Exclusive Offering · Savannah, Georgia
The William
Waring Property
12 West State Street · Wright Square · Downtown Savannah
Asking Price
$2,357,500
$418.90 / SF · 5,629 SF GBA
Property Description
A Landmark
in Every Sense
The William Waring Property is a four-story, Federal-style commercial building at the corner of West State Street and Bull Street in Downtown Savannah. Originally constructed in 1824 for Dr. William Richard Waring — physician, public health pioneer, and two-term Mayor of Savannah — it is the oldest surviving building on Wright Square.
The building underwent a significant $250,000 renovation in 1983 and a further renovation in 2018, preserving its historic character while updating its systems and finishes. The interior features original hardwood floors, exposed brick, decorative cast-iron fireplaces in two offices, and a large tenant balcony overlooking the square.
The ground floor is leased to Mint to Be Mojito Bar, a popular local restaurant and bar providing in-place income. The second floor is occupied by W Projects LLC on a month-to-month lease. The third and fourth floors are currently vacant and immediately available — offering a new owner the rare opportunity to occupy premium historic office space in the heart of Downtown Savannah, or to lease to a new tenant at market rates.
3rd Floor · Original Decorative Fireplace · Wide-Plank Heart Pine Floors
4th Floor · Exposed Original Timber Trusses
Entry Staircase · Edison Pendant Lighting
Building Facade · 12 W State Street
Outdoor Terrace · Exposed Historic Brick
Two Centuries of Commerce
From Physician's Residence
to City Landmark
Built in 1825 as the private residence of Dr. William Richard Waring, the building served as home to Savannah's most prominent physician and two-term mayor. Its original Federal-style design featured six fireplaces, heart pine floors, and a carriage house at the rear.
In 1911, Charles W. Schwartz opened the Rathskeller Tavern in the basement — the building's first commercial use. By 1919, the ground floor was converted into a Maxwell automobile showroom, with the floor raised 21 inches to accommodate vehicles.
Designated a National Historic Landmark in 1983 and restored under U.S. Department of Interior oversight, the building retains its original brick exterior, heart pine floors, third-floor fireplace and mantel, and fourth-floor original joists and rafters.
Historical Significance
Two Centuries of
Savannah History
Dr. William Richard Waring
Born in Summerville, South Carolina in 1787, Dr. Waring graduated from South Carolina College in 1808 and pursued his medical studies at the University of Pennsylvania. He served as Surgeon of the Eighth Regiment Infantry during the War of 1812 — stationed in Savannah — and chose to remain in the city after the war, building one of its most distinguished medical practices.
Dr. Waring authored the landmark "Report to the City Council of Savannah on the Epidemic Disease of 1820" — a foundational public health document — and co-founded the Savannah Temperance Society in 1832. He served two terms as Mayor of Savannah (1830–1832). He is buried at Laurel Grove North Cemetery, Savannah.
This building was constructed in 1825 as his private residence. Dr. Waring lived here with his wife, Anne Moody Johnston, and their two sons before moving to West Oglethorpe Avenue around 1832.
Architectural Legacy & Original Features
The building is the oldest surviving structure on Wright Square, laid out by General James Oglethorpe in 1733. Its Georgian/Federal design featured original dimensions of 26' wide by 35' deep, with six fireplaces, gas piping to light fixtures, and an early 1900s intercom system using talking tubes with porcelain speaker horns on each level.
Original features still intact include the brick exterior walls, heart pine floors, the third-floor fireplace and mantel, the building parapet, and the original joists and rafters on the fourth floor.
Designated a National Historic Landmark in 1983 and restored under U.S. Department of Interior oversight, it is a contributing property to the Savannah Historic District — one of the oldest and most intact historic districts in the United States.
Location
The Heart of
Downtown Savannah
West State Street, Savannah — the vibrant historic district surrounding the property
Wright Square
The property fronts directly onto Wright Square, one of Savannah's most historically significant public spaces. The square is flanked by the Tomochichi Federal Building and U.S. Courthouse, the Lutheran Church of the Ascension, and a collection of distinguished commercial buildings. The William Waring building holds the distinction of being the oldest structure on the square.
Surrounding Uses
Market Overview
Savannah's Tightest
Office Submarket
The CBD-Historic Downtown submarket is the strongest and most supply-constrained office market in the Savannah MSA, as of Q3 2025. Office vacancy within 1 mile of the subject is 0.00%.
Comparable Sales — Historic Savannah CBD
| Address | Sale Date | Sale Price | GBA (SF) | Price / SF |
|---|---|---|---|---|
| 109 Whitaker Street | Apr 2025 | $3,477,500 | 10,536 | $330.06 |
| 107 W Broughton Street | Nov 2024 | $3,000,000 | 8,025 | $373.83 |
| 118 Bull Street | May 2024 | $2,475,000 | 5,400 | $458.33 |
| 416 W Liberty Street | Mar 2023 | $3,075,000 | 7,404 | $415.32 |
| 10 Whitaker Street | Jan 2023 | $4,450,000 | 13,290 | $334.84 |
| Adjusted Value Range | $281 – $436 / SF | |||
Retail Lease Comps (Ground Floor)
| Location | Adj. Rent / SF |
|---|---|
| 2 Barnard St | $37.41 / SF NNN |
| 408 Bull St | $45.00 / SF NNN |
| 10 W Bryan St | $43.20 / SF NNN |
| 24 E Broughton St | $47.00 / SF NNN |
| Market Rate Concluded | $42.00 / SF NNN |
Office Lease Comps (Upper Floors)
| Location | Adj. Rent / SF |
|---|---|
| 109–119 Whitaker St | $22.80 / SF NNN |
| 35 Barnard St | $18.72 / SF NNN |
| 24 Dayton St | $20.40 / SF NNN |
| 36 W Broughton St | $13.50 / SF NNN |
| Market Rate Concluded | $19.00 / SF NNN |
Source: Ganem Lane Appraisal & Advisory (Oct. 2025); Cushman & Wakefield / Gilbert & Ezelle Q3 2025 Office MarketBeat. Comparable sales and lease data sourced from public records and verified appraisal data.
Financials & Tax Record
Assessed Values &
Tax History
Stabilized Pro Forma — Market Rate (Annual)
Market Cap Rate
6.50%
Based on comparable sales in Historic Savannah CBD
Asking Price
$2,357,500
$418.90 / SF · 5,629 SF GBA
Pro forma reflects stabilized market-rate occupancy. Ground floor is currently leased below market; upper floors 3 & 4 are vacant and available for owner occupancy or new lease. Expenses estimated on NNN basis; taxes and insurance reimbursed by tenants.
County Appraised Value History
Annual Tax History
Millage Rate
28.7890
City of Savannah Tax District 020
Current Tenancy
Ground Floor
Mint to Be Mojito Bar
A popular local restaurant and bar known for handcrafted mojitos and Latin-inspired bites. Also operates La Aparicion, a speakeasy within the premises. Provides stable, in-place income for a new owner.
2nd Floor · Month-to-Month
W Projects LLC
An office tenant in residence for over 7 years, currently occupying the second floor on a month-to-month lease at $28.00/SF/YR (Modified Gross). Provides in-place income with flexibility for a new owner to renegotiate terms.
3rd & 4th Floors
Available NowOwner-User Opportunity
The third and fourth floors are currently vacant and immediately available. A new owner may occupy these floors for their own business, establishing a prestigious Downtown Savannah address in one of the city's most historically significant buildings — or lease to a new tenant at prevailing CBD market rates of $37.14/SF.
Exclusive Listing Broker
PIER Commercial
Real Estate
For additional information, including lease terms, financial details, and to schedule a property tour, please contact the exclusive listing broker.
Ryan T. Schneider, CCIM
President · PIER Commercial Real Estate
This offering memorandum has been prepared for informational purposes only. The information herein has been obtained from sources believed to be reliable but has not been independently verified. All projections and assumptions are provided as examples only and do not represent the current or future performance of the property. Prospective purchasers are advised to conduct their own due diligence.