115 E Bay ST

About this home

Steeped in Savannah history, 115 Bay Street sits within an area rich with the city's early commercial and civic life. The property's history is closely tied to the era when Savannah's waterfront was at the heart of the city's growth, and the surrounding neighborhood was home to merchants, sea captains, and prominent civic organizations. Among the notable figures of the period was Elisha Parsons, a prominent Savannah citizen and early leader of the Independent Order of Odd Fellows, who became a founding force behind Live Oak Lodge No. 3 and helped establish the Grand Lodge of Georgia in Savannah. Oglethorpe Lodge No. 1, the state's first Odd Fellows lodge, was established in Savannah in 1842, adding another fascinating chapter to the city's fraternal and social history. Today, the property offers the rare opportunity to own a piece of Savannah's historic Bay Street corridor, where generations of commerce, community, and character have shaped the city. <br> <br>5-unit mixed-use building near the corner of Bay and Drayton in Savannah's Downtown Historic District, 1block from River Street. Ground floor leased through June 2034; 4 permitted short-term rental suites above. Two suites on floor 2. Two suites on floor 3. ±7,500 SF across three stories and a full basement, offered at $3,650,000, equating to $487/SF. <br> <br>115 East Bay was originally built as the Oglethorpe Lodge and has held this location since before the Civil War, inside Savannah's National Historic Landmark District, Oglethorpe's 1733 plan and the twenty-two squares that survive it. Buildings like this last by staying useful, and this one is: a restaurant on the ground floor and basement, four suites on the two floors above, each known by a name rather than a number. The next owner takes on income and a stewardship, keeping an antebellum building on Bay Street occupied, earning, and cared for. That is how this city honors its history. Not behind glass. In use. <br> <br>Property upgrades include new insulation and trusses in 2016, HVAC units replaced in 2014, 2021, and 2024, separate electric meters for possible future uses, new electrical system, new plumbing system, new sprinkler system, and structural reinforcement with steel beams in 2010. <br> <br>The ground floor and basement, 4,112 SF, are leased to Treylor Park on a 120-month term running through June 30, 2034, personally guaranteed. Base rent is $15,000/month and steps to $16,500/month on July 1, 2029. <br> <br>The upper 2 floors hold four 1-bedroom suites, named after totaling 3,388 SF, currently operating under City of Savannah STVR certificates and producing $115,972.77 in 2025. <br> <br>Gross income $314,042. Operating expenses $76,387. NOI $237,655. 6.5% Cap Rate. Outside the 100-year flood zone. Parking access off Bay Street Lane. Offering memorandum, lease file and unit-level operating statements available to qualified buyers.