Victorian Triplex with Carriage
New
For Sale
$1,295,000
120 W 37th Street, Savannah, GA 31401
Commercial Sale, Savannah, GA
Property Size5,000 SF
Lot Size0.16 Acres
Price / SF$259
Days on Market4
Property Features for 120 W 37th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
BN
Bedrooms
7
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 4, Bedroom 3, Bathroom 4, Bedroom 5, Bedroom 6, Bedroom 2, Bathroom 1, Bathroom 3, Basement, Bedroom 7, Bedroom 1, Bathroom 5, Bathroom 2
Appliances
Some Electric Appliances, Convection Oven, Dishwasher, Disposal, Gas Water Heater, Ice Maker, Microwave, Refrigerator
Directions
Located on the corner of West 37th street and Barnard
Standard status
Active
APN
2006510003
Size
5,000 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 56, 57 AND SOUTH 24 FEET OF LOT 58 ESTILL WARD
Tax Annual Amount
4629
Legal Description
LOTS 56, 57 AND SOUTH 24 FEET OF LOT 58 ESTILL WARD
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1924
Floors in Building
2
Building materials
Frame
Roof type
Composition
Architectural style
Victorian
Listing Agency:
Seaport Real Estate Group
(912) 210-4767
Listed By:
Aaron E. Hoffman · License #277906
(912) 308-8739
Added: Aug 26
Last Checked: Aug 29 at 11:06AM
MLS# SA363158
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.
Investment Insights
Based on property information with market context.
Built in 1924, this 5,000-square-foot Victorian triplex includes a primary residence, a detached carriage house, and an attached parlor-style unit. The main home has been painted inside and out and includes multiple bedrooms and bathrooms. The carriage house provides one bedroom, a full kitchen, laundry, and a full bathroom, while the attached unit has its own kitchen and full bath. The property includes seven bedrooms and five bathrooms overall, along with a basement and conveying appliances.
Set on 0.16 acres at 120 W 37th Street in Savannah, the property is served by public water and public sewer. Additional features include a new privacy fence, frame construction, a composition roof, central heating, and central air conditioning. BN zoning is identified for the property.
Set on 0.16 acres at 120 W 37th Street in Savannah, the property is served by public water and public sewer. Additional features include a new privacy fence, frame construction, a composition roof, central heating, and central air conditioning. BN zoning is identified for the property.
Key Highlights
- 5,000‑square‑foot Victorian triplex built in 1924
- Three separate living components: main residence, carriage house, and attached parlor‑style unit
- Detached carriage house includes 1 bedroom, full kitchen, laundry, and full bath
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
Lease Details
3
Residential units
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 - Three residential units combine Victorian character with refreshed interiors, private kitchens, and flexible living arrangements.
Where is this triplex located?
The property is located at 120 W 37th Street 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: 5,000‑square‑foot Victorian triplex built in 1924; Three separate living components: main residence, carriage house, and attached parlor‑style unit; Detached carriage house includes 1 bedroom, full kitchen, laundry, and full bath
