Prominent Frontage Retail
For Sale
$9,000,000
102-108 W Congress Street, Savannah, GA 31401
Landmark retail building spanning three contiguous addresses in Savannah’s Historic District with flexible space for multiple concepts.
Property Size19,020 SF
Days on Market50
Property Features for 102-108 W Congress Street
General Information
Standard status
Active
Size
19,020 SF
Zoning
D-CBD
Amenities
Active
Public
no
2044867243
Retail
Other
yes
Convection Oven, Dishwasher, Electric Water Heater, Freezer
Square Feet
19020
Central Air, Electric
Central, Electric
3
Underground Utilities
0.065
Acres
Public Sewer
2831
Building Details
Building Size
19,020 SF
Year Built
1852
Stories
3
Listing Agency:
Palm Realty, Inc.
(910) 279-2613
Listed By:
Kathy Ross · License #234933
(910) 279-2613
Source:
Palmrealtync.idxbroker
Added: Jun 27
Changed: Aug 8
Last Checked: Aug 13 at 3:09AM
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 Palm Realty, Inc.
Investment Insights
Based on property information with market context.
102-108 W. Congress Street is a landmark commercial property spanning three contiguous addresses, presented as a flexible retail and office building suitable for multiple uses. The building is described as formerly home to Paula Deen’s The Lady & Son’s, and it offers prominent street frontage with interior space that can support flagship retail, food and beverage, entertainment, office, or mixed-use redevelopment.
The property is located in the heart of Savannah’s Historic District on a downtown corridor with visibility and pedestrian activity. It is positioned within walking proximity to City Market, Ellis Square, and River Street, and the surrounding area is described as having top-performing hotels, retailers, and cultural destinations.
For tenants, buyers, or operators looking for a downtown footprint with established name recognition and adaptable interior configuration, the three-address layout can support concepts that benefit from frontage and a flexible buildout strategy. The asset’s historic-district setting and central walkable context may also appeal to businesses seeking a presence in Savannah’s tightly held urban core.
The property is located in the heart of Savannah’s Historic District on a downtown corridor with visibility and pedestrian activity. It is positioned within walking proximity to City Market, Ellis Square, and River Street, and the surrounding area is described as having top-performing hotels, retailers, and cultural destinations.
For tenants, buyers, or operators looking for a downtown footprint with established name recognition and adaptable interior configuration, the three-address layout can support concepts that benefit from frontage and a flexible buildout strategy. The asset’s historic-district setting and central walkable context may also appeal to businesses seeking a presence in Savannah’s tightly held urban core.
Key Highlights
- Landmark commercial building in Savannah’s Historic District at 102–108 W. Congress St
- Spans three contiguous addresses with prominent frontage for multiple concepts
- 3 stories with 19,020 sq ft of living area
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
$266,912
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
2.97%
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%
$5,338,240
$5.3M
Cap Rate 7%
$3,813,029
$3.8M
Cap Rate 9%
$2,965,689
$3.0M
Market Conditions
NOI Build-Up for 19,020 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
$376.6K $19.80/SF
− Vacancy
−$20.7K −$1.09/SF
EGI
$355.9K $18.71/SF
− OpEx
−$89.0K −$4.68/SF
NOI
$266.9K $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%
$5,338,240
Cap Rate 7%
$3,813,029
Cap Rate 9%
$2,965,689
Alternative Uses
Best Use
Specialty Retail
$3.81M
$3.34M – $4.45M
NOI $266,912 @ 7.0% cap · market cap 2.97%
Second Best
Retail
$3.08M
$2.70M – $3.60M
NOI $215,910 @ 7.0% cap · market cap 2.40%
Theoretical Best
Warehouse
$17.78M
$15.55M – $20.74M
NOI $1,244,280 @ 7.0% cap · market cap 13.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,043
Businesses Nearby
330k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 36%
Shops & Services 27%
Dining 20%
Apparel 11%
Parker's Kitchen
Shops & Services
23,226 visits/mo
0.5 miles
Parker's Kitchen
Shops & Services
16,514 visits/mo
0.3 miles
Gap
Apparel
16,199 visits/mo
0.0 miles
Hotel Indigo Savannah Historic District
Hotels & Casinos
15,469 visits/mo
0.1 miles
McDonald's
Dining
14,310 visits/mo
0.1 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?
Retail space - Landmark retail building spanning three contiguous addresses in Savannah’s Historic District with flexible space for multiple concepts.
Where is this retail space located?
The property is located at 102-108 W Congress Street Savannah, GA.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: Landmark commercial building in Savannah’s Historic District at 102–108 W. Congress St; Spans three contiguous addresses with prominent frontage for multiple concepts; 3 stories with 19,020 sq ft of living area
