Brick Triplex with Two
For Sale
$950,000
1323 E 48th St, Savannah, GA 31404
Three residential units are arranged across separate structures on a corner lot with covered parking and fenced outdoor areas.
Property Size3,009 SF
Price / SF$315.72
Days on Market11
Property Features for 1323 E 48th St
General Information
Standard status
Active
Size
3,009 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 2 x 2BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$62,400
Amenities
off-street covered parking
Building Details
Year Built
1930
Buildings
2
Construction
brick
Listing Agency:
Engel & Volkers
(912) 667-5585
Listed By:
Quintin Cowart · License #169219
Source:
Barefootbrokers
Added: Aug 22
Changed: Aug 30
Last Checked: Aug 31 at 6:21PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Engel & Volkers
Investment Insights
Based on property information with market context.
Built in 1930, this 3,009-square-foot brick triplex includes a primary residence and a separate rear building with two independent apartments. The main home offers three bedrooms and two bathrooms, hardwood flooring, a living room with decorative fireplace, formal dining room, renovated bathroom, laundry room with appliances, central heating and air, and a floored attic. It also includes a deep front porch and private fenced yard.
Each rear apartment has two bedrooms and one bathroom. The lower unit adds a covered porch, laundry room, and its own fenced yard area. Covered off-street parking serves the property. The corner-lot setting is one block from Daffin Park’s recreation paths, pool, and sports fields, with Whole Foods, local hospitals, Grayson Stadium, and historic downtown Savannah located minutes away.
Each rear apartment has two bedrooms and one bathroom. The lower unit adds a covered porch, laundry room, and its own fenced yard area. Covered off-street parking serves the property. The corner-lot setting is one block from Daffin Park’s recreation paths, pool, and sports fields, with Whole Foods, local hospitals, Grayson Stadium, and historic downtown Savannah located minutes away.
Key Highlights
- 3,009 SF brick triplex on a corner lot
- Two separate buildings with three total residential units
- Main residence includes 3 bedrooms, 2 bathrooms, floored attic, and private fenced yard
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
$31,904
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
3.36%
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%
$638,080
$638.1K
Cap Rate 7%
$455,771
$455.8K
Cap Rate 9%
$354,489
$354.5K
Market Conditions
NOI Build-Up for 3,009 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
$48.7K $16.20/SF
− Vacancy
−$3.2K −$1.05/SF
EGI
$45.6K $15.15/SF
− OpEx
−$13.7K −$4.54/SF
NOI
$31.9K $10.60/SF
Area
Savannah, GA
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$638,080
Cap Rate 7%
$455,771
Cap Rate 9%
$354,489
Alternative Uses
Best Use
Multifamily LT 5
$455.8K
$398.8K – $531.7K
NOI $31,904 @ 7.0% cap · market cap 3.36%
Second Best
Apartment 5plus
$422.7K
$369.8K – $493.1K
NOI $29,587 @ 7.0% cap · market cap 3.11%
Theoretical Best
Warehouse
$2.81M
$2.46M – $3.28M
NOI $196,847 @ 7.0% cap · market cap 20.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
480
Businesses Nearby
Explore this area
Business Placement
Demographics for 31404, GA
31,530
Population
14,427
Households
2.2
Avg Household Size
35
Median Age
28%
College-Educated
89%
High-School Grad
13.7 sq mi
ZIP Area
2,301
Density / Sq Mi
$49,805
Median Household Income
$31,620
Median Earnings
$1,199
Median Rent
$193,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units are arranged across separate structures on a corner lot with covered parking and fenced outdoor areas.
Where is this triplex located?
The property is located at 1323 E 48th St Savannah, GA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 3,009 SF brick triplex on a corner lot; Two separate buildings with three total residential units; Main residence includes 3 bedrooms, 2 bathrooms, floored attic, and private fenced yard
