Historic Four-Unit
For Sale
$1,100,000
214 W Park Avenue W, Savannah, GA 31401
Residential Income, Savannah, GA
Property Size3,932 SF
Lot Size0.07 Acres
Price / SF$279.76
Days on Market180
Property Features for 214 W Park Avenue W
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
TN-1
Zoning description
Multi Family
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 4, Bathroom 3, Bedroom 6, Bedroom 1, Bedroom 5, Bedroom 4, Bathroom 1
Parking features
Off Street
Interior features
Pull Down Attic Stairs
Exterior features
Balcony
Fireplace
1
Appliances
Electric Water Heater, Gas Water Heater, Dryer, Refrigerator, Washer
Subdivision
Lloyd Ward
Lot features
Alley, City Lot, Interior Lot
Directions
Going south on Whitaker St turn right on West Park Ave. Cross over Barnard St and house is on the right in the middle of the block.
Standard status
Active
APN
20052 15013
Size
3,932 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WEST HALF OF LOT 37 LLOYD WARD
Tax Annual Amount
11606
Legal Description
WEST HALF OF LOT 37 LLOYD WARD
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
4
Flooring type
Hardwood, Tile - Ceramic
Building materials
Brick
Roof type
Asphalt
Listing Agency:
Seabolt Real Estate
(912) 233-6609
Listed By:
Roy Hill · License #175128
(912) 844-4000
Added: Mar 4
Changed: Aug 30
Last Checked: Aug 31 at 10:06AM
MLS# SA349754
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.
Built in 1900, this brick quadplex contains four apartments within 3,932 square feet and is currently fully leased. Hardwood and ceramic tile flooring, balconies, a fireplace, central air, electric heating, and a combination of gas and electric water heaters provide a mix of historic character and practical residential features. The property also includes washers, dryers, refrigerators, public water and sewer, an asphalt roof, and off-street parking.
Located at 214 W Park Avenue W in Savannah’s Victorian Historic District, the property sits one block from Forsyth Park and near Savannah College of Art and Design campuses. Restaurants, shops, and neighborhood amenities are identified nearby, while TN-1 zoning and a 0.0744-acre lot further define the asset. The four-unit configuration and existing occupancy provide a straightforward multifamily format for an investor seeking an income-producing residential property.
Located at 214 W Park Avenue W in Savannah’s Victorian Historic District, the property sits one block from Forsyth Park and near Savannah College of Art and Design campuses. Restaurants, shops, and neighborhood amenities are identified nearby, while TN-1 zoning and a 0.0744-acre lot further define the asset. The four-unit configuration and existing occupancy provide a straightforward multifamily format for an investor seeking an income-producing residential property.
Key Highlights
- Four apartments within a 3,932‑square‑foot building
- Fully occupied and currently leased
- Built in 1900 with brick construction
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,727
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 - Brick property with four leased apartments, off-street parking, and period character near Forsyth Park.
Where is this quadplex located?
The property is located at 214 W Park Avenue 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 apartments within a 3,932‑square‑foot building; Fully occupied and currently leased; Built in 1900 with brick construction
