Flex Building With
For Sale
$1,500,000
2015 Mills B Lane Boulevard, Savannah, GA 31405
Light industrial property combines office areas with warehouse space for varied commercial operations.
Property Size8,500 SF
Price / SF$176.47
Days on Market814
Property Features for 2015 Mills B Lane Boulevard
General Information
Standard status
Active
Size
8,500 SF
Property subtype
Commercial Lots & Land
Zoning
IL-R
Building Details
Building Size
8,500 SF
Year Built
1977
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Re/Max Savannah
(912) 667-2537
Listed By:
Holly S. Young · License #168533
(912) 667-2537
Source:
Woodwardrealestategroup
Added: May 29, 2024
Changed: Aug 20
Last Checked: Aug 20 at 7:46AM
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 Re/Max Savannah
Investment Insights
Based on property information with market context.
Built in 1977, this flex property contains 8,500 square feet arranged with five offices and a substantial warehouse area. The building is zoned IL-R (Light Industrial Restricted), providing a defined industrial-use framework for the existing office and warehouse configuration.
The property is located at 2015 Mills B Lane Boulevard in Savannah, near Ogeechee Road and Lynes Parkway. Its surrounding access connects with downtown Savannah, Garden City, and the Georgia Ports Authority. The building is currently occupied by a tenant, although no active lease is in place; a 60-day notice is required for vacancy.
The property is located at 2015 Mills B Lane Boulevard in Savannah, near Ogeechee Road and Lynes Parkway. Its surrounding access connects with downtown Savannah, Garden City, and the Georgia Ports Authority. The building is currently occupied by a tenant, although no active lease is in place; a 60-day notice is required for vacancy.
Key Highlights
- 8,500‑square‑foot flex building with five offices and warehouse area
- IL‑R (Light Industrial Restricted) zoning
- Built in 1977
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
$127,578
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
8.51%
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%
$2,551,560
$2.6M
Cap Rate 7%
$1,822,543
$1.8M
Cap Rate 9%
$1,417,533
$1.4M
Market Conditions
NOI Build-Up for 8,500 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
$219.3K $25.80/SF
− Vacancy
−$23.0K −$2.71/SF
EGI
$196.3K $23.09/SF
− OpEx
−$68.7K −$8.08/SF
NOI
$127.6K $15.01/SF
Area
Savannah, GA
Vacancy
10.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
35.00%
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%
$2,551,560
Cap Rate 7%
$1,822,543
Cap Rate 9%
$1,417,533
Alternative Uses
Best Use
Warehouse
$7.94M
$6.95M – $9.27M
NOI $556,066 @ 7.0% cap · market cap 37.07%
Second Best
Industrial
$6.54M
$5.72M – $7.63M
NOI $457,937 @ 7.0% cap · market cap 30.53%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
304
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 31405, GA
38,069
Population
16,809
Households
2.3
Avg Household Size
36
Median Age
35%
College-Educated
90%
High-School Grad
31.2 sq mi
ZIP Area
1,220
Density / Sq Mi
$62,123
Median Household Income
$35,836
Median Earnings
$1,431
Median Rent
$304,800
Median Home Value
Market
Vacancy Rate% for Office in Savannah, GA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Light industrial property combines office areas with warehouse space for varied commercial operations.
Where is this flex space located?
The property is located at 2015 Mills B Lane Boulevard Savannah, GA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 8,500‑square‑foot flex building with five offices and warehouse area; IL‑R (Light Industrial Restricted) zoning; Built in 1977
