Triplex With Carriage House
For Sale
$415,000
2203 Delesseps Avenue, Savannah, GA 31404
Three residential units combine a main house with stacked rear units on one lot.
Property Size2,440 SF
Days on Market64
Property Features for 2203 Delesseps Avenue
General Information
Standard status
Active
Size
2,440 SF
Property subtype
Multi Family Home
Zoning
R6
Units
Unit Mix
1 x 2BR/1BA, 2 x 2BR/1BA
Multifamily Units
3
Building Details
Building Size
2,440 SF
Year Built
1936
Buildings
2
Stories
1
Units
3
Listing Agency:
Seaport Real Estate Group
(912) 228-0916
Listed By:
John R. Carr V · License #389664
(912) 228-0916
Source:
Woodwardrealestategroup
Added: Jun 19
Changed: Aug 21
Last Checked: Aug 21 at 2:51PM
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 Seaport Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1936, this R6-zoned triplex includes a 1,132-square-foot main house with two bedrooms and one bath, plus a separate rear carriage house configured as an upper and lower duplex. Each carriage house unit also provides two bedrooms and one bath, creating three residential units on a single lot. The main residence has operated as a long-term rental, while the rear units are furnished for mid-term executive rentals.
The property is located at 2203 Delesseps Avenue in Savannah, Georgia. Its configuration supports multiple residential rental arrangements within one property, with distinct living spaces across the main house and carriage house duplex.
The property is located at 2203 Delesseps Avenue in Savannah, Georgia. Its configuration supports multiple residential rental arrangements within one property, with distinct living spaces across the main house and carriage house duplex.
Key Highlights
- Three residential units on a single lot
- 1,132‑square‑foot main house with 2 bedrooms and 1 bath
- Rear carriage house duplex with top and bottom units
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
$25,871
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
6.23%
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%
$517,420
$517.4K
Cap Rate 7%
$369,586
$369.6K
Cap Rate 9%
$287,456
$287.5K
Market Conditions
NOI Build-Up for 2,440 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
$39.5K $16.20/SF
− Vacancy
−$2.6K −$1.05/SF
EGI
$37.0K $15.15/SF
− OpEx
−$11.1K −$4.54/SF
NOI
$25.9K $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%
$517,420
Cap Rate 7%
$369,586
Cap Rate 9%
$287,456
Alternative Uses
Best Use
Multifamily LT 5
$369.6K
$323.4K – $431.2K
NOI $25,871 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$342.7K
$299.9K – $399.9K
NOI $23,992 @ 7.0% cap · market cap 5.78%
Theoretical Best
Warehouse
$2.28M
$2.00M – $2.66M
NOI $159,624 @ 7.0% cap · market cap 38.46%
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
327
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units combine a main house with stacked rear units on one lot.
Where is this triplex located?
The property is located at 2203 Delesseps Avenue Savannah, GA.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Three residential units on a single lot; 1,132‑square‑foot main house with 2 bedrooms and 1 bath; Rear carriage house duplex with top and bottom units
