Historic Mixed-Use
115 E Bay Street, Savannah, GA 31401
For Sale
$3,650,000
Commercial Sale, 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
Property type
Property subtype
Zoning
Zoning description
Bedrooms
Bathrooms
Full bathrooms
Half bathrooms
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Security features
Interior features
Fireplace
Appliances
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
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Building Details
Year built
Floors in Building
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Buildings
Listing Agency:
Serhant Georgia LLC
(646) 480-7665
Listed By:
Matthew D. Myles · License #441309
(912) 944-9955
Added: Sep 16
Changed: Oct 31
Last Checked: Nov 9 at 4:06AM
MLS# SA364781
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 brick mixed-use property contains approximately 7,500 square feet plus a full basement and five operating components. The ground floor and basement accommodate a restaurant, while the second and third floors contain four one-bedroom suites operating under City of Savannah STVR certificates. The property includes hardwood and wood flooring, high ceilings, a fireplace, public water and sewer, and separate electric meters supporting future flexibility.
Located at 115 E Bay Street near Bay and Drayton in Savannah, the building is one block from River Street and within the city’s National Historic Landmark District. Parking access is available from Bay Street Lane, and the property is outside the 100-year flood zone. Capital improvements include structural steel reinforcement completed in 2010, insulation and truss work in 2016, HVAC replacements in 2014, 2021, and 2024, along with updated electrical, plumbing, and sprinkler systems.
Located at 115 E Bay Street near Bay and Drayton in Savannah, the building is one block from River Street and within the city’s National Historic Landmark District. Parking access is available from Bay Street Lane, and the property is outside the 100-year flood zone. Capital improvements include structural steel reinforcement completed in 2010, insulation and truss work in 2016, HVAC replacements in 2014, 2021, and 2024, along with updated electrical, plumbing, and sprinkler systems.
Key Highlights
- 5‑unit mixed‑use building with a restaurant and four one‑bedroom suites
- Approximately 7,500 SF across three stories and a full basement
- Ground floor and basement comprise 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
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.
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Sprinkler system
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 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 - Restaurant space and four permitted short-term rental suites occupy a brick building in Savannah’s Downtown Historic District.
Where is this mixed-use property 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 a restaurant and four one‑bedroom suites; Approximately 7,500 SF across three stories and a full basement; Ground floor and basement comprise 4,112 SF leased through June 30, 2034
