18-Unit Apartment
For Sale
$2,875,000
4509-4511 Old Louisville Rd, Garden City, GA 31408
Residential Income, Garden City, GA
Property Size14,112 SF
Lot Size24.00 Acres
Price / SF$203.73
Days on Market51
Property Features for 4509-4511 Old Louisville Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
34
Bathrooms
18
Full bathrooms
18
Rooms
Bedroom 10, Bathroom 3, Bedroom 17, Bedroom 30, Bathroom 4, Bathroom 1, Bedroom 15, Bedroom 19, Bedroom 32, Bedroom 33, Bedroom 6, Bedroom 24, Bedroom 9, Bedroom 25, Bedroom 29, Bathroom 18, Bedroom 4, Bedroom 11, Bedroom 13, Bathroom 9, Bedroom 3, Bathroom 15, Bedroom 31, Bathroom 16, Bathroom 17, Bathroom 13, Bedroom 22, Bedroom 20, Bathroom 11, Bedroom 1, Bedroom 34, Bedroom 14, Bedroom 8, Bedroom 18, Bedroom 23, Bathroom 14, Bathroom 2, Bathroom 6, Bedroom 5, Bedroom 27, Bedroom 28, Bedroom 21, Bathroom 7, Bedroom 16, Bathroom 8, Bedroom 12, Bedroom 7, Bedroom 2, Bathroom 12, Bedroom 26, Bathroom 10, Bathroom 5
Appliances
Electric Water Heater
Directions
The property offers convenient transportation access. HWY 80 & Alfred Wb bus stop is 3 minutes away (1.7 miles), with others within 5-7 minutes. Savannah Amtrak is 8 minutes (2.7 miles), and Savannah/Hilton Head Airport is 12 minutes (4.2 miles). Hilton Head Airport is 64 minutes (48 miles).
Standard status
Active
APN
60882 04068
Size
14,112 SF
Lot size
24.00 Acres
Taxes and HOA fees
Tax Description
LOT 131A RECOMBINATION OF LOTS 131 & 132 SHARON PARK PLAT BOOK 50 PG 203
Legal Description
LOT 131A RECOMBINATION OF LOTS 131 & 132 SHARON PARK PLAT BOOK 50 PG 203
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1960
Floors in Building
2
Building materials
Frame, Wood Siding
Listing Agency:
Judge Realty, LLC
(912) 236-1000
Listed By:
Laura Ann Judge · License #238419
(912) 484-1514
Added: Aug 6
Changed: Sep 12
Last Checked: Sep 25 at 5:06AM
MLS# SA362134
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.
This apartment property comprises five separate buildings with 18 existing units, primarily arranged as two-bedroom, one-bath residences. The improvements total 14,112 square feet and include an on-site leasing and management office, a monument sign, private surface parking, central air, electric heating, public water, and public sewer. The buildings were constructed in 1960 with frame construction and wood siding.
The property is positioned along Hwy 21 and Old Louisville Road in Garden City, outside Savannah. Apartment kitchens, living areas, and interior finishes underwent a major renovation in early 2026. The site also includes potential for reconstruction of a sixth multi-unit residential building, subject to applicable approvals and requirements.
The property is positioned along Hwy 21 and Old Louisville Road in Garden City, outside Savannah. Apartment kitchens, living areas, and interior finishes underwent a major renovation in early 2026. The site also includes potential for reconstruction of a sixth multi-unit residential building, subject to applicable approvals and requirements.
Key Highlights
- 18 existing apartment units across 5 separate buildings
- 14,112 square feet of improvements on a 1960‑built property
- Mostly two‑bedroom, one‑bath floor plans
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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 residential complex with renovated interiors, on-site management space, and private surface 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 across 5 separate buildings; 14,112 square feet of improvements on a 1960‑built property; Mostly two‑bedroom, one‑bath floor plans
