Historic Mixed-Use
For Sale
$3,650,000
115 E Bay St, Savannah, GA 31401
Three-story property combines a leased restaurant with four permitted short-term rental suites in Savannah’s Downtown Historic District.
Property Size7,500 SF
Price / SF$486.67
Days on Market10
Property Features for 115 E Bay St
General Information
Standard status
Active
Size
7,500 SF
Property subtype
Multi-Family
Net Operating Income
$237,655
Financials
Asking Price
$3,650,000
Cap Rate
6.5%
Additional Details
Sprinkler System
Yes
Building Details
Year Built
1845
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Serhant Georgia LLC
Listed By:
Matthew D. Myles · License #441309
(912) 944-9955
Source:
Searchgreateraugustahomes
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 24 at 10:36AM
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 Serhant Georgia LLC
Investment Insights
Based on property information with market context.
Built in 1845, this three-story mixed-use property includes approximately 7,500 SF plus a full basement. The ground floor and basement contain a restaurant totaling 4,112 SF, while the two upper levels provide four one-bedroom suites totaling 3,388 SF. The restaurant space is leased through June 30, 2034, and the suites operate under City of Savannah STVR certificates.
The building sits at 115 E Bay St near Bay and Drayton in Savannah’s Downtown Historic District, one block from River Street and within the National Historic Landmark District. Parking access is available from Bay Street Lane.
Property improvements include insulation and truss work completed in 2016, HVAC replacements in 2014, 2021, and 2024, separate electric meters, updated electrical and plumbing systems, a new sprinkler system, and steel-beam structural reinforcement completed in 2010.
The building sits at 115 E Bay St near Bay and Drayton in Savannah’s Downtown Historic District, one block from River Street and within the National Historic Landmark District. Parking access is available from Bay Street Lane.
Property improvements include insulation and truss work completed in 2016, HVAC replacements in 2014, 2021, and 2024, separate electric meters, updated electrical and plumbing systems, a new sprinkler system, and steel-beam structural reinforcement completed in 2010.
Key Highlights
- Five‑unit mixed‑use building at 115 E Bay St in Savannah’s Downtown Historic District
- Approximately 7,500 SF across 3 stories plus a full basement
- Restaurant occupies 4,112 SF across the ground floor and basement; lease runs through June 30, 2034
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
$105,249
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
2.88%
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%
$2,104,980
$2.1M
Cap Rate 7%
$1,503,557
$1.5M
Cap Rate 9%
$1,169,433
$1.2M
Market Conditions
NOI Build-Up for 7,500 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
$148.5K $19.80/SF
− Vacancy
−$8.2K −$1.09/SF
EGI
$140.3K $18.71/SF
− OpEx
−$35.1K −$4.68/SF
NOI
$105.2K $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%
$2,104,980
Cap Rate 7%
$1,503,557
Cap Rate 9%
$1,169,433
Alternative Uses
Best Use
Specialty Retail
$1.50M
$1.32M – $1.75M
NOI $105,249 @ 7.0% cap · market cap 2.88%
Second Best
Mixed Use
$1.21M
$1.06M – $1.42M
NOI $84,923 @ 7.0% cap · market cap 2.33%
Theoretical Best
Warehouse
$7.01M
$6.13M – $8.18M
NOI $490,647 @ 7.0% cap · market cap 13.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
4,147
Businesses Nearby
Explore this area
Business Placement
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-story property combines a leased restaurant with four permitted short-term rental suites in Savannah’s Downtown Historic District.
Where is this mixed-use property located?
The property is located at 115 E Bay St Savannah, GA.
What is the asking price?
The asking price for this property is $3,650,000.
What are key features of this property?
This property features: Five‑unit mixed‑use building at 115 E Bay St in Savannah’s Downtown Historic District; Approximately 7,500 SF across 3 stories plus a full basement; Restaurant occupies 4,112 SF across the ground floor and basement; lease runs through June 30, 2034
