Triplex with Carriage
New
For Sale
$412,500
2203 Delesseps Ave, Savannah, GA 31404
Flexible three-unit property with a primary residence and two furnished mid-term rental units.
Property Size2,440 SF
Price / SF$169.06
Days on Market2
Property Features for 2203 Delesseps Ave
General Information
Standard status
Active
Size
2,440 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Building Details
Year Built
1936
Listing Agency:
Seaport Real Estate Group
Listed By:
John R. Carr V · License #389664
(912) 228-0916
Source:
Southeastgahomesearch
Added: Sep 4
Changed: Sep 5
Last Checked: Sep 4 at 3:03PM
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.
This 2,440-square-foot triplex includes a 2-bedroom, 1-bath main house measuring 1,132 square feet, plus a detached carriage structure configured as an upper and lower duplex. Each carriage unit provides 2 bedrooms and 1 bath, creating three similarly sized residential layouts on one property. The home was built in 1936.
The main house has operated as a long-term rental, while both carriage units are furnished for mid-term executive stays. The configuration supports continued use as a three-unit rental property or occupancy of one residence alongside the other units, as supported by the existing layout.
The main house has operated as a long-term rental, while both carriage units are furnished for mid-term executive stays. The configuration supports continued use as a three-unit rental property or occupancy of one residence alongside the other units, as supported by the existing layout.
Key Highlights
- Three‑unit triplex configuration
- 2,440 square feet of total property size
- Main house includes 2 bedrooms, 1 bath, and 1,132 square feet
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
6.27%
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 6.27%
Second Best
Apartment 5plus
$342.7K
$299.9K – $399.9K
NOI $23,992 @ 7.0% cap · market cap 5.82%
Theoretical Best
Warehouse
$2.28M
$2.00M – $2.66M
NOI $159,624 @ 7.0% cap · market cap 38.70%
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
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Frequently Asked Questions
What type of property is this?
Triplex - Flexible three-unit property with a primary residence and two furnished mid-term rental units.
Where is this triplex located?
The property is located at 2203 Delesseps Ave Savannah, GA.
What is the asking price?
The asking price for this property is $412,500.
What are key features of this property?
This property features: Three‑unit triplex configuration; 2,440 square feet of total property size; Main house includes 2 bedrooms, 1 bath, and 1,132 square feet
