Updated Victorian
For Sale
$650,000
22 E 37th Street, Savannah, GA 31401
Residential Income, Savannah, GA
Property Size1,920 SF
Lot Size0.07 Acres
Price / SF$338.54
Days on Market161
Property Features for 22 E 37th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
TN-2
Zoning description
Mixed use, Multi Family, Single Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 4
Parking features
On Street, Off Street
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Pull Down Attic Stairs
Exterior features
Balcony
Fireplace
1
Appliances
Dishwasher, Electric Water Heater, Oven, Range, Dryer, Refrigerator, Washer
Subdivision
Thomas Square
Lot features
City Lot, Historic District, Level
Directions
From Bull Street headed north, turn right on 37th Street, house in on north side of street between Drayton and Bull.
Standard status
Active
APN
2-0065-13-011
Size
1,920 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
LOT A SUB OF LOT 49 & THE NORTH
Legal Description
LOT A SUB OF LOT 49 & THE NORTH
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Amenities
back deck
landscaping
picket fence
rear fencing
door locks
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Wood, Vinyl
Building materials
Frame, Wood Siding
Roof type
Asphalt
Architectural style
Victorian
Listing Agency:
Engel & Volkers
(912) 238-0874
Listed By:
Jessica L. Kelly · License #270287
(912) 441-9101
Added: Mar 23
Changed: Aug 19
Last Checked: Aug 30 at 7:06AM
MLS# SA351089
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.
This 1,920-square-foot Victorian duplex, built in 1900, contains two residences with matching two-bedroom, one-bath layouts. Recent improvements include a replacement roof, new HVAC systems, upgraded electrical components, and new plumbing beneath the home. Interior updates include flooring, kitchens, tile bathrooms, appliances, and lighting. The property also features a rear deck, repaired siding with fresh exterior paint, landscaping, fencing, and a picket fence. Off-street parking accommodates three vehicles.
The property is located at 22 E 37th Street in Savannah’s Thomas Square District, near the Starland area and Bull Street Corridor. Common Thread and Elizabeth on 37th are directly across the street, while SCAD, coffee shops, and boutiques are within walking distance. TN-2 zoning and public water and sewer further define the property’s characteristics.
The property is located at 22 E 37th Street in Savannah’s Thomas Square District, near the Starland area and Bull Street Corridor. Common Thread and Elizabeth on 37th are directly across the street, while SCAD, coffee shops, and boutiques are within walking distance. TN-2 zoning and public water and sewer further define the property’s characteristics.
Key Highlights
- Two‑unit duplex with two bedrooms and one bath per residence
- 1,920 square feet on a 0.071‑acre lot
- Built in 1900 with Victorian architectural style
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
$20,358
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
3.13%
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%
$407,160
$407.2K
Cap Rate 7%
$290,829
$290.8K
Cap Rate 9%
$226,200
$226.2K
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
$31.1K $16.20/SF
− Vacancy
−$2.0K −$1.05/SF
EGI
$29.1K $15.15/SF
− OpEx
−$8.7K −$4.54/SF
NOI
$20.4K $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%
$407,160
Cap Rate 7%
$290,829
Cap Rate 9%
$226,200
Alternative Uses
Best Use
Multifamily LT 5
$290.8K
$254.5K – $339.3K
NOI $20,358 @ 7.0% cap · market cap 3.13%
Second Best
Apartment 5plus
$269.7K
$236.0K – $314.7K
NOI $18,879 @ 7.0% cap · market cap 2.90%
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
Lease Details
2
Residential units
Yes
Paved road access
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?
Duplex - Two two-bedroom units with one bath each, plus off-street parking and refreshed interiors.
Where is this duplex located?
The property is located at 22 E 37th Street 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: Two‑unit duplex with two bedrooms and one bath per residence; 1,920 square feet on a 0.071‑acre lot; Built in 1900 with Victorian architectural style
