Victorian Multifamily Investment
923 E Park Avenue Savannah, GA 31401
For Sale
$1,400,000
MULTI_FAMILY - Victorian - Savannah, GA
Property Size5,670 SF
Lot Size0.16 Acres
Price / SF$246.91
Days on Market135
Property Features for 923 E Park Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R6
Bedrooms
11
Bathrooms
4
Rooms
Bathroom 3, Bedroom 9, Bedroom 6, Bedroom 2, Bedroom 10, Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 3, Bedroom 11, Bedroom 7, Bedroom 4, Bedroom 8
Parking features
Off Street, Garage, Parking Lot
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Fireplace
Exterior features
Balcony, Courtyard
Fencing
Privacy, Fenced
Fireplace
1
Appliances
Some Electric Appliances, Dishwasher, Electric Water Heater, Oven, Range, Range Hood, Dryer, Refrigerator, Washer
Standard status
Active
APN
2-0042-18-001
Size
5,670 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
LOT 254 AND EAST 29 FEET LOT 253 TELFAIR WARD
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1915
Floors in Building
2
Number of units
4
Flooring type
Tile, Hardwood
Building materials
Brick, Stucco
Roof type
Composition, Metal, Asphalt
Architectural style
Victorian
Additional Structures
Storage
Listing Agency:
Engel & Volkers
(912) 238-0874
Listed By:
Jessica L. Kelly · License #270287
(912) 441-9101
Added: Mar 16
Changed: Jul 18
Last Checked: Jul 28 at 2:06AM
MLS# SA350933
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.
Located in Savannah's Eastern Victorian District, this corner lot property features two historic apartment buildings and a detached brick storage building. The property contains a total of four residences: three 3-bedroom, 1-bath units and one 2-bedroom, 1-bath unit. The buildings feature solid brick and stucco construction with original heart pine floors, decorative fireplaces, original doors and moldings, and clawfoot tubs. Each apartment includes a spacious private storage unit, private front and rear porches, and is separately metered for electric and water. The apartments are light-filled and equipped with appliances and modern conveniences, and feature updated lighting, ceiling fans, and window blinds. The property has been meticulously maintained and thoughtfully improved, with fresh paint inside and out. A shady, secure, landscaped backyard and off-street parking are available for each apartment. The property generates over $100,000 annually from a strong rent roll with long-term tenants. Located one mile from Forsyth Park and within walking distance to the new Laundry Diner, the property offers convenient access to Downtown Savannah and the Victory Drive shopping district. The property is intended for use as a multifamily residential rental property.
Key Highlights
- Corner lot in Savannah’s Eastern Victorian District featuring two historic apartment buildings plus a detached brick storage building (built 1915).
- Four total residential units: three 3 bed / 1 bath units and one 2 bed / 1 bath unit.
- Original heart pine floors, decorative fireplaces, original doors and moldings, plus clawfoot tubs.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $91.9k | $16.20 |
| − Vacancy | −$6.0k | −$1.05 |
| EGI | $85.9k | $15.15 |
| − OpEx | −$25.8k | −$4.54 |
| NOI | $60.1k | $10.60 |
5,670 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 30.00%
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
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Quadplex - Savannah Victorian District multifamily property with strong rental income.
Where is this quadplex located?
The property is located at 923 E Park Avenue 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: Corner lot in Savannah’s Eastern Victorian District featuring two historic apartment buildings plus a detached brick storage building (built 1915).; Four total residential units: three 3 bed / 1 bath units and one 2 bed / 1 bath unit.; Original heart pine floors, decorative fireplaces, original doors and moldings, plus clawfoot tubs.
