Industrial Flex Space with
For Sale
$1,500,000
2015 Mills B Lane Boulevard, Savannah, GA 31405
Commercial Sale, Savannah, GA
Property Size8,500 SF
Lot Size0.52 Acres
Price / SF$176.47
Days on Market818
Property Features for 2015 Mills B Lane Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I-L-R
Zoning description
Commercial
Bathrooms
1
Half bathrooms
1
Rooms
Bathroom 1
Interior features
High Ceilings
Appliances
Electric Water Heater
Directions
From downtown Savannah I-516 Exit at US Highway 17 S. At the light take a left then make a right at the traffic light. Turn right at Mills B Lane. Property on the left at the curve.
Standard status
Active
APN
2070603083
Size
8,500 SF
Lot size
0.52 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
PT OF BLK B TREMONT SUB
Tax Annual Amount
4968
Legal Description
PT OF BLK B TREMONT SUB
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1977
Floors in Building
1
Flooring type
Concrete
Building materials
Metal Siding
Roof type
Metal
Architectural style
Other
Listing Agency:
Re/Max Savannah · RE/MAX International
(912) 355-7711
Listed By:
Holly S. Young · License #168533
(912) 667-2537
Added: May 29, 2024
Changed: Aug 19
Last Checked: Aug 24 at 5:06PM
MLS# SA312702
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 8,500-square-foot flex property was built in 1977 and features five offices alongside a spacious warehouse area. The building has high ceilings, concrete flooring, metal siding, and a metal roof, with central electric heating and cooling. Public water and sewer serve the property, and an electric water heater is installed.
Zoned I-L-R, or Light Industrial Restricted, the property is positioned near Ogeechee Road and Lynes Parkway in Savannah. The location provides access to downtown Savannah, Garden City, and the Georgia Ports Authority. The building is currently occupied by a tenant without an active lease; a 60-day notice is required for vacancy.
Zoned I-L-R, or Light Industrial Restricted, the property is positioned near Ogeechee Road and Lynes Parkway in Savannah. The location provides access to downtown Savannah, Garden City, and the Georgia Ports Authority. The building is currently occupied by a tenant without an active lease; a 60-day notice is required for vacancy.
Key Highlights
- 8,500‑square‑foot flex building with five offices and warehouse area
- 0.521‑acre site in Savannah, GA
- Zoned I‑L‑R (Light Industrial Restricted)
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
$127,578
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
8.51%
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%
$2,551,560
$2.6M
Cap Rate 7%
$1,822,543
$1.8M
Cap Rate 9%
$1,417,533
$1.4M
Market Conditions
NOI Build-Up for 8,500 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
$219.3K $25.80/SF
− Vacancy
−$23.0K −$2.71/SF
EGI
$196.3K $23.09/SF
− OpEx
−$68.7K −$8.08/SF
NOI
$127.6K $15.01/SF
Area
Savannah, GA
Vacancy
10.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
35.00%
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%
$2,551,560
Cap Rate 7%
$1,822,543
Cap Rate 9%
$1,417,533
Alternative Uses
Best Use
Warehouse
$7.94M
$6.95M – $9.27M
NOI $556,066 @ 7.0% cap · market cap 37.07%
Second Best
Industrial
$6.54M
$5.72M – $7.63M
NOI $457,937 @ 7.0% cap · market cap 30.53%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
308
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Savannah, GA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Light industrial property combining multiple offices with high-clearance warehouse space and public utility service.
Where is this flex space located?
The property is located at 2015 Mills B Lane Boulevard Savannah, GA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 8,500‑square‑foot flex building with five offices and warehouse area; 0.521‑acre site in Savannah, GA; Zoned I‑L‑R (Light Industrial Restricted)
