18-Unit Apartment
4509-4511 Old Louisville Rd, Garden City, GA 31408
For Sale
$2,875,000
Residential Income, Garden City, GA
Property Size14,112 SF
Lot Size24.00 Acres
Price / SF$203.73
Days on Market96
Property Features for 4509-4511 Old Louisville Rd
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Appliances
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Description
Legal Description
Utilities
Sewer type
Heating system
Cooling system
Water source
Amenities
monument sign
leasing/management office
Building Details
Year built
Floors in Building
Building materials
Buildings
Listing Agency:
Judge Realty, LLC
(912) 236-1000
Listed By:
Laura Ann Judge · License #238419
(912) 484-1514
Added: Aug 6
Changed: Oct 31
Last Checked: Nov 9 at 9:06AM
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.
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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 / Yr
$143,691
Cap Rate
5.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,873,820
$2.9M
Cap Rate 7%
$2,052,729
$2.1M
Cap Rate 9%
$1,596,567
$1.6M
Market Conditions
NOI Build-Up for 14,112 SF
Gross rent
$279.4K $19.80/SF
− Vacancy
−$18.2K −$1.29/SF
EGI
$261.3K $18.51/SF
− OpEx
−$117.6K −$8.33/SF
NOI
$143.7K $10.18/SF
Area
Chatham County, GA
Vacancy
6.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,873,820
Cap Rate 7%
$2,052,729
Cap Rate 9%
$1,596,567
Alternative Uses
Best Use
Apartment 5plus
$2.05M
$1.80M – $2.39M
NOI $143,691 @ 7.0% cap · market cap 5.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.81M
$3.33M – $4.45M
NOI $266,751 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
18
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
137
Businesses Nearby
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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
$160,600
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Chatham County, GA
Properties on Market for Apartment buildings in Chatham County
Vacancy Rate% for Multifamily in South region
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
