Retail Property on Johnny
For Sale
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140 Johnny Mercer Boulevard, Savannah, GA 31410
Retail property available for sale on Johnny Mercer Boulevard.
Property Size24,064 SF
Price / SF$159.99
Days on Market89
Property Features for 140 Johnny Mercer Boulevard
General Information
Standard status
Active
Size
24,064 SF
Class
B
Property subtype
Retail
Zoning
P-B-C/TC
Occupancy
100%
Lease Type
Modified Gross
Investment Type
Stabilized
Building Details
Year Built
1980
Year Renovated
1994
Units
23
Tenancy
Multi
Listing Agency:
Whitley & Associates, Inc
Listed By:
Ben Whitley · License #GA
Source:
Crexi
Added: May 15
Changed: Aug 8
Last Checked: Aug 10 at 3:53PM
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 Whitley & Associates, Inc
Investment Insights
Based on property information with market context.
This commercial real estate offering consists of a retail property with a total size of 24,064 square feet. The property is located on Johnny Mercer Boulevard in Savannah, GA 31410.
Key Highlights
- Retail property available for sale.
- Located on Johnny Mercer Boulevard.
- Built in 1980.
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
$273,169
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
7.10%
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%
$5,463,380
$5.5M
Cap Rate 7%
$3,902,414
$3.9M
Cap Rate 9%
$3,035,211
$3.0M
Market Conditions
NOI Build-Up for 24,064 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
$418.7K $17.40/SF
− Vacancy
−$28.5K −$1.18/SF
EGI
$390.2K $16.22/SF
− OpEx
−$117.1K −$4.87/SF
NOI
$273.2K $11.35/SF
Area
Savannah, GA
Vacancy
6.80%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$5,463,380
Cap Rate 7%
$3,902,414
Cap Rate 9%
$3,035,211
Alternative Uses
Best Use
Retail
$3.90M
$3.41M – $4.55M
NOI $273,169 @ 7.0% cap · market cap 7.10%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$22.49M
$19.68M – $26.24M
NOI $1,574,256 @ 7.0% cap · market cap 40.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
416
Businesses Nearby
81k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 37%
Groceries 28%
Home Improvements & Furnishings 21%
Apparel 7%
Publix
Groceries
22,735 visits/mo
0.2 miles
Islands Ace Hardware
Home Improvements & Furnishings
16,836 visits/mo
0.3 miles
Dollar Tree
Shops & Services
10,415 visits/mo
0.2 miles
Goodwill
Apparel
5,717 visits/mo
0.3 miles
Truist
Shops & Services
4,539 visits/mo
0.3 miles
Demographics for 31410, GA
23,782
Population
10,263
Households
2.3
Avg Household Size
45
Median Age
51%
College-Educated
98%
High-School Grad
22.6 sq mi
ZIP Area
1,052
Density / Sq Mi
$97,225
Median Household Income
$54,693
Median Earnings
$1,702
Median Rent
$367,700
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 property - Retail property available for sale on Johnny Mercer Boulevard.
Where is this retail property located?
The property is located at 140 Johnny Mercer Boulevard Savannah, GA.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: Retail property available for sale.; Located on Johnny Mercer Boulevard.; Built in 1980.
