Seven-Unit Shopping
For Sale
$3,200,000
302 W Victory Drive, Savannah, GA 31405
Commercial Sale, Savannah, GA
Property Size11,439 SF
Lot Size0.27 Acres
Price / SF$279.74
Days on Market156
Property Features for 302 W Victory Drive
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
BN
Appliances
Electric Water Heater
Directions
From Downtown Savannah: Head west on Bay Street, turn left onto MLK Blvd. Turn right onto Victory Drive and go 2 miles west; your destination is on the right. From Southside Savannah: Head north on Abercorn Street, turn left onto Victory Drive. Drive 3 miles west; your destination is on the left.
Standard status
Active
APN
2007421014
Size
11,439 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 50 52 54 & PT OF LOT 48 NORWOOD WARD
Tax Annual Amount
26034
Legal Description
LOTS 50 52 54 & PT OF LOT 48 NORWOOD WARD
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1948
Floors in Building
2
Building materials
Stucco
Listing Agency:
Parker Scott Properties
(912) 897-6320
Listed By:
Michelle Parker · License #276851
(912) 604-1197
Added: Apr 8
Changed: Sep 8
Last Checked: Sep 10 at 8:06PM
MLS# SA353163
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 shopping center contains 11,439 square feet across seven retail units, with spaces arranged on both the ground and second levels. The 0.265-acre property was built in 1948 and features stucco construction, central air, electric heating, an electric water heater, public water, and public sewer. The configuration accommodates multiple occupants while retaining flexibility for an owner-user or investor seeking a multi-suite commercial asset.
Located at 302 W Victory Drive in Savannah, the property has prominent pylon signage and 11 off-street parking spaces, with additional street parking nearby. Approximately 20,000 vehicles pass the corridor daily, and the Savannah College of Art and Design Victory Village dormitory complex is directly across the street. Bars, restaurants, and boutique retail businesses are identified in the surrounding area.
Located at 302 W Victory Drive in Savannah, the property has prominent pylon signage and 11 off-street parking spaces, with additional street parking nearby. Approximately 20,000 vehicles pass the corridor daily, and the Savannah College of Art and Design Victory Village dormitory complex is directly across the street. Bars, restaurants, and boutique retail businesses are identified in the surrounding area.
Key Highlights
- Seven retail units totaling 11,439 square feet
- 0.265‑acre site with 11 off‑street parking spaces
- Approximately 20,000 vehicles pass daily
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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Shopping center - Multi-level retail property with public utilities, off-street parking, and pylon signage along a walkable commercial corridor.
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: Seven retail units totaling 11,439 square feet; 0.265‑acre site with 11 off‑street parking spaces; Approximately 20,000 vehicles pass daily
