Historic Storefront
For Sale
$9,000,000
102 102-108 W Congress St, Savannah, GA 31401
Three connected addresses provide adaptable commercial space along an active downtown corridor.
Property Size19,020 SF
Price / SF$473.19
Days on Market44
Property Features for 102 102-108 W Congress St
General Information
Standard status
Active
Size
19,020 SF
Building Details
Year Built
1852
Listing Agency:
Seabolt Real Estate
(912) 224-7511
Listed By:
Elaine Seabolt · License #139140
Source:
Barefootbrokers
Added: Jul 18
Changed: Aug 29
Last Checked: Aug 25 at 4:04AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Seabolt Real Estate
Investment Insights
Based on property information with market context.
This storefront property comprises three contiguous addresses with approximately 19,020 square feet of interior space. Constructed in 1852, the building previously housed The Lady & Sons and offers a substantial downtown presence with prominent street frontage. The interior configuration is described as adaptable for retail, food and beverage, entertainment, office, or mixed-use redevelopment.
The property is positioned on W. Congress Street in Savannah’s Historic District, near City Market, Ellis Square, and River Street. Its setting includes nearby hotels, retailers, and cultural destinations, with strong pedestrian activity identified along the corridor. The combination of historic construction, multi-address scale, and flexible commercial space supports a range of storefront-oriented uses in Savannah’s downtown core.
The property is positioned on W. Congress Street in Savannah’s Historic District, near City Market, Ellis Square, and River Street. Its setting includes nearby hotels, retailers, and cultural destinations, with strong pedestrian activity identified along the corridor. The combination of historic construction, multi-address scale, and flexible commercial space supports a range of storefront-oriented uses in Savannah’s downtown core.
Key Highlights
- 19,020‑square‑foot storefront property across three contiguous addresses
- Constructed in 1852
- Prominent frontage on W. Congress Street in Savannah’s Historic District
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
$266,912
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
2.97%
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%
$5,338,240
$5.3M
Cap Rate 7%
$3,813,029
$3.8M
Cap Rate 9%
$2,965,689
$3.0M
Market Conditions
NOI Build-Up for 19,020 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
$376.6K $19.80/SF
− Vacancy
−$20.7K −$1.09/SF
EGI
$355.9K $18.71/SF
− OpEx
−$89.0K −$4.68/SF
NOI
$266.9K $14.03/SF
Area
Savannah, GA
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$5,338,240
Cap Rate 7%
$3,813,029
Cap Rate 9%
$2,965,689
Alternative Uses
Best Use
Specialty Retail
$3.81M
$3.34M – $4.45M
NOI $266,912 @ 7.0% cap · market cap 2.97%
Second Best
Retail
$3.08M
$2.70M – $3.60M
NOI $215,910 @ 7.0% cap · market cap 2.40%
Theoretical Best
Warehouse
$17.78M
$15.55M – $20.74M
NOI $1,244,280 @ 7.0% cap · market cap 13.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,043
Businesses Nearby
330k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 36%
Shops & Services 27%
Dining 20%
Apparel 11%
Parker's Kitchen
Shops & Services
23,226 visits/mo
0.5 miles
Parker's Kitchen
Shops & Services
16,514 visits/mo
0.3 miles
Gap
Apparel
16,199 visits/mo
0.0 miles
Hotel Indigo Savannah Historic District
Hotels & Casinos
15,469 visits/mo
0.1 miles
McDonald's
Dining
14,310 visits/mo
0.1 miles
Demographics for 31401, GA
22,927
Population
11,832
Households
1.9
Avg Household Size
28
Median Age
48%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
6,743
Density / Sq Mi
$50,182
Median Household Income
$27,309
Median Earnings
$1,428
Median Rent
$477,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Three connected addresses provide adaptable commercial space along an active downtown corridor.
Where is this storefront property located?
The property is located at 102 102-108 W Congress St Savannah, GA.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: 19,020‑square‑foot storefront property across three contiguous addresses; Constructed in 1852; Prominent frontage on W. Congress Street in Savannah’s Historic District
