Mixed-Use Building with Rooftop
For Sale
$2,719,900
408 Martin Luther King Boulevard, Savannah, GA 31401
Commercial Sale, Savannah, GA
Property Size14,100 SF
Lot Size0.09 Acres
Price / SF$192.90
Days on Market178
Property Features for 408 Martin Luther King Boulevard
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
BC
Rooms
Basement
Appliances
Electric Water Heater
Lot features
Historic District
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
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1900
Floors in Building
3
Flooring type
Carpet, Concrete, Hardwood
Building materials
Brick, Steel, Wood Siding
Listing Agency:
Brand Name Real Estate, Inc
(843) 737-0708
Listed By:
Travis O. Sawyer · License #371507
(912) 308-7430
Added: Mar 20
Changed: Sep 12
Last Checked: Sep 13 at 6:06PM
MLS# SA351777
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 commercial property combines a finished ground floor and basement with unfinished upper levels. The existing lower-level improvements include retail, restaurant, and office space configurations, while the upper floors offer additional areas described for office, condominium, or short-term rental redevelopment. Construction includes brick, steel, and wood siding, with hardwood, carpet, and concrete flooring in the building.
Located at 408 Martin Luther King Boulevard in Savannah, the property offers rooftop and upper-floor views toward the Talmadge Bridge, downtown skyline, and area church steeples. Public water and sewer serve the site, with cable available. The property is zoned BC and includes central heating and air conditioning.
The 0.087-acre parcel provides a substantial existing building footprint within Savannah’s 31401 postal area. An electric water heater and central electric systems are also in place.
Located at 408 Martin Luther King Boulevard in Savannah, the property offers rooftop and upper-floor views toward the Talmadge Bridge, downtown skyline, and area church steeples. Public water and sewer serve the site, with cable available. The property is zoned BC and includes central heating and air conditioning.
The 0.087-acre parcel provides a substantial existing building footprint within Savannah’s 31401 postal area. An electric water heater and central electric systems are also in place.
Key Highlights
- 14,100‑square‑foot commercial building on a 0.087‑acre parcel
- Built in 1900 with brick, steel, and wood siding
- Finished ground floor and basement; upper levels remain unfinished
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
$160,060
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
5.88%
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%
$3,201,200
$3.2M
Cap Rate 7%
$2,286,571
$2.3M
Cap Rate 9%
$1,778,444
$1.8M
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
$245.3K $17.40/SF
− Vacancy
−$16.7K −$1.18/SF
EGI
$228.7K $16.22/SF
− OpEx
−$68.6K −$4.87/SF
NOI
$160.1K $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%
$3,201,200
Cap Rate 7%
$2,286,571
Cap Rate 9%
$1,778,444
Alternative Uses
Best Use
Retail
$2.29M
$2.00M – $2.67M
NOI $160,060 @ 7.0% cap · market cap 5.88%
Second Best
Mixed Use
$2.28M
$2.00M – $2.66M
NOI $159,656 @ 7.0% cap · market cap 5.87%
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
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,720
Businesses Nearby
158k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 43%
Shops & Services 30%
Hotels & Casinos 22%
Apparel 3%
Parker's Kitchen
Shops & Services
23,226 visits/mo
0.1 miles
Wendy's
Dining
16,010 visits/mo
0.2 miles
McDonald's
Dining
14,310 visits/mo
0.5 miles
Mellow Mushroom
Dining
13,933 visits/mo
0.4 miles
Chevron
Shops & Services
11,378 visits/mo
0.3 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - BC-zoned commercial property with finished lower levels and adaptable upper floors for multiple space configurations.
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 commercial building on a 0.087‑acre parcel; Built in 1900 with brick, steel, and wood siding; Finished ground floor and basement; upper levels remain unfinished
