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    97 & 115 Ivey Street Richmond Hill, GA 31324

    View on Map
    For Sale
    Under Contract
    $2,500,000

    MULTI_FAMILY - Richmond Hill, GA

    Property size:
    15,600 SF
    Lot size:
    0.46 Acres
    Added:
    Oct 20, 2025
    Days on Market:
    170
    Last Refresh:
    Apr 7 at 2:06 pm

    Property Features for 97 & 115 Ivey Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    32
    Bathrooms
    16
    Rooms
    Bathroom 1, Bedroom 28, Bedroom 5, Bedroom 8, Bathroom 16, Bathroom 13, Bathroom 6, Bedroom 3, Bathroom 2, Bathroom 9, Bedroom 6, Bedroom 7, Bedroom 1, Bedroom 23, Bedroom 17, Bedroom 19, Bedroom 26, Bedroom 25, Bathroom 3, Bathroom 15, Bathroom 4, Bathroom 7, Bathroom 8, Bathroom 10, Bedroom 21, Bedroom 12, Bedroom 13, Bedroom 16, Bathroom 12, Bedroom 4, Bedroom 14, Bathroom 11, Bedroom 10, Bedroom 24, Bedroom 22, Bedroom 18, Bathroom 14, Bathroom 5, Bedroom 2, Bedroom 32, Bedroom 29, Bedroom 30, Bedroom 11, Bedroom 31, Bedroom 27, Bedroom 15, Bedroom 20, Bedroom 9
    Appliances
    Dishwasher, Electric Water Heater, Oven, Range, Refrigerator
    Standard status
    Active Under Contract
    APN
    0532 148
    Size
    15,600 SF
    Lot size
    0.46 Acres

    Taxes and HOA fees

    Tax Description
    20GMD L#29 R HILL VILLAGE PS46:227

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Central
    Cooling system
    Electric, Central Air
    Water source
    Public

    Building Details

    Year built
    1977
    Floors in Building
    2
    Flooring type
    Vinyl, Carpet
    Building materials
    Stucco

    We can help!

    Listing Contact
    Heather Murphy
    Heather Murphy

    Listing agent Heather Murphy License #277893

    Listing office Keller Williams Coastal Area P 329 Commercial Dr., Suite 100, Savannah, GA

    Listing date Oct 20, 2025

    MLS# SA342091

    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

    Richmond Hill Multi-Family Investment Property

    This multi-family investment property features two 8-unit buildings, totaling 16 income-producing units. Each unit has a 2 bedroom, 1 bath floor plan with a living area and a dine-in kitchen. The property offers tenant parking and separate HVAC systems for each unit. Located near major employers, two military bases, schools, retail, dining, and transportation corridors, this asset benefits from tenant demand and occupancy. The Richmond Hill market demonstrates rental stability and growth potential within coastal Georgia. The sale includes 115 Ivey Street (PIN 0532 148). The property is suited for commercial investors or 1031 exchange buyers seeking cash flow and appreciation.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    1031 exchange properties

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond Hill
    County
    Bryan
    State
    Georgia
    Longitude
    -81.305447
    Latitude
    31.93828

    Nearby Similar for Sale

    • $2,500,000
      15,600 SF

      Richmond Hill Multifamily Investment Opportunity

      16-unit multifamily property in Richmond Hill, GA with 100% occupancy.
      97 & 115 Ivey Street, Richmond Hill, GA 31324
      View Details
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      45,608 SF

      Richmond Hill Shopping Center For Sale

      45,608 SF shopping center with national tenants near Savannah.
      9701 Ford Ave, Richmond Hill, GA 31324
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    • $2,946,902
      4,500 SF

      Retail Space with Roof Warranty

      Retail space for sale with average household income $99k.
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      286,000 SF

      Class A Manufacturing Facility

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    FAQs

    What type of property is this?
    Apartment building - 16-unit multi-family property in Richmond Hill, GA for sale.
    Where is this apartment building located?
    The property is located at 97 & 115 Ivey Street Richmond Hill, GA.
    What is the asking price?
    The asking price for this property is $2,500,000.
    What are key features of this property?
    This property features: 16 income‑producing units offering immediate income.; Located in Richmond Hill, GA, a sought‑after submarket with growth potential.; Strategically located near major employers, military bases, top‑rated schools, retail, dining, and transportation.
    (912) 398-6368
    We can help!
    Listing Contact
    Heather Murphy
    Heather Murphy
    Real Estate License ID: 277893
    Learn More
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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
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