Ground-Floor Office
For Sale
$269,500
1010 E Victory Drive, Savannah, GA 31405
Commercial Sale, Savannah, GA
Property Size624 SF
Lot Size0.02 Acres
Price / SF$431.89
Days on Market12
Property Features for 1010 E Victory Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Bedrooms
1
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 1
Exterior features
Fence
Fencing
Fenced
Appliances
Dryer, Dishwasher, Electric Water Heater, Microwave, Oven, Range, Refrigerator, Self Cleaning Oven, Washer
Lot features
Historic District
Directions
Located on the corner of Victory Drive and Waters Avenue.
Standard status
Active
APN
2007611010
Size
624 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Description
UNIT E-1 1010 EAST VICTORY DRIVE CONDOMINIUM CPB 2-110 .02AC CPB 2C 566A
HOA Fee
$555 Quarterly
Legal Description
UNIT E-1 1010 EAST VICTORY DRIVE CONDOMINIUM CPB 2-110 .02AC CPB 2C 566A
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Amenities
private courtyard with a deck
Building Details
Year built
1920
Floors in Building
1
Building materials
Stucco
Architectural style
Other
Listing Agency:
Engel & Volkers
(912) 238-0874
Listed By:
Amber Nicole Parker · License #408638
(478) 636-3588
Added: Sep 16
Changed: Sep 20
Last Checked: Sep 27 at 6:06AM
MLS# SA364705
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 624-square-foot, ground-floor office condominium was built in 1920 and is offered furnished with an open-concept layout. The interior includes a kitchen with cabinetry and breakfast bar, plus connected living, dining, and work areas. A private courtyard with deck extends the usable space, while fencing provides separation from the surrounding property. Central electric heating and cooling are installed, along with a public water source and public sewer service.
The condominium is located at 1010 E Victory Drive in Savannah, near Daffin Park and minutes from downtown Savannah. Private parking is available, and the HOA includes water, gas, and trash service. OI-E zoning permits commercial uses, and 30-day minimum rentals are allowed. The property also includes a washer, dryer, dishwasher, microwave, oven, range, refrigerator, and self-cleaning oven.
The condominium is located at 1010 E Victory Drive in Savannah, near Daffin Park and minutes from downtown Savannah. Private parking is available, and the HOA includes water, gas, and trash service. OI-E zoning permits commercial uses, and 30-day minimum rentals are allowed. The property also includes a washer, dryer, dishwasher, microwave, oven, range, refrigerator, and self-cleaning oven.
Key Highlights
- 624 square feet of ground‑floor office space
- OI‑E zoning allows commercial uses
- 30‑day minimum rentals permitted
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
$8,675
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
3.22%
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%
$173,500
$173.5K
Cap Rate 7%
$123,929
$123.9K
Cap Rate 9%
$96,389
$96.4K
Market Conditions
NOI Build-Up for 624 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
$13.9K $22.20/SF
− Vacancy
−$2.3K −$3.66/SF
EGI
$11.6K $18.54/SF
− OpEx
−$2.9K −$4.63/SF
NOI
$8.7K $13.90/SF
Area
Savannah, GA
Vacancy
16.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$173,500
Cap Rate 7%
$123,929
Cap Rate 9%
$96,389
Alternative Uses
Best Use
Office B
$123.9K
$108.4K – $144.6K
NOI $8,675 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$583.2K
$510.3K – $680.4K
NOI $40,822 @ 7.0% cap · market cap 15.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
519
Businesses Nearby
Explore this area
Business Placement
Demographics for 31405, GA
38,069
Population
16,809
Households
2.3
Avg Household Size
36
Median Age
35%
College-Educated
90%
High-School Grad
31.2 sq mi
ZIP Area
1,220
Density / Sq Mi
$62,123
Median Household Income
$35,836
Median Earnings
$1,431
Median Rent
$304,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Savannah, GA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - OI-E zoning supports commercial use and 30-day minimum rentals.
Where is this office units located?
The property is located at 1010 E Victory Drive Savannah, GA.
What is the asking price?
The asking price for this property is $269,500.
What are key features of this property?
This property features: 624 square feet of ground‑floor office space; OI‑E zoning allows commercial uses; 30‑day minimum rentals permitted
