Four-Unit Quadplex with
For Sale
$565,000
8 Lewis Drive, Savannah, GA 31406
Residential Income, Savannah, GA
Property Size4,310 SF
Lot Size0.10 Acres
Price / SF$131.09
Days on Market33
Property Features for 8 Lewis Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
PUDM
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Half bathrooms
4
Rooms
Bedroom 1, Bathroom 2, Bedroom 6, Bathroom 3, Bedroom 8, Bedroom 4, Bedroom 2, Bathroom 6, Bedroom 3, Bedroom 5, Bedroom 7, Bathroom 4, Bathroom 1, Bathroom 5, Bathroom 7, Bathroom 8
Parking features
Off Street
Exterior features
Courtyard
Appliances
Electric Water Heater, Oven, Range, Refrigerator
Subdivision
Towngates Apts
Directions
From Abercorn St (US-204), turn onto White Bluff Rd. Turn onto Lewis Dr. Property is located on the left at 8 Lewis Dr.
Standard status
Active
APN
2064501013
Size
4,310 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 8 TOWNGATE APTS
Tax Annual Amount
4975
Legal Description
LOT 8 TOWNGATE APTS
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Heat Pump (Heating), Central
Cooling system
Central Air, Window Unit(s), Heat Pump, Electric
Water source
Public
Amenities
off-street parking
courtyard-style layout
Building Details
Year built
1977
Floors in Building
2
Number of units
4
Flooring type
Vinyl
Building materials
Brick
Listing Agency:
Better Homes and Gardens Real
(912) 303-8405
Listed By:
Christopher C. Anderson · License #439242
(912) 237-9619
Added: Aug 12
Changed: Sep 12
Last Checked: Sep 13 at 4:06PM
MLS# SA362674
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 4,310-square-foot quadplex contains four occupied apartments within a brick building completed in 1977. The courtyard-style configuration provides shared outdoor space, while off-street parking supports the property’s residential layout. Recent improvements include window heat-pump HVAC units in every apartment. Additional features include vinyl flooring, electric water heating, and a kitchen appliance package with an oven, range, and refrigerator.
The property is located in Savannah’s 31406 postal area, near shopping, dining, Hunter Army Airfield, and major commuter routes. Public water and public sewer serve the site, which encompasses 0.1 acres and carries PUDM zoning.
The property is located in Savannah’s 31406 postal area, near shopping, dining, Hunter Army Airfield, and major commuter routes. Public water and public sewer serve the site, which encompasses 0.1 acres and carries PUDM zoning.
Key Highlights
- Four‑unit quadplex with 4,310 square feet of building area
- All 4 apartments are occupied
- 0.1‑acre site with PUDM zoning
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
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 apartments feature updated window heat-pump HVAC units, off-street parking, and a courtyard-style arrangement.
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‑unit quadplex with 4,310 square feet of building area; All 4 apartments are occupied; 0.1‑acre site with PUDM zoning
