Mixed-Use Building with Rear Rental
New
For Sale
$499,900
3 E Lathrop Ave, Savannah, GA 31415
A ground-floor restaurant space is paired with an upstairs residence undergoing renovation.
Property Size3,364 SF
Price / SF$148.60
Days on Market2
Property Features for 3 E Lathrop Ave
General Information
Standard status
Active
Size
3,364 SF
Property subtype
Multi-Family
Building Details
Year Built
1943
Listing Agency:
Eighteen O'Two Realty LLC
Listed By:
Wynn Martin · License #374726
(912) 220-9806
Source:
Patrickrealestate
Added: Sep 30
Last Checked: Oct 1 at 3:01PM
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 Eighteen O'Two Realty LLC
Investment Insights
Based on property information with market context.
This 3,364-square-foot mixed-use property was built in 1943 and combines commercial and residential space. The ground floor is leased to a restaurant, while a residence occupies the second level. Renovation work on the upper residence is underway and remains unfinished. A separate unit sits at the rear of the property and is used for short-term rental stays.
Key Highlights
- 3,364‑square‑foot mixed‑use property built in 1943
- Ground‑floor commercial space currently occupied by a restaurant
- Second‑floor residence is undergoing renovation
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
$38,091
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
7.62%
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%
$761,820
$761.8K
Cap Rate 7%
$544,157
$544.2K
Cap Rate 9%
$423,233
$423.2K
Market Conditions
NOI Build-Up for 3,364 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
$66.6K $19.80/SF
− Vacancy
−$5.7K −$1.68/SF
EGI
$60.9K $18.12/SF
− OpEx
−$22.9K −$6.79/SF
NOI
$38.1K $11.32/SF
Area
Savannah, GA
Vacancy
8.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
37.50%
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%
$761,820
Cap Rate 7%
$544,157
Cap Rate 9%
$423,233
Alternative Uses
Best Use
Specialty Retail
$674.4K
$590.1K – $786.8K
NOI $47,208 @ 7.0% cap · market cap 9.44%
Second Best
Mixed Use
$544.2K
$476.1K – $634.9K
NOI $38,091 @ 7.0% cap · market cap 7.62%
Theoretical Best
Warehouse
$3.14M
$2.75M – $3.67M
NOI $220,071 @ 7.0% cap · market cap 44.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
434
Businesses Nearby
Explore this area
Business Placement
Demographics for 31415, GA
11,034
Population
5,591
Households
2
Avg Household Size
37
Median Age
15%
College-Educated
79%
High-School Grad
6.6 sq mi
ZIP Area
1,672
Density / Sq Mi
$37,890
Median Household Income
$28,229
Median Earnings
$973
Median Rent
$112,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - A ground-floor restaurant space is paired with an upstairs residence undergoing renovation.
Where is this mixed-use property located?
The property is located at 3 E Lathrop Ave Savannah, GA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 3,364‑square‑foot mixed‑use property built in 1943; Ground‑floor commercial space currently occupied by a restaurant; Second‑floor residence is undergoing renovation
