Historic Quadplex with Private
For Sale
$1,400,000
923 E Park Ave, Savannah, GA 31401
Four residences across two historic buildings with separate utilities, private storage, porches, and dedicated off-street parking.
Property Size5,670 SF
Price / SF$246.91
Days on Market40
Property Features for 923 E Park Ave
General Information
Standard status
Active
Size
5,670 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Amenities
original heart pine floors
decorative fireplaces
original doors and moldings
clawfoot tubs
private storage unit
private front and rear porches
landscaped backyard oasis
ceiling fans
window blinds
Building Details
Year Built
1915
Buildings
3
Construction
brick and stucco
Listing Agency:
Engel & Volkers
(912) 441-9101
Listed By:
Jessica L. Kelly · License #270287
Source:
Barefootbrokers
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 25 at 4:04AM
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 Engel & Volkers
Investment Insights
Based on property information with market context.
This 5,670-square-foot quadplex comprises two historic apartment buildings and a detached brick storage structure on a corner lot. The residences include three three-bedroom, one-bath apartments and one two-bedroom, one-bath apartment. Historic details include heart pine flooring, decorative fireplaces, original doors and moldings, and clawfoot tubs, while updated lighting, ceiling fans, window blinds, and appliances support contemporary use. Each unit has front and rear porches, a private storage area, and separate electric and water metering. The property was built in 1915 and includes a landscaped backyard and off-street parking for each apartment.
The property is located at 923 E Park Ave in Savannah’s Eastern Victorian District, one mile from Forsyth Park. It also offers access to Downtown Savannah and the Victory Drive shopping district, with the Laundry Diner within walking distance.
The property is located at 923 E Park Ave in Savannah’s Eastern Victorian District, one mile from Forsyth Park. It also offers access to Downtown Savannah and the Victory Drive shopping district, with the Laundry Diner within walking distance.
Key Highlights
- Two historic apartment buildings with four residences total
- Unit mix includes three 3‑bedroom, 1‑bath apartments and one 2‑bedroom, 1‑bath apartment
- 5,670 square feet on a corner lot; built in 1915
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
$60,118
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
4.29%
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%
$1,202,360
$1.2M
Cap Rate 7%
$858,829
$858.8K
Cap Rate 9%
$667,978
$668.0K
Market Conditions
NOI Build-Up for 5,670 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
$91.9K $16.20/SF
− Vacancy
−$6.0K −$1.05/SF
EGI
$85.9K $15.15/SF
− OpEx
−$25.8K −$4.54/SF
NOI
$60.1K $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%
$1,202,360
Cap Rate 7%
$858,829
Cap Rate 9%
$667,978
Alternative Uses
Best Use
Multifamily LT 5
$858.8K
$751.5K – $1.00M
NOI $60,118 @ 7.0% cap · market cap 4.29%
Second Best
Apartment 5plus
$796.5K
$696.9K – $929.2K
NOI $55,752 @ 7.0% cap · market cap 3.98%
Theoretical Best
Warehouse
$5.30M
$4.64M – $6.18M
NOI $370,929 @ 7.0% cap · market cap 26.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
463
Businesses Nearby
Explore this area
Business Placement
Demographics for 31401, GA
22,927
Population
11,832
Households
1.9
Avg Household Size
28
Median Age
48%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
6,743
Density / Sq Mi
$50,182
Median Household Income
$27,309
Median Earnings
$1,428
Median Rent
$477,600
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 - Four residences across two historic buildings with separate utilities, private storage, porches, and dedicated off-street parking.
Where is this quadplex located?
The property is located at 923 E Park Ave Savannah, GA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Two historic apartment buildings with four residences total; Unit mix includes three 3‑bedroom, 1‑bath apartments and one 2‑bedroom, 1‑bath apartment; 5,670 square feet on a corner lot; built in 1915
