1510 Drayton St Savannah, GA 31401-7334

Property Details for 1510 Drayton St

Year built

1967

Lot size

0.19 lot acres

Property size

2,622 SF

Zone code

RIP

Property type

Office buildings

APN

2-0053 -24-009

APU

2005324009

Description

This exceptional one-story, 2,777 square foot office building in Savannah, Georgia's historic district presents a compelling investment opportunity. Built in 1967 and renovated in 2021, the property boasts a desirable location on Drayton Street, offering excellent visibility and signage opportunities. Currently featuring two units, one is occupied by a successful tenant under a lease expiring July 31, 2025 (0.7 years remaining), while the other is vacant, ideal for an owner-user or immediate re-leasing to capitalize on current market rates. The building sits on an 8,276 square foot lot and includes seven parking spaces. With a 50% occupancy rate as of July 1, 2024, the property generates a pro-forma NOI of $60,000, resulting in a 5.22% pro-forma cap rate. The asking price is $1,150,000 ($414.12/sq ft and $575,000/unit). The property is zoned TN-2 and is a Class B building. This is a multi-tenant property with a modified lease type. This prime location near Forsyth Park is surrounded by thriving restaurants, retailers, and prestigious homes, ensuring strong tenant demand and long-term value appreciation. The property is suitable for a 1031 exchange.