Historic Quadplex with
For Sale
$1,400,000
923 E Park Avenue, Savannah, GA 31401
Savannah, GA
Property Size5,670 SF
Price / SF$246.91
Days on Market56
Property Features for 923 E Park Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
11
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 5, Bedroom 7, Bedroom 9, Bedroom 8, Bedroom 6, Bedroom 10, Bedroom 4, Bedroom 3, Bedroom 1, Bedroom 11
Standard status
Active
Size
5,670 SF
Amenities
private storage unit
private front and rear porches
landscaped backyard
off street parking
Building Details
Year built
1915
Listing Agency:
Engel & Volkers Savannah · Engel & Völkers
(912) 238-0874
Listed By:
Jessica L. Kelly · License #270287
Added: Jul 7
Changed: Aug 20
Last Checked: Aug 31 at 4:06PM
MLS# SA350933
Copyright © 2026 Engel & Völkers. 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.
Built in 1915, this 5,670-square-foot quadplex comprises two historic apartment buildings and a detached brick storage building. The four residences include three 3-bedroom, 1-bath apartments and one 2-bedroom, 1-bath apartment. Solid brick and stucco construction is complemented by original heart pine floors, decorative fireplaces, doors, moldings, and clawfoot tubs. Each apartment has private storage, front and rear porches, appliances, updated lighting, ceiling fans, and window blinds.
All units are separately metered for electric and water. The property also includes a landscaped backyard and off-street parking for each apartment. At 923 E Park Avenue in Savannah’s Eastern Victorian District, the property is exactly one mile from Forsyth Park and within walking distance of the Laundry Diner, with access to Downtown Savannah and the Victory Drive shopping district.
All units are separately metered for electric and water. The property also includes a landscaped backyard and off-street parking for each apartment. At 923 E Park Avenue in Savannah’s Eastern Victorian District, the property is exactly one mile from Forsyth Park and within walking distance of the Laundry Diner, with access to Downtown Savannah and the Victory Drive shopping district.
Key Highlights
- 5,670‑square‑foot quadplex built in 1915
- Four residences: three 3‑bedroom, 1‑bath units and one 2‑bedroom, 1‑bath unit
- Two historic apartment buildings plus a detached brick storage building
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 - Two historic buildings offer bright apartments with private storage and individual porches.
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: 5,670‑square‑foot quadplex built in 1915; Four residences: three 3‑bedroom, 1‑bath units and one 2‑bedroom, 1‑bath unit; Two historic apartment buildings plus a detached brick storage building
