Multi-Unit Retail Center with
For Sale
$3,200,000
302 W Victory Drive Savannah, Savannah, GA 31405
Shopping center offers seven retail units with ground-level and second-level space, plus 11 off-street parking spaces.
Property Size11,543 SF
Price / SF$277.22
Days on Market52
Property Features for 302 W Victory Drive Savannah
General Information
Standard status
Active
Size
11,543 SF
Total Parking Spaces
11
Additional Details
Traffic Count
20,000 vehicles/day
Taxes and HOA fees
Annual Taxes
$18,653
Amenities
true
Public Records
Square Feet
City Lot
Public
11543.4
0.265
On Street,Parking Lot
11543
Building Details
Building Size
11,543 SF
Year Built
1948
Tenancy
Multi
Listed By:
Crystal Parker
(770) 679-9172
Source:
Dwaynewalkerrealty
Added: Jul 13
Changed: Sep 1
Last Checked: Sep 1 at 2:43PM
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 Crystal Parker
Investment Insights
Based on property information with market context.
This shopping center presents seven total retail units for sale, with a mix of ground-level retail spaces and second-level spaces. The asset is positioned to support an owner-user strategy or an investor approach, with remaining units currently providing in-place income.
Located on W Victory Drive in Savannah’s Starland District, the property benefits from walkable retail surroundings and visibility along the corridor. The Savannah College of Art and Design Victory Village dormitory complex is directly across the street, and the frontage reports approximately 20,000 vehicles passing daily. On-site parking includes 11 off-street spaces, with additional street parking available, and the property features prominent pylon signage along Victory Drive. The offering is reported to generate $224,000 annually.
Located on W Victory Drive in Savannah’s Starland District, the property benefits from walkable retail surroundings and visibility along the corridor. The Savannah College of Art and Design Victory Village dormitory complex is directly across the street, and the frontage reports approximately 20,000 vehicles passing daily. On-site parking includes 11 off-street spaces, with additional street parking available, and the property features prominent pylon signage along Victory Drive. The offering is reported to generate $224,000 annually.
Key Highlights
- Shopping center with 7 retail units on Victory Drive in Savannah’s Starland District
- Includes a mix of ground‑level retail spaces and second‑level spaces
- Property provides 11 off‑street parking spaces, plus additional street parking
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
$131,033
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
4.09%
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%
$2,620,660
$2.6M
Cap Rate 7%
$1,871,900
$1.9M
Cap Rate 9%
$1,455,922
$1.5M
Market Conditions
NOI Build-Up for 11,543 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
$200.8K $17.40/SF
− Vacancy
−$13.7K −$1.18/SF
EGI
$187.2K $16.22/SF
− OpEx
−$56.2K −$4.87/SF
NOI
$131.0K $11.35/SF
Area
Savannah, GA
Vacancy
6.80%
Lease Rate
$17.40 /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%
$2,620,660
Cap Rate 7%
$1,871,900
Cap Rate 9%
$1,455,922
Alternative Uses
Best Use
Retail
$1.87M
$1.64M – $2.18M
NOI $131,033 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$10.79M
$9.44M – $12.59M
NOI $755,138 @ 7.0% cap · market cap 23.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20,000 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,263
Businesses Nearby
52k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 57%
Shops & Services 31%
Beauty & Spa 10%
Electronics 2%
McDonald's
Dining
22,625 visits/mo
0.2 miles
Popeyes Louisiana Kitchen
Dining
7,295 visits/mo
0.1 miles
Chevron
Shops & Services
7,083 visits/mo
0.3 miles
Family Dollar
Shops & Services
6,380 visits/mo
0.3 miles
Sola Salon Studios
Beauty & Spa
5,104 visits/mo
0.2 miles
Demographics for 31405, GA
38,069
Population
16,809
Households
2.3
Avg Household Size
36
Median Age
35%
College-Educated
90%
High-School Grad
31.2 sq mi
ZIP Area
1,220
Density / Sq Mi
$62,123
Median Household Income
$35,836
Median Earnings
$1,431
Median Rent
$304,800
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Shopping center offers seven retail units with ground-level and second-level space, plus 11 off-street parking spaces.
Where is this shopping center located?
The property is located at 302 W Victory Drive Savannah Savannah, GA.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Shopping center with 7 retail units on Victory Drive in Savannah’s Starland District; Includes a mix of ground‑level retail spaces and second‑level spaces; Property provides 11 off‑street parking spaces, plus additional street parking
