Building Details

Year Built 1920

Buildings 1

Stories 2

Units 2

Listing Agency: The Commercial Group

Listed By: Kim Lyle · License #GA 411202 Show Phone

Source: Crexi

Added: Apr 9 Changed: Oct 10 Last Checked: Oct 14 at 11:03PM

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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

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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.

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 / Yr

$22,578

Cap Rate

6.95%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$451,560 $451.6K

Cap Rate 7%

$322,543 $322.5K

Cap Rate 9%

$250,867 $250.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,624 SF

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 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 (±1% cap)

NOI $22,578 @ 7.0% cap · market cap 6.95%

Second Best

Healthcare Medical

$294.8K

$257.9K – $343.9K (±1% cap)

NOI $20,635 @ 7.0% cap · market cap 6.35%

Theoretical Best

Warehouse

$1.52M

$1.33M – $1.77M (±1% cap)

NOI $106,241 @ 7.0% cap · market cap 32.69%

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

Property Analytics

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Current Use

Office Units

Suggested Use

Top Pick Pharmacy HVAC Service Carpet & Flooring Store Electrical Service Plumbing Service Building Supply

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

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

13.1% 2019

9.9% 2020

8.7% 2021

8.4% 2022

4.3% 2023

4.9% 2024

3.1% 2025

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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 $325,000.

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