Victorian Multifamily Investment
923 E Park Avenue Savannah, GA 31401
923 E Park Avenue, Savannah, GA, 31401
$1,400,000
For Sale
$1,400,000
MULTI_FAMILY - Victorian - Savannah, GA
Property Size5,670 SF
Lot Size0.16 Acres
Price / SF$246.91
Days on Market128
Property Features for 923 E Park Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Quadruplex
- Zoning
- R6
- Bedrooms
- 11
- Bathrooms
- 4
- Rooms
- Bathroom 3, Bedroom 9, Bedroom 6, Bedroom 2, Bedroom 10, Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 3, Bedroom 11, Bedroom 7, Bedroom 4, Bedroom 8
- Parking features
- Off Street, Garage, Parking Lot
- Patio and Porch features
- Porch
- Interior features
- Ceiling Fan(s), Fireplace
- Exterior features
- Balcony, Courtyard
- Fencing
- Privacy, Fenced
- Fireplace
- 1
- Appliances
- Some Electric Appliances, Dishwasher, Electric Water Heater, Oven, Range, Range Hood, Dryer, Refrigerator, Washer
- 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
Utilities
- Utilities
- Cable Available
- Sewer type
- Public Sewer
- Heating system
- Central, Electric (Heating)
- Cooling system
- Electric, Central Air
- Water source
- Public
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 Updated: Jul 18 at 7:22AM Checked: Jul 21 at 9:06AM
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.
Located in Savannah's Eastern Victorian District, this corner lot property features two historic apartment buildings and a detached brick storage building. The property contains a total of four residences: three 3-bedroom, 1-bath units and one 2-bedroom, 1-bath unit. The buildings feature solid brick and stucco construction with original heart pine floors, decorative fireplaces, original doors and moldings, and clawfoot tubs. Each apartment includes a spacious private storage unit, private front and rear porches, and is separately metered for electric and water. The apartments are light-filled and equipped with appliances and modern conveniences, and feature updated lighting, ceiling fans, and window blinds. The property has been meticulously maintained and thoughtfully improved, with fresh paint inside and out. A shady, secure, landscaped backyard and off-street parking are available for each apartment. The property generates over $100,000 annually from a strong rent roll with long-term tenants. Located one mile from Forsyth Park and within walking distance to the new Laundry Diner, the property offers convenient access to Downtown Savannah and the Victory Drive shopping district. The property is intended for use as a multifamily residential rental property.
Key Highlights
- Corner lot in Savannah’s Eastern Victorian District featuring two historic apartment buildings plus a detached brick storage building (built 1915).
- Four total residential units: three 3 bed / 1 bath units and one 2 bed / 1 bath unit.
- Original heart pine floors, decorative fireplaces, original doors and moldings, plus clawfoot tubs.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $91.9k | $16.20 |
| − Vacancy | −$6.0k | −$1.05 |
| EGI | $85.9k | $15.15 |
| − OpEx | −$25.8k | −$4.54 |
| NOI | $60.1k | $10.60 |
5,670 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Savannah Victorian District multifamily property with strong rental income.
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: Corner lot in Savannah’s Eastern Victorian District featuring two historic apartment buildings plus a detached brick storage building (built 1915).; Four total residential units: three 3 bed / 1 bath units and one 2 bed / 1 bath unit.; Original heart pine floors, decorative fireplaces, original doors and moldings, plus clawfoot tubs.
