Historic Mixed-Use
For Sale
$2,719,900
408 Martin Luther King Boulevard, Savannah, GA 31401
Residential Income, Savannah, GA
Property Size14,100 SF
Lot Size0.09 Acres
Price / SF$192.90
Days on Market99
Property Features for 408 Martin Luther King Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
BC
Bathrooms
2
Half bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Appliances
Electric Water Heater, Tankless Water Heater
Subdivision
Berrien Ward
Lot features
City Lot
Directions
Driving north on MLK the property will be on your right 408 MLK Jr Blvd
Standard status
Active
APN
2003136007
Size
14,100 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SOUTH 24 FEET OF LOT 7 AND NORTH 23 FEET OF LOT 8 BERRIEN WARD
Tax Annual Amount
42208
Legal Description
SOUTH 24 FEET OF LOT 7 AND NORTH 23 FEET OF LOT 8 BERRIEN WARD
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1900
Floors in Building
3
Building materials
Brick
Listing Agency:
Brand Name Real Estate, Inc
(843) 737-0708
Listed By:
Travis O. Sawyer · License #371507
(912) 308-7430
Added: May 26
Changed: Aug 19
Last Checked: Sep 1 at 5:06AM
MLS# SA356876
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1900, this 14,100-square-foot brick mixed-use property includes a fully built-out ground floor and basement, while the upper levels remain unfinished for redevelopment. The building is zoned BC and includes central heating, central air, public water, and public sewer. Electric and tankless water heaters are installed, with cable availability also noted.
The property is located in Savannah, Georgia, near I-16 and the Savannah Visitor Center. Upper-floor and rooftop vantage points provide views toward the Talmadge Bridge, downtown skyline, and area church steeples. The existing configuration and zoning support consideration of retail, restaurant, office, multifamily, and short-term rental uses as identified in the property information.
The property is located in Savannah, Georgia, near I-16 and the Savannah Visitor Center. Upper-floor and rooftop vantage points provide views toward the Talmadge Bridge, downtown skyline, and area church steeples. The existing configuration and zoning support consideration of retail, restaurant, office, multifamily, and short-term rental uses as identified in the property information.
Key Highlights
- 14,100‑square‑foot mixed‑use building on 0.087 acres
- Built in 1900 with brick construction
- Fully built‑out ground floor and basement
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
$196,029
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
7.21%
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%
$3,920,580
$3.9M
Cap Rate 7%
$2,800,414
$2.8M
Cap Rate 9%
$2,178,100
$2.2M
Market Conditions
NOI Build-Up for 14,100 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
$313.0K $22.20/SF
− Vacancy
−$51.6K −$3.66/SF
EGI
$261.4K $18.54/SF
− OpEx
−$65.3K −$4.63/SF
NOI
$196.0K $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%
$3,920,580
Cap Rate 7%
$2,800,414
Cap Rate 9%
$2,178,100
Alternative Uses
Best Use
Office B
$2.80M
$2.45M – $3.27M
NOI $196,029 @ 7.0% cap · market cap 7.21%
Second Best
Retail
$2.29M
$2.00M – $2.67M
NOI $160,060 @ 7.0% cap · market cap 5.88%
Theoretical Best
Warehouse
$13.18M
$11.53M – $15.37M
NOI $922,415 @ 7.0% cap · market cap 33.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,720
Businesses Nearby
Explore this area
Business Placement
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 Office in Savannah, GA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick commercial property with finished lower levels and unfinished upper floors suited to multiple redevelopment concepts.
Where is this mixed-use property located?
The property is located at 408 Martin Luther King Boulevard Savannah, GA.
What is the asking price?
The asking price for this property is $2,719,900.
What are key features of this property?
This property features: 14,100‑square‑foot mixed‑use building on 0.087 acres; Built in 1900 with brick construction; Fully built‑out ground floor and basement
