Ground-Floor Office
For Sale
$269,500
1010 E Victory Drive E1, Savannah, GA 31405
Savannah, GA
Property Size624 SF
Price / SF$431.89
Days on Market11
Property Features for 1010 E Victory Drive E1
General Information
Property type
Commercial Sale
Property subtype
Office
Bedrooms
1
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1
Standard status
Active
Size
624 SF
Building Details
Year built
1920
Listing Agency:
Engel & Volkers Savannah · Engel & Völkers
(912) 238-0874
Listed By:
Amber Nicole Parker · License #408638
(478) 636-3588
Added: Sep 17
Changed: Sep 18
Last Checked: Sep 27 at 6:06AM
MLS# SA364705
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 624-square-foot, ground-floor condominium is configured as a furnished office unit with an open-concept interior. The kitchen includes extensive cabinetry and a breakfast bar, opening to adjoining living and dining areas that support a collaborative workspace. A private courtyard and deck extend the usable setting outdoors. Built in 1920, the property is zoned OI-E and is currently operated as an executive 30-day rental. The zoning supports multiple commercial uses, while 30-day minimum rentals are permitted.
The unit is located in Baldwin Park near Daffin Park and minutes from downtown Savannah. Private parking is included, and the HOA covers water, gas, and trash service, supporting a lower-maintenance ownership structure.
The unit is located in Baldwin Park near Daffin Park and minutes from downtown Savannah. Private parking is included, and the HOA covers water, gas, and trash service, supporting a lower-maintenance ownership structure.
Key Highlights
- 624 square feet of ground‑floor office condominium space
- OI‑E zoning with multiple commercial uses permitted
- Open‑concept layout with kitchen, breakfast bar, living, and dining areas
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
Mixed Use
$100.9K
$88.3K – $117.8K
NOI $7,066 @ 7.0% cap · market cap 2.62%
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
Lease Details
Yes
Utilities to site
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 - Furnished OI-E office condominium with an open layout, private courtyard, deck, and parking.
Where is this office units located?
The property is located at 1010 E Victory Drive E1 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 condominium space; OI‑E zoning with multiple commercial uses permitted; Open‑concept layout with kitchen, breakfast bar, living, and dining areas
