Savannah Victorian Multifamily
223 W 38th Street, Savannah, GA 31401
- Added:
- Apr 17, 2026
- Days on Market:
- 47
- Last Refresh:
- Jun 2 at 6:06 am
Property Features for 223 W 38th Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 5
- Bathrooms
- 2
- Rooms
- Bedroom 3, Bedroom 5, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 2
- Parking features
- On Street, Off Street
- Interior features
- Pull Down Attic Stairs
- Appliances
- Electric Water Heater
- Standard status
- Pending
- APN
- 20065 26001
- Size
- 2,515 SF
- Lot size
- 0.09 Acres
Taxes and HOA fees
- Tax Description
- WEST HALF OF 5 LOVELL WARD
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air
- Water source
- Public
Building Details
- Year built
- 1890
- Floors in Building
- 2
- Number of units
- 2
- Flooring type
- Wood, Carpet
- Building materials
- Frame, Wood Siding
- Roof type
- Composition
- Architectural style
- Victorian
Listing agent Yolanda Owens License #389119 (912) 596-8584
Listing office Keller Williams Coastal Area P 329 Commercial Dr., Suite 100, Savannah, GA (912) 356-5001
Listing date Apr 17, 2026
MLS# SA353906
Listing URL
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.
HighLights
- TN‑2 Zoning: Allows for single‑family, duplex, or multi‑family housing, ADUs, and other flexible residential uses, ideal for rental income or investment.
- Prime Location: Situated in the heart of Savannah, minutes from downtown, SCAD, hospitals, shopping, and dining.
- Oversized Corner Lot: Provides ample room for expansion, redevelopment, or outdoor living enhancements.
- Investment/Development Potential: Suited for renovation, new construction, or multi‑unit development.
- Victorian Architectural Style: Historic charm with potential for restoration.
- Off‑Street and On‑Street Parking: Offers convenient parking options.
Overview
Located in the heart of Savannah, the property on West 39th Street presents an opportunity for homeowners, investors, and developers. Zoned TN-2 (Traditional Neighborhood-2), this property offers flexibility and long-term potential in a growing area. TN-2 zoning supports walkable, in-town living and allows for a variety of residential uses. With this designation, the property can be converted into single-family, duplex, or multi-family housing, making it suitable for generating rental income or creating a multi-unit investment. The zoning also supports accessory dwelling units (ADUs), giving the option to add a carriage house or garage apartment for additional income or guest space. Positioned on an oversized corner lot of 0.089 acres, the property provides room for expansion, redevelopment, or outdoor living enhancements. The property is 2515 square feet. This home is being sold as is. Conveniently located minutes from downtown Savannah, SCAD, hospitals, shopping, and dining, this property combines location, zoning flexibility, and investment potential.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.7k | $16.20 |
| − Vacancy | −$2.6k | −$1.05 |
| EGI | $38.1k | $15.15 |
| − OpEx | −$11.4k | −$4.54 |
| NOI | $26.7k | $10.60 |
2,515 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$380.9K
$333.3K – $444.4K
NOI $26,666 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$353.3K
$309.1K – $412.2K
NOI $24,730 @ 7.0% cap · market cap 5.82%
Theoretical Best
Warehouse
$2.35M
$2.06M – $2.74M
NOI $164,530 @ 7.0% cap · market cap 38.71%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Residential land & home ...
Location Insight
- Map
- Local Demand
- City
- Savannah
- County
- Chatham
- State
- Georgia
- Longitude
- -81.103726
- Latitude
- 32.056859
Nearby Similar for Sale
FAQs
What type of property is this?
Residential land & home lot - Rare opportunity in Savannah's growing area with flexible zoning.
Where is this residential land & home lot located?
The property is located at 223 W 38th Street Savannah, GA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: TN‑2 Zoning: Allows for single‑family, duplex, or multi‑family housing, ADUs, and other flexible residential uses, ideal for rental income or investment.; Prime Location: Situated in the heart of Savannah, minutes from downtown, SCAD, hospitals, shopping, and dining.; Oversized Corner Lot: Provides ample room for expansion, redevelopment, or outdoor living enhancements.
