Fully Occupied
For Sale
$565,000
8 Lewis Drive, Savannah, GA 31406
Four two-bedroom residences share a courtyard-style layout with off-street parking.
Property Size4,310 SF
Price / SF$131.09
Days on Market13
Property Features for 8 Lewis Drive
General Information
Standard status
Active
Size
4,310 SF
Property subtype
Multi Family Home
Zoning
PUDM
Taxes and HOA fees
Annual Taxes
$4,975
Building Details
Building Size
4,310 SF
Year Built
1977
Stories
2
Units
4
Listing Agency:
Better Homes and Gardens Real
(912) 237-9619
Listed By:
Christopher C. Anderson · License #439242
(912) 237-9619
Source:
Frankerealproperties
Added: Aug 12
Changed: Aug 24
Last Checked: Aug 23 at 12:40PM
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 Better Homes and Gardens Real
Investment Insights
Based on property information with market context.
This four-unit residential income property was built in 1977 and is fully occupied. Each apartment includes two bedrooms and one and a half bathrooms, creating a consistent configuration across the property. Recent upgrades include window heat pump HVAC units in every apartment. The buildings are arranged around a courtyard and include off-street parking.
Located at 8 Lewis Drive in Savannah, the property is near shopping, dining, Hunter Army Airfield, and major commuter routes. The PUDM zoning designation and fully leased unit mix provide a defined operating profile for continued residential use.
Located at 8 Lewis Drive in Savannah, the property is near shopping, dining, Hunter Army Airfield, and major commuter routes. The PUDM zoning designation and fully leased unit mix provide a defined operating profile for continued residential use.
Key Highlights
- Four fully occupied residential units
- Each apartment has 2 bedrooms and 1.5 bathrooms
- Window heat pump HVAC units installed in every apartment
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
$45,698
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
8.09%
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%
$913,960
$914.0K
Cap Rate 7%
$652,829
$652.8K
Cap Rate 9%
$507,756
$507.8K
Market Conditions
NOI Build-Up for 4,310 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
$69.8K $16.20/SF
− Vacancy
−$4.5K −$1.05/SF
EGI
$65.3K $15.15/SF
− OpEx
−$19.6K −$4.54/SF
NOI
$45.7K $10.60/SF
Area
Savannah, GA
Vacancy
6.50%
Lease Rate
$16.20 /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%
$913,960
Cap Rate 7%
$652,829
Cap Rate 9%
$507,756
Alternative Uses
Best Use
Multifamily LT 5
$652.8K
$571.2K – $761.6K
NOI $45,698 @ 7.0% cap · market cap 8.09%
Second Best
Apartment 5plus
$605.4K
$529.8K – $706.3K
NOI $42,380 @ 7.0% cap · market cap 7.50%
Theoretical Best
Warehouse
$4.03M
$3.52M – $4.70M
NOI $281,958 @ 7.0% cap · market cap 49.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
835
Businesses Nearby
Explore this area
Business Placement
Demographics for 31406, GA
34,579
Population
15,424
Households
2.2
Avg Household Size
39
Median Age
37%
College-Educated
93%
High-School Grad
26.2 sq mi
ZIP Area
1,320
Density / Sq Mi
$66,084
Median Household Income
$41,512
Median Earnings
$1,340
Median Rent
$260,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom residences share a courtyard-style layout with off-street parking.
Where is this quadplex located?
The property is located at 8 Lewis Drive Savannah, GA.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Four fully occupied residential units; Each apartment has 2 bedrooms and 1.5 bathrooms; Window heat pump HVAC units installed in every apartment
