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    815 Miller Ave, Unit 1-4 Tybee Island, GA 31328

    Sponsored
    For Sale
    Under Contract
    $1,200,000

    MULTI_FAMILY - Other - Tybee Island, GA

    Property size:
    4,206 SF
    Lot size:
    1.67 Acres
    Days on Market:
    11
    Last Refresh:
    Feb 21 at 2:06 am

    Property Features for 815 Miller Ave

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active Under Contract
    Zoning
    R2
    Rooms
    Bathroom 2, Bedroom 10, Bedroom 1, Bathroom 3, Bathroom 1, Bedroom 3, Bedroom 6, Bedroom 9, Bedroom 5, Bathroom 4, Bathroom 5, Bedroom 4, Bedroom 2, Bedroom 8, Bedroom 7
    Bedrooms
    10
    Bathrooms
    5
    APN
    4000525011
    Patio and Porch features
    Porch, Deck
    Interior features
    Ceiling Fan(s)
    Exterior features
    Balcony, Deck, Dock, Play Structure
    Fireplace
    1
    Appliances
    Electric Water Heater, Dryer, Refrigerator, Washer
    Size
    4,206 SF
    Lot size
    1.67 Acres

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Central
    Cooling system
    Window Unit(s), Central Air, Electric
    Water source
    Public
    Water front features
    River Access
    Water front
    1

    Building Details

    Year built
    1970
    Floors in Building
    2
    Number of units
    4
    Flooring type
    Tile - Ceramic
    Building materials
    Vinyl Siding
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Ruben E. Ramos

    Daniel Ravenel SIR (912) 234-3323

    Listing agent Ruben E. Ramos (912) 234-3323 License #374357

    Listing date Feb 11, 2026

    MLS# SA347467

    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.

    Learn more

    Property Insight Report

    Overview

    Tybee Island Four-Unit Home

    This four-unit home is situated on a 1.67-acre tidal creek lot, located a few blocks from the ocean. The property features a screened-in dock house, an elevated dock structure, and a floating dock on the tidal creek. Each unit includes updated interiors and finishes, offering rental income potential. The property has a history of successful short-term vacation rentals, but is located in a residential zone and the short term permit is not transferable. The units are easily accessible, each with its own kitchen and private spaces. Two units have three bedrooms, one unit has two bedrooms, and there is also a studio unit. The large upstairs unit and backyard overlook the marsh and tidal creek. The studio unit is currently occupied by a caretaker. The waterfront lot could also be suitable for building an estate. The property is zoned R2 and contains 4,206 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Tybee Island
    County
    Chatham
    State
    Georgia
    Longitude
    -80.848484
    Latitude
    32.003467

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    FAQs

    What type of property is this?
    Quadplex - Four-unit home on 1.67 acre tidal creek lot.
    Where is this quadplex located?
    The property is located at 815 Miller Ave, Unit 1-4 Tybee Island, GA.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: - Rare four-unit home on a large 1.67-acre tidal creek lot, offering potential for rental income or building an estate.; - Waterfront property with coveted screened-in dock house, elevated dock structure, and floating dock, providing direct access to the tidal creek and Back River.; - Multiple units with updated charm and individual kitchens and private spaces, including two 3-bedroom units, one 2-bedroom unit, and a studio.
    (912) 856-2244
    Request Owner's contact information
    815 Miller Ave, Unit 1-4 Tybee Island, GA 31328
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    Tybee Island, GA 31328
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    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
    815 Miller Ave, Unit 1-4 Tybee Island, GA 31328
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    We can help!
    Listing Contact
    Ruben E. Ramos
    Real Estate License ID: 374357
    (912) 856-2244 (912) 234-3323
    Learn more
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