Corner Mixed-Use
For Sale
Contact for pricing
1215 Price St, Savannah, GA 31401
Commercial building with food-service infrastructure, cold storage, and dedicated off-street parking.
Property Size6,161 SF
Price / SF$462.59
Days on Market18
Property Features for 1215 Price St
General Information
Standard status
Active
Size
6,161 SF
Total Parking Spaces
12
Property subtype
Retail, Mixed Use, Land
Zoning
TC-1 (Traditional Commercial)
Investment Type
Owner/User
Site & Location
Corner Location
Yes
Road Access
Yes
Additional Details
Land Use
commercial
Amenities
500# grease trap
multiple walk-in coolers and freezers
central HVAC
large roll-up door
dedicated off-street parking
Building Details
Year Built
1995
Buildings
1
Listing Agency:
LEVEL CRE
Listed By:
Clara Fishel · License #82219
Source:
Crexi
Added: Aug 13
Changed: Aug 29
Last Checked: Aug 29 at 11:30AM
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 LEVEL CRE
Investment Insights
Based on property information with market context.
This freestanding mixed-use property occupies a corner site in Savannah’s Victorian District at 1215 Price Street. Built in 1995, the building was originally designed for grocery and neighborhood retail use, with open sales space, generous ceiling heights, and substantial back-of-house areas. Existing improvements include a 500# grease trap, multiple walk-in coolers and freezers, central HVAC, and a large roll-up door. Dedicated off-street parking adds functionality within the urban setting.
The property is zoned TC-1 (Traditional Commercial) and sits along the Price Street corridor, serving surrounding residential communities and nearby neighborhood businesses. Its layout and existing infrastructure support continued retail or food-oriented use, as well as other adaptations consistent with the property’s zoning and physical configuration.
The property is zoned TC-1 (Traditional Commercial) and sits along the Price Street corridor, serving surrounding residential communities and nearby neighborhood businesses. Its layout and existing infrastructure support continued retail or food-oriented use, as well as other adaptations consistent with the property’s zoning and physical configuration.
Key Highlights
- TC‑1 (Traditional Commercial) zoning
- Freestanding corner‑site building in Savannah’s Victorian District
- 500# grease trap and multiple walk‑in coolers and freezers
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
$86,459
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
3.03%
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%
$1,729,180
$1.7M
Cap Rate 7%
$1,235,129
$1.2M
Cap Rate 9%
$960,656
$960.7K
Market Conditions
NOI Build-Up for 6,161 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
$122.0K $19.80/SF
− Vacancy
−$6.7K −$1.09/SF
EGI
$115.3K $18.71/SF
− OpEx
−$28.8K −$4.68/SF
NOI
$86.5K $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%
$1,729,180
Cap Rate 7%
$1,235,129
Cap Rate 9%
$960,656
Alternative Uses
Best Use
Specialty Retail
$1.24M
$1.08M – $1.44M
NOI $86,459 @ 7.0% cap · market cap 3.03%
Second Best
Retail
$999.1K
$874.2K – $1.17M
NOI $69,938 @ 7.0% cap · market cap 2.45%
Theoretical Best
Warehouse
$5.76M
$5.04M – $6.72M
NOI $403,050 @ 7.0% cap · market cap 14.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,760
Businesses Nearby
53k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 89%
Shops & Services 6%
Dining 3%
Apparel 2%
Kroger
Groceries
47,605 visits/mo
0.2 miles
Woof Gang Bakery
Shops & Services
3,097 visits/mo
0.3 miles
Domino's Pizza
Dining
1,546 visits/mo
0.2 miles
Catherines
Apparel
1,077 visits/mo
0.2 miles
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial building with food-service infrastructure, cold storage, and dedicated off-street parking.
Where is this mixed-use property located?
The property is located at 1215 Price St Savannah, GA.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: TC‑1 (Traditional Commercial) zoning; Freestanding corner‑site building in Savannah’s Victorian District; 500# grease trap and multiple walk‑in coolers and freezers
