Occupied Rental Portfolio with 7
For Sale
$975,000
928 Victory Drive, Savannah, GA 31405
Residential Income, Savannah, GA
Property Size7,241 SF
Lot Size1.47 Acres
Price / SF$134.65
Days on Market272
Property Features for 928 Victory Drive
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Bedrooms
15
Bathrooms
11
Full bathrooms
10
Half bathrooms
1
Rooms
Bedroom 5, Bathroom 5, Bathroom 6, Bedroom 10, Bathroom 11, Bedroom 13, Bathroom 4, Bathroom 7, Bedroom 12, Bathroom 2, Bedroom 9, Bathroom 10, Bathroom 8, Bathroom 3, Bedroom 8, Bedroom 1, Bedroom 2, Bedroom 11, Bathroom 9, Bedroom 15, Bedroom 3, Bedroom 4, Bedroom 6, Bedroom 7, Bathroom 1, Bedroom 14
Interior features
Ceiling Fan(s), Pull Down Attic Stairs
Fencing
Fenced, Chain Link
Appliances
Electric Water Heater, Gas Water Heater, Oven, Range, Dryer, Refrigerator, Washer
Lot features
Alley, City Lot
Directions
See agent remarks for Google Map Route
Standard status
Active
Size
7,241 SF
Lot size
1.47 Acres
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central, Natural Gas
Cooling system
Gas (Cooling), Electric, Central Air
Water source
Public
Building Details
Year built
1960
Floors in Building
1
Number of units
7
Flooring type
Carpet, Hardwood
Building materials
Brick, Wood Siding
Roof type
Composition
Architectural style
Bungalow, Ranch
Listing Agency:
Epique Realty
(888) 893-3537
Listed By:
Ed Yannett · License #349501
(912) 844-9000
Added: Dec 5, 2025
Changed: Aug 28
Last Checked: Sep 3 at 12:06PM
MLS# SA344828
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 for-sale portfolio features 7 rental units across 5 properties, including 5 single-family homes and a carriage house duplex. Every property is currently occupied and producing consistent income. The offering is described as well-maintained, with only minor deferred maintenance.
According to the seller, rents are 30–50% below market, with eligibility for Sec 8 voucher tenants. Leases are in place through 2026, supporting a structured plan for future adjustments.
The portfolio is being sold as a package: 22 Westminister Drive, 4316 Raybun Street, 928 W Victory Drive, 2612-A Stevens Street, 2612-B Stevens Street, and 2221 Lorraine Court, 2348 Toussaint Avenue.
According to the seller, rents are 30–50% below market, with eligibility for Sec 8 voucher tenants. Leases are in place through 2026, supporting a structured plan for future adjustments.
The portfolio is being sold as a package: 22 Westminister Drive, 4316 Raybun Street, 928 W Victory Drive, 2612-A Stevens Street, 2612-B Stevens Street, and 2221 Lorraine Court, 2348 Toussaint Avenue.
Key Highlights
- Ranch/bungalow‑style home built in 1960 with brick and wood siding exterior
- Central heating and central air, plus gas and electric heating/cooling systems
- Public utilities include public water and public sewer; cable available
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
$76,776
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
7.87%
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%
$1,535,520
$1.5M
Cap Rate 7%
$1,096,800
$1.1M
Cap Rate 9%
$853,067
$853.1K
Market Conditions
NOI Build-Up for 7,241 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
$117.3K $16.20/SF
− Vacancy
−$7.6K −$1.05/SF
EGI
$109.7K $15.15/SF
− OpEx
−$32.9K −$4.54/SF
NOI
$76.8K $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%
$1,535,520
Cap Rate 7%
$1,096,800
Cap Rate 9%
$853,067
Alternative Uses
Best Use
Multifamily LT 5
$1.10M
$959.7K – $1.28M
NOI $76,776 @ 7.0% cap · market cap 7.87%
Second Best
Apartment 5plus
$1.02M
$890.0K – $1.19M
NOI $71,200 @ 7.0% cap · market cap 7.30%
Theoretical Best
Warehouse
$6.77M
$5.92M – $7.90M
NOI $473,703 @ 7.0% cap · market cap 48.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
959
Businesses Nearby
Explore this area
Business Placement
Demographics for 31405, GA
38,069
Population
16,809
Households
2.3
Avg Household Size
36
Median Age
35%
College-Educated
90%
High-School Grad
31.2 sq mi
ZIP Area
1,220
Density / Sq Mi
$62,123
Median Household Income
$35,836
Median Earnings
$1,431
Median Rent
$304,800
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?
Multifamily property - Portfolio of five single-family homes and a carriage house duplex with all units currently occupied.
Where is this multifamily property located?
The property is located at 928 Victory Drive Savannah, GA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Ranch/bungalow‑style home built in 1960 with brick and wood siding exterior; Central heating and central air, plus gas and electric heating/cooling systems; Public utilities include public water and public sewer; cable available
