Apartment Building with Renovated
For Sale
$2,875,000
4509 4509-4511 Old Louisville Rd, Garden City, GA 31408
Five-building apartment complex with on-site management space, private parking, and updated apartment interiors.
Property Size14,112 SF
Lot Size1.59 Acres
Price / SF$203.73
Days on Market17
Property Features for 4509 4509-4511 Old Louisville Rd
General Information
Standard status
Active
Size
14,112 SF
Total Parking Spaces
50
Lot size
1.59 Acres
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
18
Amenities
leasing/management office
Building Details
Year Built
1960
Year Renovated
2026
Buildings
5
Listing Agency:
Judge Realty, LLC
(912) 236-1000
Listed By:
Laura Ann Judge · License #238419
Source:
Barefootbrokers
Added: Aug 14
Changed: Aug 28
Last Checked: Aug 29 at 11:38AM
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 Judge Realty, LLC
Investment Insights
Based on property information with market context.
This multifamily property comprises five buildings with 18 existing apartments across approximately 14,112 square feet. Most residences feature two-bedroom, one-bath layouts. The complex was substantially renovated in early 2026, including improvements to kitchens, living areas, and interior finishes. An on-site leasing and management office supports property operations, while a monument sign provides identification along the roadway.
The property occupies approximately 1.59 acres at 4509–4511 Old Louisville Road in Garden City, near Hwy 21 and outside Savannah. Residents have access to a 50-space private surface parking lot. The improvements date to 1960, with the recent renovation updating the apartment interiors while retaining the existing five-building configuration.
The property occupies approximately 1.59 acres at 4509–4511 Old Louisville Road in Garden City, near Hwy 21 and outside Savannah. Residents have access to a 50-space private surface parking lot. The improvements date to 1960, with the recent renovation updating the apartment interiors while retaining the existing five-building configuration.
Key Highlights
- 18 existing apartment units across 5 buildings
- Approximately 14,112 square feet on 1.59 acres
- Mostly two‑bedroom, one‑bath apartment layouts
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
$138,762
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
4.83%
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%
$2,775,240
$2.8M
Cap Rate 7%
$1,982,314
$2.0M
Cap Rate 9%
$1,541,800
$1.5M
Market Conditions
NOI Build-Up for 14,112 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
$269.3K $19.08/SF
− Vacancy
−$17.0K −$1.20/SF
EGI
$252.3K $17.88/SF
− OpEx
−$113.5K −$8.05/SF
NOI
$138.8K $9.83/SF
Area
Chatham County, GA
Vacancy
6.30%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
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%
$2,775,240
Cap Rate 7%
$1,982,314
Cap Rate 9%
$1,541,800
Alternative Uses
Best Use
Apartment 5plus
$1.98M
$1.73M – $2.31M
NOI $138,762 @ 7.0% cap · market cap 4.83%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$13.19M
$11.54M – $15.39M
NOI $923,200 @ 7.0% cap · market cap 32.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
137
Businesses Nearby
Explore this area
Business Placement
Demographics for 31408, GA
11,790
Population
4,529
Households
2.6
Avg Household Size
36
Median Age
13%
College-Educated
82%
High-School Grad
21.1 sq mi
ZIP Area
559
Density / Sq Mi
$40,109
Median Household Income
$30,667
Median Earnings
$1,080
Median Rent
$160,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-building apartment complex with on-site management space, private parking, and updated apartment interiors.
Where is this apartment building located?
The property is located at 4509 4509-4511 Old Louisville Rd Garden City, GA.
What is the asking price?
The asking price for this property is $2,875,000.
What are key features of this property?
This property features: 18 existing apartment units across 5 buildings; Approximately 14,112 square feet on 1.59 acres; Mostly two‑bedroom, one‑bath apartment layouts
