Industrial Property Near Savannah
For Sale
Contact for pricing
2015 Mills B Ln Blvd, Savannah, GA 31405
8500 sq ft industrial building near Savannah and Garden City.
Property Size8,500 SF
Price / SF$176.47
Days on Market761
Property Features for 2015 Mills B Ln Blvd
General Information
Standard status
Active
Size
8,500 SF
Property subtype
Industrial
Zoning
LIR (Light Industrial Restricted)
Building Details
Year Built
1977
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
RE/MAX Savannah
(912) 748-7778
Listed By:
Holly Young · License #168533
Source:
Crexi
Added: Aug 1, 2024
Changed: Aug 25
Last Checked: Aug 29 at 9:05PM
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.
This 8500 sq ft property is zoned ILR (Light Industrial Restricted) and features a location near Ogeechee Road and Lynes Parkway. Its location offers proximity to downtown Savannah, Garden City, and the Georgia Ports Authority. The building includes 5 offices and a large warehouse space. The property is tenant-occupied, with a 60-day notice required for the tenant to vacate.
Key Highlights
- Zoned ILR (Light Industrial Restricted) offering versatile usage options.
- Strategic location near Ogeechee Road and Lynes Parkway.
- Close proximity to downtown Savannah, Garden City, and Georgia Ports Authority.
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
$118,173
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
7.88%
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%
$2,363,460
$2.4M
Cap Rate 7%
$1,688,186
$1.7M
Cap Rate 9%
$1,313,033
$1.3M
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
$188.7K $22.20/SF
− Vacancy
−$31.1K −$3.66/SF
EGI
$157.6K $18.54/SF
− OpEx
−$39.4K −$4.63/SF
NOI
$118.2K $13.90/SF
Area
Savannah, GA
Vacancy
16.50%
Lease Rate
$22.20 /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%
$2,363,460
Cap Rate 7%
$1,688,186
Cap Rate 9%
$1,313,033
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
Location Intelligence
Trade Area within ½ mile
308
Businesses Nearby
Well-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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- American Moving & Storage, LLC — 101 Kahn Industrial Ct, Savannah, GA 31405
- Secure Storage Center — 3825A Ogeechee Rd, Savannah, GA 31405
- Savannah Elite Car Storage — 3825 Ogeechee Rd, Savannah, GA 31405
- U-Haul Moving & Storage of Savannah Ogeechee — 3802 ogeechee rd, savannah, ga 31405
- Self-Storage at U-Haul — 3802 Ogeechee Rd, Savannah, GA 31405
Frequently Asked Questions
What type of property is this?
Warehouse - 8500 sq ft industrial building near Savannah and Garden City.
Where is this warehouse located?
The property is located at 2015 Mills B Ln Blvd 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: Zoned ILR (Light Industrial Restricted) offering versatile usage options.; Strategic location near Ogeechee Road and Lynes Parkway.; Close proximity to downtown Savannah, Garden City, and Georgia Ports Authority.
