408 Martin Luther King Jr BlvdSavannah, GA 31401

Property Details for 408 Martin Luther King Jr Blvd

Year built

1900

Lot size

0.09 AC

Property size (Sq ft)

10,479 SF

Zone code

BC

Property type

Retail space

APN

2-0031 -36-007

APU

2003136007

Description

This exceptional Savannah, GA mixed-use building presents a unique investment opportunity. Located at 408 & 410 Martin Luther King Jr Blvd (APN: 20031 36007), this four-story, 14,327 square foot property (13,427 net rentable) sits on a 3,793 square foot lot and boasts a coveted Walk Score of 98/100. Built in 1920 and renovated in 2010, the building is classified as Class B and zoned D-C. Currently vacant except for ground floor tenants, it offers immediate income potential with approved plans for 10 short-term vacation rentals (STVRs). The second and third floors (each approximately 3,200 sq ft) are already approved for STVR use, featuring open-concept layouts with original hardwood floors and Venetian-style ceiling tiles, and a separate street-level entrance. The ground floor, currently leased, includes a glass front mezzanine and a rear open mezzanine. This space can be easily divided into two separate units. The property is listed at $3,200,000, with a lease type of NNN and credit-rated tenants. The building offers significant redevelopment potential, including the approved addition of a fifth floor, further increasing STVR capacity. This owner-user investment opportunity combines immediate rental income with substantial long-term growth potential in a thriving market. The property is vacant as of November 30, 2024.

• CAP approach

  CAP return

  Valuation

  6%

  $3,191,950

  6.5%

  $2,946,415

  7%

  $2,735,957

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,360,777

  Geo Method

  $1,795,946

• Alternative Use

  Use

  Valuation

  Residential

  $2,485,412

  Hospitality

  $2,276,624

  Educational

  $1,894,124

  Medical

  $1,959,266

  Retail

  $2,946,415

Location Insight

City

Savannah

County

Chatham

State

Georgia

Latitude

32.0737

Longitude

-81.0995

CBSA code

42340

CBSA name

SAVANNAH, GA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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