Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    514 Pennsylvania Avenue Savannah, GA 31404

    View on Map
    For Lease
    $18 SF/Yr

    COMMERCIAL - Savannah, GA

    Type:Retail
    Property size:
    2,162 SF
    Lot size:
    2.39 Acres
    Added:
    Nov 6, 2024
    Days on Market:
    517
    Last Refresh:
    Apr 7 at 11:06 pm

    Property Features for 514 Pennsylvania Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Zoning
    R4
    Exterior features
    Irrigation System
    Appliances
    No Hot Water
    Standard status
    Active
    APN
    2003902075
    Size
    2,162 SF
    Lot size
    2.39 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Description
    LOT C-2 OF STRATHMORE EST PRCL C SAV GDNS SMB 42S 80 2.386AC
    Tax Annual Amount
    41651

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Heat Pump (Heating)
    Cooling system
    Heat Pump, Electric
    Water source
    Public

    Building Details

    Year built
    2015
    Floors in Building
    1
    Building materials
    Brick

    We can help!

    Listing Contact
    Michelle Parker
    Michelle Parker

    Listing agent Michelle Parker License #276851

    Listing office Parker Scott Properties 352 Commercial Dr, Savannah, GA

    Listing date Nov 6, 2024

    MLS# SA320402

    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.

    Overview

    Retail Space in Savannah, GA

    This commercial retail space is located in Savannah, Georgia. The property, situated on Pennsylvania Avenue, is part of a new construction multi-family development. The available space is a cold shell and offers flexible configuration options to meet tenant needs. The total space encompasses 2162 square feet, but there is an option to lease half of it. The property is located on a 2.386-acre lot. Quotes are in place to bring the space to vanilla shell condition. The zoning is R4.
    Location Intelligence

    Current Use by Public Records

    Classy Lynne Travels Law Firm Savannah Gardens Apartment Complex Savannah Law Firm Humble Wanda Clothing & Fashion Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop Big Box & Wholesale Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Savannah
    County
    Chatham
    State
    Georgia
    Longitude
    -81.059899
    Latitude
    32.060629

    Nearby Similar for Lease

    • Contact for pricing

      Downtown Savannah Retail Space Available

      Prime retail space in downtown Savannah with high visibility.
      351 Martin Luther King Jr Boulevard unit: A, Savannah, GA 31401
      View Details
    • Contact for pricing

      Savannah Office Condo For Rent

      Corner office condo in White Bluff Business Park available now.
      9100 White Bluff Road unit: 604, Savannah, GA 31406
      View Details
    • Contact for pricing

      Savannah Retail or Office Space

      Creative space in Savannah's Thomas Square Starland District.
      2323 Barnard Street, Savannah, GA 31401
      View Details
    • Contact for pricing

      Updated Commercial Space on Highway

      2,500 SF commercial space with recent upgrades on Highway 80.
      525 Us Highway 80 W unit: C, Savannah, GA 31408
      View Details
    • Contact for pricing

      Freestanding Commercial Building on Victory Drive

      1740 sqft commercial building with high visibility and frontage.
      3021 E Victory Drive, Savannah, GA 31404
      View Details
    • Contact for pricing

      Renovated Commercial Space on Skidaway

      Class A renovated commercial property with high visibility and flexibility.
      2309 Skidaway Road unit: A, Savannah, GA 31404
      View Details
    • Contact for pricing

      Renovated Commercial Space on Skidaway

      Class A renovated commercial property with high visibility and flexibility.
      2309 Skidaway Road unit: C, Savannah, GA 31404
      View Details
    • Contact for pricing

      Skidaway Road Commercial Property

      Class A-renovated commercial property with high visibility and flexible floor plan.
      2309 Skidaway Road unit: B, Savannah, GA 31404
      View Details
    • Contact for pricing

      Skidaway Road Retail Opportunity

      Class A renovated commercial property with high visibility and flexibility.
      2309 Skidaway Road, Savannah, GA 31404
      View Details
    • $36/mo

      Savannah Commercial Units in Starland

      Two commercial units for lease in Savannah's vibrant Starland District.
      14 W 43rd Street, Savannah, GA 31401
      View Details
    • $450,000/mo

      Savannah Commercial Units For Rent

      Three commercial units with income potential in active commercial corridor.
      1112 Montgomery Street, Savannah, GA 31401
      View Details
    • Contact for pricing

      Savannah Commercial Space on Waters

      High-visibility commercial space in Savannah with steady traffic.
      1218 Waters Avenue, Savannah, GA 31404
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space available for rent in Savannah, Georgia.
    Where is this retail space located?
    The property is located at 514 Pennsylvania Avenue Savannah, GA.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: Located on high traffic Pennsylvania Avenue; New construction in multi‑family building; Flexible configuration: option to take full 2162 SF or half
    (912) 604-1197
    We can help!
    Listing Contact
    Michelle Parker
    Michelle Parker
    Real Estate License ID: 276851
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!