Gutted Mixed-Use Redevelopment
For Sale
Contact for pricing
217 E 38th St, Savannah, GA 31401
TN-2 zoning supports multifamily, office, medical, and boutique professional-space planning.
Property Size1,624 SF
Lot Size0.11 Acres
Price / SF$246.31
Days on Market145
Property Features for 217 E 38th St
General Information
Standard status
Active
Size
1,624 SF
Class
C
Lot size
0.11 Acres
Property subtype
Mixed Use, Multifamily, Office
Zoning
TN-2
Property Condition
Severity
Major Repairs Needed
Evidence
fully gutted
Additional Details
Road Access
Yes
Building Details
Year Built
1920
Buildings
1
Stories
2
Units
2
Listing Agency:
The Commercial Group
(912) 484-1330
Listed By:
Kim Lyle · License #GA 411202
Source:
Crexi
Added: Apr 9
Changed: Aug 30
Last Checked: Aug 31 at 2:14PM
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 The Commercial Group
Investment Insights
Based on property information with market context.
This 0.11-acre property includes a 1,624-square-foot structure built in 1920 that has been fully gutted. The interior is ready for redevelopment, with the existing building offering a framework for a new design that may retain elements of its historic character. The site configuration also provides potential for a secondary structure.
Positioned at the corner of E 38th Street and Lincoln Street in Savannah’s Starland District, the property sits between Abercorn Street and Lincoln Street. The surrounding area includes retail, dining, residential growth, and established professional users, including an adjacent law office. TN-2 zoning is identified for multifamily, office, medical, and boutique professional-space applications, including potential law, medical, dental, or live-work concepts.
Positioned at the corner of E 38th Street and Lincoln Street in Savannah’s Starland District, the property sits between Abercorn Street and Lincoln Street. The surrounding area includes retail, dining, residential growth, and established professional users, including an adjacent law office. TN-2 zoning is identified for multifamily, office, medical, and boutique professional-space applications, including potential law, medical, dental, or live-work concepts.
Key Highlights
- 0.11‑acre site with a 1,624‑square‑foot existing structure
- 1920 building has been fully gutted for redevelopment
- TN‑2 zoning identified for multifamily, office, medical, and boutique professional uses
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
$22,578
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
5.64%
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%
$451,560
$451.6K
Cap Rate 7%
$322,543
$322.5K
Cap Rate 9%
$250,867
$250.9K
Market Conditions
NOI Build-Up for 1,624 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
$36.1K $22.20/SF
− Vacancy
−$5.9K −$3.66/SF
EGI
$30.1K $18.54/SF
− OpEx
−$7.5K −$4.63/SF
NOI
$22.6K $13.90/SF
Area
Savannah, GA
Vacancy
16.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$451,560
Cap Rate 7%
$322,543
Cap Rate 9%
$250,867
Alternative Uses
Best Use
Office B
$322.5K
$282.2K – $376.3K
NOI $22,578 @ 7.0% cap · market cap 5.64%
Second Best
Healthcare Medical
$294.8K
$257.9K – $343.9K
NOI $20,635 @ 7.0% cap · market cap 5.16%
Theoretical Best
Warehouse
$1.52M
$1.33M – $1.77M
NOI $106,241 @ 7.0% cap · market cap 26.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,507
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 Office in Savannah, GA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - TN-2 zoning supports multifamily, office, medical, and boutique professional-space planning.
Where is this mixed-use property located?
The property is located at 217 E 38th St Savannah, GA.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 0.11‑acre site with a 1,624‑square‑foot existing structure; 1920 building has been fully gutted for redevelopment; TN‑2 zoning identified for multifamily, office, medical, and boutique professional uses
