Historic Apartment Building with
For Sale
$3,650,000
115 E Bay Street, Savannah, GA 31401
Residential Income, Savannah, GA
Property Size7,500 SF
Lot Size0.06 Acres
Price / SF$486.67
Days on Market10
Property Features for 115 E Bay Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
D-CBD
Zoning description
Mixed use
Bedrooms
4
Bathrooms
6
Full bathrooms
4
Half bathrooms
2
Rooms
Bathroom 4, Bathroom 2, Bathroom 5, Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 1, Bedroom 3, Bathroom 6, Bathroom 3, Basement
Interior features
Fireplace
Fireplace
1
Appliances
Some Electric Appliances, Some Gas Appliances, Double Oven, Dryer, Dishwasher, Electric Water Heater, Freezer, Indoor Grill, Microwave, Oven, Range, Refrigerator, Range Hood, Some Commercial Grade, Washer
Directions
East on Bay St to 115 E Bay St, Savannah.
Standard status
Active
APN
20004 16009
Size
7,500 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT A MINIS SUBDIVISION REYNOLDS
Tax Annual Amount
21871
Legal Description
LOT A MINIS SUBDIVISION REYNOLDS
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1845
Floors in Building
3
Flooring type
Wood, Hardwood
Building materials
Brick
Roof type
Composition
Architectural style
Other
Listing Agency:
Serhant Georgia LLC
(646) 480-7665
Listed By:
Matthew D. Myles · License #441309
(912) 944-9955
Added: Sep 16
Changed: Sep 18
Last Checked: Sep 25 at 5:06AM
MLS# SA364783
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.
Investment Insights
Based on property information with market context.
Built in 1845, this three-story apartment building with a full basement contains approximately 7,500 SF on a 0.06-acre parcel. The ground floor and basement comprise 4,112 SF leased for restaurant use through June 30, 2034, while the two upper levels contain four 1-bedroom suites operating under City of Savannah STVR certificates. The building includes brick construction, wood and hardwood flooring, a fireplace, public water and sewer, and separate electric meters supporting potential future configurations.
Located at 115 E Bay Street in Savannah’s Downtown Historic District, the property sits near the corner of Bay and Drayton and one block from River Street. Parking access is available from Bay Street Lane, and the property is outside the 100-year flood zone. Capital improvements include a new electrical system, plumbing, sprinkler system, insulation and trusses installed in 2016, HVAC replacements in 2014, 2021, and 2024, and steel-beam structural reinforcement completed in 2010.
Located at 115 E Bay Street in Savannah’s Downtown Historic District, the property sits near the corner of Bay and Drayton and one block from River Street. Parking access is available from Bay Street Lane, and the property is outside the 100-year flood zone. Capital improvements include a new electrical system, plumbing, sprinkler system, insulation and trusses installed in 2016, HVAC replacements in 2014, 2021, and 2024, and steel-beam structural reinforcement completed in 2010.
Key Highlights
- 5‑unit mixed‑use building with four 1‑bedroom suites and restaurant space
- Approximately 7,500 SF across three stories and a full basement
- Ground floor and basement contain 4,112 SF leased 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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
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
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Three-story mixed-use property includes four permitted short-term rental suites and a leased restaurant space.
Where is this apartment building located?
The property is located at 115 E Bay Street 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: 5‑unit mixed‑use building with four 1‑bedroom suites and restaurant space; Approximately 7,500 SF across three stories and a full basement; Ground floor and basement contain 4,112 SF leased through June 30, 2034
