Renovated Multifamily
For Sale
$3,150,000
4509 Old Louisville Rd, Savannah, GA 31408
Updated building systems and potential for additional unit construction support a flexible multifamily ownership strategy.
Property Size13,724 SF
Days on Market150
Property Features for 4509 Old Louisville Rd
General Information
Standard status
Active
Size
13,724 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
18
Amenities
$30,000 Per Unit in Renovations During 2025 – Includes All-New HVAC Systems, Roofing, and Water Heaters
Stabilized Asset in a High Demand Market
Value-Add Opportunity to Build 8 Additional Units
Limited New Multifamily Supply Supports Rent Growth and Occupancy
Building Details
Building Size
13,724 SF
Year Renovated
2025
Units
18
Listing Agency:
Charleston Office
(843) 952-2295
Listed By:
Price A. Brazzel · License #SC: 137927, GA: 446968
(843) 952-2295
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 30
Last Checked: Aug 30 at 1:26AM
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 Charleston Office
Investment Insights
Based on property information with market context.
This 18-unit multifamily property at 4509 Old Louisville Rd includes interior renovations completed during 2025. Improvements include new HVAC systems, roofing, and water heaters, providing updated core building components across the property.
The existing site offers the ability to construct up to eight additional units, creating a defined path for increased density. The property is located in Savannah, Georgia, near the Port of Savannah, a major regional employment and logistics driver.
The existing site offers the ability to construct up to eight additional units, creating a defined path for increased density. The property is located in Savannah, Georgia, near the Port of Savannah, a major regional employment and logistics driver.
Key Highlights
- 18‑unit multifamily property
- Interior renovations completed during 2025
- New HVAC systems, roofing, and water heaters
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
$134,946
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
4.28%
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%
$2,698,920
$2.7M
Cap Rate 7%
$1,927,800
$1.9M
Cap Rate 9%
$1,499,400
$1.5M
Market Conditions
NOI Build-Up for 13,724 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
$261.9K $19.08/SF
− Vacancy
−$16.5K −$1.20/SF
EGI
$245.4K $17.88/SF
− OpEx
−$110.4K −$8.05/SF
NOI
$134.9K $9.83/SF
Area
Savannah, GA
Vacancy
6.30%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
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%
$2,698,920
Cap Rate 7%
$1,927,800
Cap Rate 9%
$1,499,400
Alternative Uses
Best Use
Apartment 5plus
$1.93M
$1.69M – $2.25M
NOI $134,946 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$12.83M
$11.22M – $14.96M
NOI $897,818 @ 7.0% cap · market cap 28.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
137
Businesses Nearby
Explore this area
Business Placement
Demographics for 31408, GA
11,790
Population
4,529
Households
2.6
Avg Household Size
36
Median Age
13%
College-Educated
82%
High-School Grad
21.1 sq mi
ZIP Area
559
Density / Sq Mi
$40,109
Median Household Income
$30,667
Median Earnings
$1,080
Median Rent
$160,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated building systems and potential for additional unit construction support a flexible multifamily ownership strategy.
Where is this apartment building located?
The property is located at 4509 Old Louisville Rd Savannah, GA.
What is the asking price?
The asking price for this property is $3,150,000.
What are key features of this property?
This property features: 18‑unit multifamily property; Interior renovations completed during 2025; New HVAC systems, roofing, and water heaters
