Triplex with Carriage House
For Sale
Under Contract
$415,000
2203 Delesseps Avenue, Savannah, GA 31404
MULTI_FAMILY - Savannah, GA
Property Size2,440 SF
Lot Size0.20 Acres
Price / SF$170.08
Days on Market55
Property Features for 2203 Delesseps Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 5, Bedroom 6, Bathroom 1, Bedroom 2, Bathroom 2
Appliances
Electric Water Heater
Subdivision
Laroche Park
Directions
Off Waters onto Delesseps.
Standard status
Active Under Contract
APN
2010312011
Size
2,440 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
NORTH HALF LOT 7 N 1/2 OF 9 BLK N LAROCHE PK SESSOMS WD
Tax Annual Amount
2767
Legal Description
NORTH HALF LOT 7 N 1/2 OF 9 BLK N LAROCHE PK SESSOMS WD
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1936
Floors in Building
1
Number of units
3
Building materials
Brick
Listing Agency:
Seaport Real Estate Group
(912) 202-2042
Listed By:
John R. Carr V · License #389664
(912) 228-0916
Added: Jun 19
Changed: Aug 12
Last Checked: Aug 12 at 3:06AM
MLS# SA358457
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.
This triplex combines a 2-bedroom, 1-bath main house with a top/bottom carriage house duplex out back, for three income-producing units on a single lot. The main house is approximately 1,132 SF and includes 2 bedrooms and 1 bathroom. The carriage house duplex provides two additional units, each with a 2-bedroom, 1-bath layout.
The property is built with brick construction and was built in 1936. Heating is provided by central and electric heating, with electric and central air cooling. An electric water heater is included. Water and sewer services are public (public water and public sewer).
The main house has been used as a long-term rental, and the two carriage house units have been used as furnished mid-term executive rentals. Appliances listed include an electric water heater.
The property is built with brick construction and was built in 1936. Heating is provided by central and electric heating, with electric and central air cooling. An electric water heater is included. Water and sewer services are public (public water and public sewer).
The main house has been used as a long-term rental, and the two carriage house units have been used as furnished mid-term executive rentals. Appliances listed include an electric water heater.
Key Highlights
- R6 zoned triplex with three income‑producing units on one lot
- 0.2‑acre lot with 2,440 SF total building size
- 2‑bedroom, 1‑bath main house measures 1,132 SF
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
1,561
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 - R6 zoned triplex with a 2-bedroom main house and a top/bottom carriage house duplex 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: R6 zoned triplex with three income‑producing units on one lot; 0.2‑acre lot with 2,440 SF total building size; 2‑bedroom, 1‑bath main house measures 1,132 SF
