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    Victorian Multifamily Investment Opportunity Title is generated by Realmo AI

    923 E Park Avenue, Savannah, GA 31401

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    For Sale
    $1,400,000

    MULTI_FAMILY - Victorian - Savannah, GA

    Property size:
    5,670 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $246/SF
    Added:
    Mar 16, 2026
    Days on Market:
    81
    Last Refresh:
    Jun 4 at 6:06 pm

    Property Features for 923 E Park Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R6
    Bedrooms
    11
    Bathrooms
    4
    Rooms
    Bedroom 10, Bedroom 11, Bathroom 4, Bedroom 6, Bedroom 4, Bathroom 1, Bedroom 1, Bedroom 7, Bedroom 9, Bathroom 2, Bedroom 2, Bedroom 5, Bedroom 8, Bedroom 3, Bathroom 3
    Parking features
    Garage, Parking Lot, Off Street
    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
    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
    Central Air, Electric
    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
    Asphalt, Composition, Metal
    Architectural style
    Victorian
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Jessica L. Kelly
    Jessica L. Kelly

    Listing agent Jessica L. Kelly License #270287

    Listing office Engel & Volkers 1650 E Victory Drive, Savannah, GA

    Listing date Mar 16, 2026

    MLS# SA350933 Listing URL

    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.

    HighLights

    • Strong rent roll producing over $100,000 annually with long‑term tenants.
    • Four residences (three 3‑bedroom, one 2‑bedroom) in two historic apartment buildings on a corner lot.
    • Meticulously maintained with original historic character: heart pine floors, decorative fireplaces, original doors/moldings, clawfoot tubs.
    • Each unit includes private front and rear porches, a spacious private storage unit, and off‑street parking.
    • Located in Savannah's Eastern Victorian District, one mile from Forsyth Park, with convenient access to Downtown and Victory Drive shopping.
    • All units separately metered for electric and water.

    Overview

    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.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Savannah
    County
    Chatham
    State
    Georgia
    Longitude
    -81.082341
    Latitude
    32.060679

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    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: Strong rent roll producing over $100,000 annually with long‑term tenants.; Four residences (three 3‑bedroom, one 2‑bedroom) in two historic apartment buildings on a corner lot.; Meticulously maintained with original historic character: heart pine floors, decorative fireplaces, original doors/moldings, clawfoot tubs.
    (912) 441-9101
    We can help!
    Listing Contact
    Jessica L. Kelly
    Jessica L. Kelly
    Real Estate License ID: 270287
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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