Renovated Mixed-Use
For Sale
$650,000
22 E 37th St, Savannah, GA 31401
TN-2 zoning supports first-floor commercial uses with an upstairs apartment.
Property Size1,920 SF
Price / SF$338.54
Days on Market55
Property Features for 22 E 37th St
General Information
Standard status
Active
Size
1,920 SF
Total Parking Spaces
3
Zoning
TN-2
Building Details
Buildings
1
Listing Agency:
Engel & Volkers
(912) 441-9101
Listed By:
Jessica L. Kelly · License #270287
(912) 441-9101
Source:
Exprealty
Added: Jun 17
Changed: Aug 10
Last Checked: Aug 10 at 5:25AM
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 Engel & Volkers
Investment Insights
Based on property information with market context.
This 1,920-square-foot mixed-use property dates to circa 1900 and combines a renovated commercial level with a 2-bedroom, 1-bath apartment above. Permitted first-floor uses include an artist studio, gallery, creative workspace, professional office, and other neighborhood commercial applications. The building retains historic character while incorporating a new roof, HVAC systems, electrical service, plumbing, flooring, lighting, kitchens, and baths.
Exterior work includes repaired and repainted siding, a rear deck with reinforced stairs and railings, updated landscaping, picket fencing, secure rear fencing, and off-street parking for up to three vehicles. The property is located at 22 E 37th St in Savannah, directly across from Common Thread and Elizabeth on 37th, with SCAD, coffee shops, boutiques, and neighborhood amenities within easy walking distance.
Exterior work includes repaired and repainted siding, a rear deck with reinforced stairs and railings, updated landscaping, picket fencing, secure rear fencing, and off-street parking for up to three vehicles. The property is located at 22 E 37th St in Savannah, directly across from Common Thread and Elizabeth on 37th, with SCAD, coffee shops, boutiques, and neighborhood amenities within easy walking distance.
Key Highlights
- 1,920‑square‑foot mixed‑use property at 22 E 37th St, Savannah, GA
- TN‑2 zoning with permitted first‑floor artist studio, gallery, creative workspace, and professional office uses
- Upper level includes a 2‑bedroom, 1‑bath apartment
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
$26,693
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
4.11%
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%
$533,860
$533.9K
Cap Rate 7%
$381,329
$381.3K
Cap Rate 9%
$296,589
$296.6K
Market Conditions
NOI Build-Up for 1,920 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
$42.6K $22.20/SF
− Vacancy
−$7.0K −$3.66/SF
EGI
$35.6K $18.54/SF
− OpEx
−$8.9K −$4.63/SF
NOI
$26.7K $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%
$533,860
Cap Rate 7%
$381,329
Cap Rate 9%
$296,589
Alternative Uses
Best Use
Office B
$381.3K
$333.7K – $444.9K
NOI $26,693 @ 7.0% cap · market cap 4.11%
Second Best
Mixed Use
$310.6K
$271.8K – $362.3K
NOI $21,740 @ 7.0% cap · market cap 3.34%
Theoretical Best
Warehouse
$1.79M
$1.57M – $2.09M
NOI $125,606 @ 7.0% cap · market cap 19.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,522
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 first-floor commercial uses with an upstairs apartment.
Where is this mixed-use property located?
The property is located at 22 E 37th St Savannah, GA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 1,920‑square‑foot mixed‑use property at 22 E 37th St, Savannah, GA; TN‑2 zoning with permitted first‑floor artist studio, gallery, creative workspace, and professional office uses; Upper level includes a 2‑bedroom, 1‑bath apartment
