Building Details

Year Built 1990

Year Renovated 2023

Tenancy Multi

Listing Agency: SEABOLT REAL ESTATE

Listed By: KENNETH J. RICHARDS · License #345362 Show Phone

Source: Corcoran

Added: Jul 3 Changed: Nov 1 Last Checked: Nov 1 at 6:12AM

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Investment Insights

Based on property information with market context.

This mixed-use property combines a restaurant space with two office and retail units on the upper floor. The restaurant area received a substantial renovation in 2023. Both upper-level units have long-term tenants and month-to-month leases, providing flexibility in the current occupancy arrangement. The property was built in 1990.

Located in Savannah’s Starland/Thomas Square District, the property is at 2312 Abercorn in Savannah, Georgia.

Key Highlights

• Restaurant space renovated in 2023
• Two upstairs office/retail units occupied by long‑term tenants on month‑to‑month leases
• Built in 1990

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$34,718

Cap Rate

4.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$694,360 $694.4K

Cap Rate 7%

$495,971 $496.0K

Cap Rate 9%

$385,756 $385.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,474 SF

Gross rent

$49.0K $19.80/SF

− Vacancy

−$2.7K −$1.09/SF

EGI

$46.3K $18.71/SF

− OpEx

−$11.6K −$4.68/SF

NOI

$34.7K $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 Rate 5%

$694,360

Cap Rate 7%

$495,971

Cap Rate 9%

$385,756

Alternative Uses

Best Use

Specialty Retail

$496.0K

$434.0K – $578.6K (±1% cap)

NOI $34,718 @ 7.0% cap · market cap 4.08%

Second Best

Retail

$401.2K

$351.1K – $468.1K (±1% cap)

NOI $28,084 @ 7.0% cap · market cap 3.30%

Theoretical Best

Warehouse

$2.31M

$2.02M – $2.70M (±1% cap)

NOI $161,848 @ 7.0% cap · market cap 19.04%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Retail space

Suggested Use

Top Pick HVAC Service (Bike/Boat/Book/etc) Store Plumbing Service Butcher Carpet & Flooring Store Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

4,073

Businesses Nearby

212k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 32% Groceries 27% Shops & Services 25% Hotels & Casinos 10%

Kroger Groceries

47,605 visits/mo 0.5 miles

Parker's Kitchen Shops & Services

23,226 visits/mo 0.4 miles

Parker's Kitchen Shops & Services

16,514 visits/mo 0.3 miles

Wendy's Dining

16,010 visits/mo 0.4 miles

Mellow Mushroom Dining

13,933 visits/mo 0.2 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

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two upper-level office and retail units are occupied under month-to-month leases.

Where is this mixed-use property located?

The property is located at 2312 Abercorn Savannah, GA.

What is the asking price?

The asking price for this property is $850,000.

What are key features of this property?

This property features: Restaurant space renovated in 2023; Two upstairs office/retail units occupied by long‑term tenants on month‑to‑month leases; Built in 1990