Building Details

Year Built 1924

Buildings 2

Construction Victorian

Listing Agency: Seaport Real Estate Group

Listed By: Aaron E. Hoffman · License #277906 Show Phone

Source: Southeastgahomesearch

Added: Sep 1 Changed: Oct 3 Last Checked: Oct 7 at 5:17PM

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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.

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 / Yr

$53,015

Cap Rate

4.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,060,300 $1.1M

Cap Rate 7%

$757,357 $757.4K

Cap Rate 9%

$589,056 $589.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,000 SF

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 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 (±1% cap)

NOI $53,015 @ 7.0% cap · market cap 4.08%

Second Best

Apartment 5plus

$702.3K

$614.6K – $819.4K (±1% cap)

NOI $49,164 @ 7.0% cap · market cap 3.78%

Theoretical Best

Warehouse

$4.67M

$4.09M – $5.45M (±1% cap)

NOI $327,098 @ 7.0% cap · market cap 25.16%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

The Hive on 37th Vacation Rental

Suggested Use

Top Pick Electrical Service Carpet & Flooring Store Pharmacy Plumbing Service Locksmith Home Appliance Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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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 $1,300,000.

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