Multifamily

9 Lewis Dr

9 Lewis Dr, Savannah, GA 31406

Listing Price: $300,000

Cap Rate
5.14%
Number of Units
4
GRM
8.62
Occupancy
78.2%
Price/Unit
$75,000
Price/Gross SF
$71.16
Gross SF
4,216

Investment Overview

Marcus and Millichap is pleased to present 9 Lewis Drive, a quadruplex located just south of Downtown Savannah, Georgia in the Leeds Gate-Colonial Village. The quadruplex is located just minutes from Historic River Street in Downtown Savannah. The complex has 14 total buildings, and one free standing building with all 4 units is included in this offering. Leeds Gate-Colonial Village located next to a dense retail commercial corridor of the Southside of Savannah. The Oglethorpe Mall is a super-regional shopping mall with several restaurants, a food court, and 118 stores just less than two miles away. Just ten minutes down the street is Savannah Technical College with 3,500+ students.

9 Lewis Drive was built in 1977 and three out of the four units have been renovated with new floors, stairs, and paint over the past year. The quadruplex is a total of 4,214 square feet of living space and the lot is 3,877 square feet. Each unit is 1,054 square feet with 2 bedrooms, 1.5 bathrooms, central A/C, washer, and dryer. All four units are currently occupied.

New ownership has the opportunity to capitalize on a light value-add opportunity to overall income. The three units that have been renovated still have room to push rent by 9% with minor repairs and upgrades. Renovating the last unit will allow the owner to increase rent to match the other three units. This is a great light value-add opportunity located in a growing dense retail commercial corridor outside Historic Downtown Savannah.

Investment Highlights

  • Light Value-Add Opportunity
  • Proximity to Retail and Commercial Employers
  • Ability to Increase Rents

Exclusively Listed By

Broker of Record

  • John M. Leonard

    First Vice President/Regional Manager

    License(s): GA: 252904

    Georgia

Listing Price: $300,000

Cap Rate
5.14%
Number of Units
4
GRM
8.62
Occupancy
78.2%
Price/Unit
$75,000
Price/Gross SF
$71.16
Gross SF
4,216

Investment Highlights

  • Light Value-Add Opportunity
  • Proximity to Retail and Commercial Employers
  • Ability to Increase Rents

Investment Overview

Marcus and Millichap is pleased to present 9 Lewis Drive, a quadruplex located just south of Downtown Savannah, Georgia in the Leeds Gate-Colonial Village. The quadruplex is located just minutes from Historic River Street in Downtown Savannah. The complex has 14 total buildings, and one free standing building with all 4 units is included in this offering. Leeds Gate-Colonial Village located next to a dense retail commercial corridor of the Southside of Savannah. The Oglethorpe Mall is a super-regional shopping mall with several restaurants, a food court, and 118 stores just less than two miles away. Just ten minutes down the street is Savannah Technical College with 3,500+ students.

9 Lewis Drive was built in 1977 and three out of the four units have been renovated with new floors, stairs, and paint over the past year. The quadruplex is a total of 4,214 square feet of living space and the lot is 3,877 square feet. Each unit is 1,054 square feet with 2 bedrooms, 1.5 bathrooms, central A/C, washer, and dryer. All four units are currently occupied.

New ownership has the opportunity to capitalize on a light value-add opportunity to overall income. The three units that have been renovated still have room to push rent by 9% with minor repairs and upgrades. Renovating the last unit will allow the owner to increase rent to match the other three units. This is a great light value-add opportunity located in a growing dense retail commercial corridor outside Historic Downtown Savannah.

Exclusively Listed By

Broker of Record

  • John M. Leonard

    First Vice President/Regional Manager

    License(s): GA: 252904

    Georgia

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