Income-Producing Triplex with Carriage
For Sale
$359,000
928 W Victory Dr, Savannah, GA 31415
The property combines a primary residence with a separate rear duplex and current occupancy.
Property Size1,950 SF
Price / SF$184.10
Days on Market44
Property Features for 928 W Victory Dr
General Information
Standard status
Active
Size
1,950 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Asking Price
$359,000
Multifamily Units
3
Building Details
Year Built
1960
Buildings
2
Listing Agency:
Epique Realty
(912) 844-9000
Listed By:
Ed Yannett · License #349501
Source:
Southeastgahomesearch
Added: Jul 20
Changed: Aug 31
Last Checked: Aug 31 at 6:36PM
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 Epique Realty
Investment Insights
Based on property information with market context.
This 1,950-square-foot triplex includes a primary residence and a rear carriage house arranged as a duplex, creating three units on one parcel. Built in 1960, the property is currently leased across all units and produces rental income from the existing configuration.
The asset is positioned along a central Savannah corridor with access to employment areas, retail, and transportation routes. Its three-unit layout brings multiple rental residences together at one address, while the detached rear improvement adds functional separation between the living spaces.
The asset is positioned along a central Savannah corridor with access to employment areas, retail, and transportation routes. Its three-unit layout brings multiple rental residences together at one address, while the detached rear improvement adds functional separation between the living spaces.
Key Highlights
- Three total units on one parcel
- Primary residence plus rear carriage house duplex
- All units currently rented
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
$20,676
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
5.76%
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%
$413,520
$413.5K
Cap Rate 7%
$295,371
$295.4K
Cap Rate 9%
$229,733
$229.7K
Market Conditions
NOI Build-Up for 1,950 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
$31.6K $16.20/SF
− Vacancy
−$2.1K −$1.05/SF
EGI
$29.5K $15.15/SF
− OpEx
−$8.9K −$4.54/SF
NOI
$20.7K $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%
$413,520
Cap Rate 7%
$295,371
Cap Rate 9%
$229,733
Alternative Uses
Best Use
Multifamily LT 5
$295.4K
$258.5K – $344.6K
NOI $20,676 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$273.9K
$239.7K – $319.6K
NOI $19,174 @ 7.0% cap · market cap 5.34%
Theoretical Best
Warehouse
$1.82M
$1.59M – $2.13M
NOI $127,568 @ 7.0% cap · market cap 35.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
601
Businesses Nearby
Explore this area
Business Placement
Demographics for 31415, GA
11,034
Population
5,591
Households
2
Avg Household Size
37
Median Age
15%
College-Educated
79%
High-School Grad
6.6 sq mi
ZIP Area
1,672
Density / Sq Mi
$37,890
Median Household Income
$28,229
Median Earnings
$973
Median Rent
$112,300
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?
Triplex - The property combines a primary residence with a separate rear duplex and current occupancy.
Where is this triplex located?
The property is located at 928 W Victory Dr Savannah, GA.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: Three total units on one parcel; Primary residence plus rear carriage house duplex; All units currently rented
