Renovated 18-Unit Apartment
For Sale
$2,875,000
4509-4511 Old Louisville Rd, Garden City, GA 31408
Multi-building community with on-site management and private parking.
Property Size14,112 SF
Lot Size1.59 Acres
Price / SF$203.73
Days on Market127
Property Features for 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
Building Details
Year Built
1960
Year Renovated
2026
Buildings
5
Listing Agency:
Judge Realty, LLC
Listed By:
Laura Ann Judge · License #238419
(912) 236-1000
Source:
Cinthia.atlantageorgiahomesales
Added: Jun 14
Changed: Oct 1
Last Checked: Oct 16 at 9:35AM
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
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Investment Insights
Based on property information with market context.
The property comprises five apartment buildings with 18 existing units on approximately 1.59 acres. Most residences offer two-bedroom, one-bath layouts, and the community includes an on-site leasing and management office. Interior improvements completed in early 2026 addressed apartment kitchens, living areas, and finishes.
Built in 1960, the complex provides a 50-surface private parking lot and a monument sign along the road. The property is located at 4509-4511 Old Louisville Rd in Garden City, just outside Savannah, with access from Hwy 21 and Old Louisville Road. A sixth multi-unit residential building may be reconstructed on the site, subject to applicable approvals.
Built in 1960, the complex provides a 50-surface private parking lot and a monument sign along the road. The property is located at 4509-4511 Old Louisville Rd in Garden City, just outside Savannah, with access from Hwy 21 and Old Louisville Road. A sixth multi-unit residential building may be reconstructed on the site, subject to applicable approvals.
Key Highlights
- 18 existing apartment units, mostly with 2 bed, 1 bath floor plans
- Five separate apartment buildings on approximately 1.59‑acres
- Major renovation completed in early 2026
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$138,762
Cap Rate
4.83%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
Frequently Asked Questions
What type of property is this?
Apartment building - Multi-building community with on-site management and private parking.
Where is this apartment building located?
The property is located at 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, mostly with 2 bed, 1 bath floor plans; Five separate apartment buildings on approximately 1.59‑acres; Major renovation completed in early 2026
