Savannah Starland District Retail
For Sale
$3,200,000
302 W Victory Drive, Savannah, GA 31405
Prime retail units in Savannah's vibrant Starland District.
Property Size11,439 SF
Price / SF$279.74
Days on Market140
Property Features for 302 W Victory Drive
General Information
Standard status
Active
Size
11,439 SF
Property subtype
Commercial
Zoning
BN
Taxes and HOA fees
Annual Taxes
$26,034
Amenities
No
Yes
2+ Common Walls
2
Assessor
Public
0.265
Asphalt
Building Details
Building Size
11,439 SF
Year Built
1948
Stories
2
Listing Agency:
CGP Realty
(912) 507-9379
Listed By:
Leila Khalidi · License #276851
(912) 507-9379
Source:
Baystreetrealtygroup
Added: Apr 13
Changed: Aug 28
Last Checked: Aug 29 at 6:48AM
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 CGP Realty
Investment Insights
Based on property information with market context.
Located on Victory Drive in Savannah's Starland District, this shopping center features seven retail units. The property benefits from a dynamic mix of bars, restaurants, and boutique shopping, with strong, consistent foot traffic. The Savannah College of Art and Design Victory Village dormitory complex is located directly across the street. Approximately 20,000 vehicles pass by the location daily. The property includes a mix of ground-level and second-level spaces. The site offers visibility and accessibility, with 11 off-street parking spaces, ample street parking, and pylon signage along Victory Drive. The property is positioned within one of Savannah's active and growing corridors. The property generates $224,000 annually. The property size is 11,543 square feet.
Key Highlights
- Prime location in Savannah's Starland District, a vibrant and highly walkable area with strong foot traffic.
- Anchored by Savannah College of Art and Design (SCAD) Victory Village dormitory complex across the street, ensuring consistent customer base.
- High visibility and accessibility with 11 off‑street parking spaces, ample street parking, and prominent pylon signage.
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
$129,853
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
4.06%
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%
$2,597,060
$2.6M
Cap Rate 7%
$1,855,043
$1.9M
Cap Rate 9%
$1,442,811
$1.4M
Market Conditions
NOI Build-Up for 11,439 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
$199.0K $17.40/SF
− Vacancy
−$13.5K −$1.18/SF
EGI
$185.5K $16.22/SF
− OpEx
−$55.7K −$4.87/SF
NOI
$129.9K $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%
$2,597,060
Cap Rate 7%
$1,855,043
Cap Rate 9%
$1,442,811
Alternative Uses
Best Use
Retail
$1.86M
$1.62M – $2.16M
NOI $129,853 @ 7.0% cap · market cap 4.06%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$10.69M
$9.35M – $12.47M
NOI $748,334 @ 7.0% cap · market cap 23.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Prime retail units in Savannah's vibrant Starland District.
Where is this shopping center located?
The property is located at 302 W Victory Drive 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: Prime location in Savannah's Starland District, a vibrant and highly walkable area with strong foot traffic.; Anchored by Savannah College of Art and Design (SCAD) Victory Village dormitory complex across the street, ensuring consistent customer base.; High visibility and accessibility with 11 off‑street parking spaces, ample street parking, and prominent pylon signage.
