Historic Mixed-Use
115 E Bay St, Savannah, GA 31401
For Sale
$3,650,000
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 Market98
Property Features for 115 E Bay St
General Information
Standard status
Size
Property subtype
Net Operating Income
Financials
Asking Price
Cap Rate
Site & Location
Neighborhood
Additional Details
Sprinkler System
Building Details
Year Built
Buildings
Stories
Tenancy
Listing Agency:
Serhant Georgia LLC
Listed By:
Matthew D. Myles · License GA #441309
(912) 944-9955
Source:
Searchgreateraugustahomes
Added: Aug 4
Changed: Nov 1
Last Checked: Nov 8 at 6:52AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$105,249
Cap Rate
2.88%
Suggested Prices Based on Cap Rates
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
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 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
Office A
$2.03M
$1.77M – $2.36M
NOI $141,750 @ 7.0% cap · market cap 3.88%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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
$477,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Mixed-use properties in Savannah, GA
Properties on Market for Mixed-use properties in Savannah
Vacancy Rate% for Multifamily in South region
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
