Courtyard-Style
For Sale
$565,000
8 Lewis Dr, Savannah, GA 31406
Fully occupied multifamily property with updated in-unit HVAC and off-street parking near shopping, dining, and commuter routes.
Property Size4,310 SF
Price / SF$131.09
Days on Market22
Property Features for 8 Lewis Dr
General Information
Standard status
Active
Size
4,310 SF
Property subtype
Multi-Family
Occupancy
100%
Financials
Gross Income
$71,400
Average Monthly Rent
$1,487
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
4
Amenities
off-street parking
courtyard-style layout
Building Details
Year Built
1977
Listing Agency:
Better Homes and Gardens Real
(912) 237-9619
Listed By:
Christopher C. Anderson · License #439242
Source:
Searchhomesinsavannah
Added: Aug 10
Changed: Aug 30
Last Checked: Aug 31 at 5:45PM
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 4,310-square-foot quadplex contains four occupied apartments, each configured with two bedrooms and 1.5 bathrooms. The courtyard-style arrangement provides a shared central layout, while off-street parking supports the property’s residential functionality. Each unit has a newer window heat pump HVAC system, providing updated heating and cooling equipment throughout the building.
The property is located in Savannah near shopping, dining, Hunter Army Airfield, and major commuter routes. With all four apartments leased, the building offers an established multifamily configuration and current occupancy across the entire unit count.
The property is located in Savannah near shopping, dining, Hunter Army Airfield, and major commuter routes. With all four apartments leased, the building offers an established multifamily configuration and current occupancy across the entire unit count.
Key Highlights
- Four‑unit quadplex with all apartments occupied
- 4,310 SF building with four 2‑bedroom, 1.5‑bath apartments
- New 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
Lease Details
4
Residential units
100%
Occupancy
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied multifamily property with updated in-unit HVAC and off-street parking near shopping, dining, and commuter routes.
Where is this quadplex located?
The property is located at 8 Lewis Dr 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‑unit quadplex with all apartments occupied; 4,310 SF building with four 2‑bedroom, 1.5‑bath apartments; New window heat pump HVAC units installed in every apartment
