Historic Commercial Building with
408 Martin Luther King Jr Boulevard Savannah, GA 31401
408 Martin Luther King Jr Boulevard, Savannah, GA, 31401
$2,995,000
For Sale
$2,995,000
Historic building with fully built-out ground floor and basement, plus unfinished upper levels for redevelopment ideas.
Property Size14,100 SF
Price / SF$212.41
Days on Market546
Property Features for 408 Martin Luther King Jr Boulevard
General Information
- Standard status
- Active
- Size
- 14,100 SF
- Property subtype
- Commercial Sale / Multi Family
Building Details
- Year Built
- 1900
Listing agency
Brand Name Real Estate, Inc
(912) 308-7430
Listed by
Travis O. Sawyer · License #371507
(912) 308-7430
Source
Compass
Added: Jan 22, 2025 Updated: Jul 21 at 1:42PM Checked: Jul 22 at 10:30AM
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 Brand Name Real Estate, Inc
Investment Insights
Based on property information with market context.
This historic commercial building is configured with a fully built-out ground floor and basement, providing existing interior space for retail, restaurant, or office use. The upper levels are unfinished, offering flexibility for redevelopment depending on the next tenant or ownership goals.
From the rooftop and upper floors, views are described of the Talmadge Bridge, the downtown skyline, and iconic church steeples. The property is zoned commercial and is described as having easy access to I-16 and the Savannah Visitor Center, with steady foot traffic.
Overall, the building’s combination of finished street-level and basement space with unfinished upper areas creates multiple redevelopment pathways while maintaining an operating footprint at the ground level.
From the rooftop and upper floors, views are described of the Talmadge Bridge, the downtown skyline, and iconic church steeples. The property is zoned commercial and is described as having easy access to I-16 and the Savannah Visitor Center, with steady foot traffic.
Overall, the building’s combination of finished street-level and basement space with unfinished upper areas creates multiple redevelopment pathways while maintaining an operating footprint at the ground level.
Key Highlights
- Historic 3‑story brick commercial building built in 1900
- Fully built‑out ground floor and basement, with unfinished upper levels for redevelopment
- Central air and central electric heating
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $279.2k | $19.80 |
| − Vacancy | −$15.4k | −$1.09 |
| EGI | $263.8k | $18.71 |
| − OpEx | −$66.0k | −$4.68 |
| NOI | $197.9k | $14.03 |
14,100 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.83M
$2.47M – $3.30M
NOI $197,869 @ 7.0% cap · market cap 6.61%
Second Best
Office B
$2.80M
$2.45M – $3.27M
NOI $196,029 @ 7.0% cap · market cap 6.55%
Theoretical Best
Warehouse
$13.18M
$11.53M – $15.37M
NOI $922,415 @ 7.0% cap · market cap 30.80%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Creative Approach
Marketing & Advertising
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - Historic building with fully built-out ground floor and basement, plus unfinished upper levels for redevelopment ideas.
Where is this retail space located?
The property is located at 408 Martin Luther King Jr Boulevard Savannah, GA.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: Historic 3‑story brick commercial building built in 1900; Fully built‑out ground floor and basement, with unfinished upper levels for redevelopment; Central air and central electric heating
