Savannah Multifamily Investment
923 E Park Avenue Savannah, GA 31401
923 E Park Avenue, Savannah, GA, 31401
$1,400,000
For Sale
$1,400,000
New Traditional, Other - Savannah, GA
Property Size5,670 SF
Lot Size0.16 Acres
Price / SF$246.91
Days on Market15
Property Features for 923 E Park Avenue
General Information
- Property type
- Other
- Property subtype
- Quadruplex
- Zoning
- Multi Family
- Bedrooms
- 11
- Bathrooms
- 4
- Rooms
- Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
- Parking features
- Garage, Off Street, Parking Lot
- Interior features
- Ceiling Fan(s)
- Exterior features
- Balcony, Courtyard
- Appliances
- Dishwasher, Dryer, Range, Refrigerator, Washer
- Standard status
- Active
- APN
- 2-0042-18-001
- Size
- 5,670 SF
- Lot size
- 0.16 Acres
Utilities
- Heating system
- Central, Electric (Heating)
- Cooling system
- Central Air, Electric
Building Details
- Year built
- 1915
- Flooring type
- Hardwood, Tile
- Roof type
- Asphalt, Composition, Metal
- Architectural style
- New Traditional
Listing agency
Engel & Völkers Savannah
(912) 238-0874
Listed by
Jessica L. Kelly
Added: Jul 7 Updated: Jul 15 at 3:03AM Checked: Jul 21 at 12:06PM
MLS# SA350933
Copyright © 2026 Engel & Völkers. 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 is an incredible investment opportunity located in Savannah’s Eastern Victorian District, surrounded by stately historic homes. The architecturally impressive corner lot property features two historic apartment buildings, plus a detached brick storage building. Each building contains two apartments, for a total of four residences. The units include three 3-bedroom, 1-bath units and one 2-bedroom, 1-bath unit. The property has been meticulously maintained and thoughtfully improved over time. It features solid brick and stucco construction with beautiful historic character throughout, including original heart pine floors, decorative fireplaces, original doors and moldings, and clawfoot tubs. Each apartment includes a spacious private storage unit. The large, light-filled apartments are bright, airy, and well-equipped with appliances and modern conveniences. Freshly painted inside and out, the units feature updated lighting, ceiling fans, and window blinds. Each unit also has private front and rear porches. All units are separately metered for electric and water. The property includes a shady, secure, landscaped backyard oasis and off-street parking for each apartment. The strong rent roll with long-term tenants in place produces over $100,000 annually. Located exactly one mile from Forsyth Park, the property is within walking distance of the new Laundry Diner, with convenient access to Downtown Savannah and the Victory Drive shopping district. The property size is 5670 square feet and the lot size is 0.16 acres.
Key Highlights
- High Income Potential: Strong rent roll exceeding $100,000 annually with long‑term tenants.
- Prime Location: Situated in Savannah's Eastern Victorian District, one mile from Forsyth Park, with easy access to downtown and shopping.
- Multiple Units: Features two historic apartment buildings with a total of four residences (three 3‑bedroom, one 2‑bedroom).
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 - Four residences in Savannah's Eastern Victorian District, generating over $100,000 annually.
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: High Income Potential: Strong rent roll exceeding $100,000 annually with long‑term tenants.; Prime Location: Situated in Savannah's Eastern Victorian District, one mile from Forsyth Park, with easy access to downtown and shopping.; Multiple Units: Features two historic apartment buildings with a total of four residences (three 3‑bedroom, one 2‑bedroom).
