Shopping Center with Seven Retail
For Sale
$3,200,000
302 W Victory Drive, Savannah, GA 31405
Commercial Sale, Savannah, GA
Property Size11,543 SF
Lot Size0.27 Acres
Price / SF$277.22
Days on Market92
Property Features for 302 W Victory Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Parking Lot, On Street
Lot features
City Lot
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
20074 21014
Size
11,543 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
24
Tax Annual Amount
18654
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1948
Building materials
Stucco
Listing Agency:
Parker Scott Properties
(912) 897-6320
Listed By:
Michelle Parker · License #276851
(912) 604-1197
Added: May 21
Changed: Aug 19
Last Checked: Aug 20 at 2:06PM
MLS# 10769227
Copyright © 2026 Georgia Multiple Listing Service. 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 for sale features seven total retail units, including a mix of ground-level retail spaces and second-level spaces. The property is set up to support an owner-user with in-place income alongside tenant diversification. Improvements include stucco construction and a central heating and cooling system with electric heating and electric central air.
Located at 302 W Victory Drive in Savannah’s Starland District, the center offers visibility and accessibility on Victory Drive. The SCAD Victory Village dormitory complex is directly across the street, and the corridor is described as receiving approximately 20,000 vehicles passing daily. On-site parking includes 11 off-street parking spaces, with additional street parking. Prominent pylon signage along Victory Drive supports branding and customer awareness.
Utilities include public water service and public sewer.
Located at 302 W Victory Drive in Savannah’s Starland District, the center offers visibility and accessibility on Victory Drive. The SCAD Victory Village dormitory complex is directly across the street, and the corridor is described as receiving approximately 20,000 vehicles passing daily. On-site parking includes 11 off-street parking spaces, with additional street parking. Prominent pylon signage along Victory Drive supports branding and customer awareness.
Utilities include public water service and public sewer.
Key Highlights
- Seven retail units with ground‑level and second‑level space
- 0.265‑acre site at 302 W Victory Drive, Savannah, GA 31405
- Approximately 20,000 vehicles passing daily on Victory Drive
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 - Seven retail units with ground-level and second-level space, plus 11 off-street parking spaces, near SCAD Victory Village.
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 with ground‑level and second‑level space; 0.265‑acre site at 302 W Victory Drive, Savannah, GA 31405; Approximately 20,000 vehicles passing daily on Victory Drive
