household Size
28
Median Age
48%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
6,743
Density / Sq Mi
$50,182
Median Household Income
$27,309
Median Earnings
$1,428
Median Rent
$477,600
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 - Two brick-and-stucco buildings offer four separately metered residences and off-street parking.
Where is this quadplex located?
The property is located at 923 E Park Avenue Savannah, GA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Four residences across two historic apartment buildings: three 3‑bedroom, 1‑bath units and one 2‑bedroom, 1‑bath unit; 5670 square feet on 0.16 acres, built in 1915; Separate electric and water meters serve every apartment
