Historic Apartment Building with
115 E Bay Street, Savannah, GA 31401
For Sale
$3,650,000
Residential Income, Savannah, GA
Property Size7,500 SF
Lot Size0.06 Acres
Price / SF$486.67
Days on Market55
Property Features for 115 E Bay Street
General Information
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Zoning
Zoning description
Bedrooms
Bathrooms
Full bathrooms
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Interior features
Fireplace
Appliances
Directions
Standard status
APN
Size
Lot size
Tenancy & Operations
Currently Operating
Tenant in Place
Additional Details
Individually Metered Utilities
Taxes and HOA fees
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Tax Description
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Legal Description
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Sewer type
Heating system
Cooling system
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Building Details
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Floors in Building
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Buildings
Listing Agency:
Serhant Georgia LLC
(646) 480-7665
Listed By:
Matthew D. Myles · License GA #441309
(912) 944-9955
Added: Sep 16
Changed: Oct 31
Last Checked: Nov 9 at 12:06PM
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.
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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 / 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.
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,147
Businesses Nearby
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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
$477,600
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Savannah, GA
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Vacancy Rate% for Multifamily in South region
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
