Updated Victorian
New
For Sale
$1,295,000
120 W 37th St, Savannah, GA 31401
Flexible residential property with a detached carriage house and an additional attached unit, each offering private living amenities.
Property Size5,000 SF
Price / SF$259
Days on Market2
Property Features for 120 W 37th St
General Information
Standard status
Active
Size
5,000 SF
Building Details
Year Built
1924
Buildings
2
Construction
Victorian
Listing Agency:
Seaport Real Estate Group
Listed By:
Aaron E. Hoffman · License #277906
(912) 308-8739
Source:
Bradberrygarnerrealestate
Added: Sep 1
Last Checked: Sep 1 at 10:05PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Seaport Real Estate Group
Investment Insights
Based on property information with market context.
This Victorian residential property, built in 1924, combines a primary home with two additional living spaces. The detached carriage house includes one bedroom, a full kitchen, laundry, and a full bathroom. An attached parlor-style unit adds another private kitchen and full bathroom, creating a configuration suited to guest accommodations or short-term and long-term rental use. Appliances convey with the property.
Recent improvements include interior and exterior painting along with installation of a new privacy fence. The property is located at 120 W 37th St in Savannah, Georgia, within the 31401 ZIP code. PropertySize is reported as 5000.
Recent improvements include interior and exterior painting along with installation of a new privacy fence. The property is located at 120 W 37th St in Savannah, Georgia, within the 31401 ZIP code. PropertySize is reported as 5000.
Key Highlights
- Detached carriage house with 1 bedroom, full kitchen, laundry, and full bath
- Attached parlor‑style unit with its own kitchen and full bath
- Main residence freshly painted inside and out
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$53,015
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.09%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,060,300
$1.1M
Cap Rate 7%
$757,357
$757.4K
Cap Rate 9%
$589,056
$589.1K
Market Conditions
NOI Build-Up for 5,000 SF
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.
Gross rent
$81.0K $16.20/SF
− Vacancy
−$5.3K −$1.05/SF
EGI
$75.7K $15.15/SF
− OpEx
−$22.7K −$4.54/SF
NOI
$53.0K $10.60/SF
Area
Savannah, GA
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,060,300
Cap Rate 7%
$757,357
Cap Rate 9%
$589,056
Alternative Uses
Best Use
Multifamily LT 5
$757.4K
$662.7K – $883.6K
NOI $53,015 @ 7.0% cap · market cap 4.09%
Second Best
Apartment 5plus
$702.3K
$614.6K – $819.4K
NOI $49,164 @ 7.0% cap · market cap 3.80%
Theoretical Best
Warehouse
$4.67M
$4.09M – $5.45M
NOI $327,098 @ 7.0% cap · market cap 25.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,650
Businesses Nearby
Explore this area
Business Placement
Demographics for 31401, GA
22,927
Population
11,832
Households
1.9
Avg Household Size
28
Median Age
48%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
6,743
Density / Sq Mi
$50,182
Median Household Income
$27,309
Median Earnings
$1,428
Median Rent
$477,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Flexible residential property with a detached carriage house and an additional attached unit, each offering private living amenities.
Where is this triplex located?
The property is located at 120 W 37th St Savannah, GA.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Detached carriage house with 1 bedroom, full kitchen, laundry, and full bath; Attached parlor‑style unit with its own kitchen and full bath; Main residence freshly painted inside and out
