Triplex Income
For Sale
$375,000
2220 Queens Way, Augusta, GA 30904
MULTI_FAMILY - Augusta, GA
Property Size3,071 SF
Lot Size0.25 Acres
Price / SF$122.11
Days on Market73
Property Features for 2220 Queens Way
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R3
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 4, Bedroom 5, Bathroom 1
Parking features
On Street
Patio and Porch features
Porch
Interior features
Wash/Dry Connect, Ceiling Fan(s), Blinds/Shades, Eat-in Kitchen
Appliances
Electric Oven, Electric Cooktop, Refrigerator, Range, Dishwasher
Subdivision
Summerville
Lot features
Corner Lot
Elementary school
Monte Sano
Middle school
Tutt
High school
Richmond Academy
Directions
Central Ave to Anthony St left on Queens Property on left
Standard status
Active
APN
0441184000
Size
3,071 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
3E1223 - 3E1223 MCDOWELL ST_KINGS WAY
Tax Annual Amount
3791
Legal Description
3E1223 - 3E1223 MCDOWELL ST_KINGS WAY
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1908
Floors in Building
2
Number of units
3
Flooring type
Wood, Carpet
Building materials
Wood Siding, Wood Frame
Roof type
Composition
Listing Agency:
Re/max True Advantage
(706) 922-9292
Listed By:
Wendy Denise Daniels · License #SC91300
(770) 715-8805
Added: Jun 1
Changed: Aug 10
Last Checked: Aug 12 at 9:06AM
MLS# 100578214
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 for-sale triplex features three residential units on an approximately 0.25-acre lot, totaling about 3,071 square feet. Per the seller’s remarks, two of the three units are already occupied, with the third unit available for an owner-occupant or for lease. The property is presented as an income-producing residential investment within a flexible owner-and-tenant setup.
The address is 2220 Queens Way in Augusta, Georgia, 30904. The property is described as being less than a mile from Augusta University and the surrounding Medical District, positioning it for tenants who prefer proximity to employment and education. The listing also references the Historic Summerville District and its established residential character.
For tenants and buyers, the structure supports both steady occupancy and hands-on use, depending on which unit you choose for yourself. With two units already occupied, the triplex can accommodate an owner’s plan to live in the remaining unit or maintain it as a rental. As zoned R3, the property is offered as a residential income option in Richmond County for buyers evaluating a triplex layout and a multi-unit living arrangement.
The address is 2220 Queens Way in Augusta, Georgia, 30904. The property is described as being less than a mile from Augusta University and the surrounding Medical District, positioning it for tenants who prefer proximity to employment and education. The listing also references the Historic Summerville District and its established residential character.
For tenants and buyers, the structure supports both steady occupancy and hands-on use, depending on which unit you choose for yourself. With two units already occupied, the triplex can accommodate an owner’s plan to live in the remaining unit or maintain it as a rental. As zoned R3, the property is offered as a residential income option in Richmond County for buyers evaluating a triplex layout and a multi-unit living arrangement.
Key Highlights
- 1908‑built triplex in Augusta’s historic Summerville District, with wood frame and wood siding construction
- Two of the three units are currently occupied, providing immediate rental income
- Third unit is available for an owner‑occupant or to rent for additional cash flow
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
$30,118
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
8.03%
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%
$602,360
$602.4K
Cap Rate 7%
$430,257
$430.3K
Cap Rate 9%
$334,644
$334.6K
Market Conditions
NOI Build-Up for 3,071 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
$46.8K $15.24/SF
− Vacancy
−$3.8K −$1.23/SF
EGI
$43.0K $14.01/SF
− OpEx
−$12.9K −$4.20/SF
NOI
$30.1K $9.81/SF
Area
Augusta, GA
Vacancy
8.07%
Lease Rate
$15.24 /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%
$602,360
Cap Rate 7%
$430,257
Cap Rate 9%
$334,644
Alternative Uses
Best Use
Multifamily LT 5
$430.3K
$376.5K – $502.0K
NOI $30,118 @ 7.0% cap · market cap 8.03%
Second Best
Apartment 5plus
$397.4K
$347.7K – $463.7K
NOI $27,819 @ 7.0% cap · market cap 7.42%
Theoretical Best
Office A
$969.3K
$848.2K – $1.13M
NOI $67,853 @ 7.0% cap · market cap 18.09%
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
1,158
Businesses Nearby
Explore this area
Business Placement
Demographics for 30904, GA
24,145
Population
12,558
Households
1.9
Avg Household Size
38
Median Age
31%
College-Educated
87%
High-School Grad
11.0 sq mi
ZIP Area
2,195
Density / Sq Mi
$45,636
Median Household Income
$29,101
Median Earnings
$953
Median Rent
$185,400
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 - Three-unit R3 triplex with two occupied units and a third available for move-in or lease in Augusta.
Where is this triplex located?
The property is located at 2220 Queens Way Augusta, GA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 1908‑built triplex in Augusta’s historic Summerville District, with wood frame and wood siding construction; Two of the three units are currently occupied, providing immediate rental income; Third unit is available for an owner‑occupant or to rent for additional cash flow
