Historic Four-Unit Apartment
For Sale
$1,100,000
214 W Park Ave W, Savannah, GA 31401
Fully leased apartments with off-street parking in Savannah’s Victorian Historic District.
Property Size3,932 SF
Price / SF$279.76
Days on Market15
Property Features for 214 W Park Ave W
General Information
Standard status
Active
Size
3,932 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
4
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Seabolt Real Estate
(912) 844-4000
Listed By:
Roy Hill · License #175128
Source:
Southeastgahomesearch
Added: Aug 17
Changed: Aug 29
Last Checked: Aug 30 at 6:51PM
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 Seabolt Real Estate
Investment Insights
Based on property information with market context.
Built in 1900, this 3,932-square-foot quadplex contains four apartments, each currently leased. The property retains period architectural details while serving as a fully occupied residential income asset, with off-street parking included.
The building is located at 214 W Park Ave in Savannah’s Victorian Historic District, one block from Forsyth Park and near multiple Savannah College of Art and Design campuses. Restaurants, shops, and neighborhood amenities are within walking distance, placing residents near downtown conveniences and established historic character.
The building is located at 214 W Park Ave in Savannah’s Victorian Historic District, one block from Forsyth Park and near multiple Savannah College of Art and Design campuses. Restaurants, shops, and neighborhood amenities are within walking distance, placing residents near downtown conveniences and established historic character.
Key Highlights
- Four‑unit apartment building with all units currently leased
- 3,932‑square‑foot property constructed in 1900
- Located in Savannah’s Victorian Historic District
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
$41,691
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
3.79%
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%
$833,820
$833.8K
Cap Rate 7%
$595,586
$595.6K
Cap Rate 9%
$463,233
$463.2K
Market Conditions
NOI Build-Up for 3,932 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
$63.7K $16.20/SF
− Vacancy
−$4.1K −$1.05/SF
EGI
$59.6K $15.15/SF
− OpEx
−$17.9K −$4.54/SF
NOI
$41.7K $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%
$833,820
Cap Rate 7%
$595,586
Cap Rate 9%
$463,233
Alternative Uses
Best Use
Multifamily LT 5
$595.6K
$521.1K – $694.9K
NOI $41,691 @ 7.0% cap · market cap 3.79%
Second Best
Apartment 5plus
$552.3K
$483.3K – $644.4K
NOI $38,663 @ 7.0% cap · market cap 3.51%
Theoretical Best
Warehouse
$3.67M
$3.22M – $4.29M
NOI $257,230 @ 7.0% cap · market cap 23.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,849
Businesses Nearby
Explore this area
Business Placement
Demographics for 31401, GA
22,927
Population
11,832
Households
1.9
Avg Household Size
28
Median Age
48%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
6,743
Density / Sq Mi
$50,182
Median Household Income
$27,309
Median Earnings
$1,428
Median Rent
$477,600
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?
Quadplex - Fully leased apartments with off-street parking in Savannah’s Victorian Historic District.
Where is this quadplex located?
The property is located at 214 W Park Ave W Savannah, GA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Four‑unit apartment building with all units currently leased; 3,932‑square‑foot property constructed in 1900; Located in Savannah’s Victorian Historic District
