Renovated Victorian Mixed-Use
For Sale
$650,000
22 E 37th Street, Savannah, GA 31401
Commercial Sale, Victorian - Savannah, GA
Property Size1,920 SF
Lot Size0.07 Acres
Price / SF$338.54
Days on Market30
Property Features for 22 E 37th Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Mixed use,Multi Family,Single Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
Parking
3
Appliances
Dishwasher, Dryer, Range, Refrigerator, Washer
View
Panorama
Directions
From Bull Street headed north, turn right on 37th Street, house in on north side of street between Drayton and Bull. PARKING IS BEHIND THE BUILDING - ENTER OFF DRAYTON ST.
Standard status
Active
APN
2-0065-13-011
Size
1,920 SF
Lot size
0.07 Acres
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Building Details
Year built
1900
Flooring type
Hardwood, Vinyl, Wood
Roof type
Asphalt
Architectural style
Victorian
Listing Agency:
Engel & Völkers Savannah
(912) 238-0874
Listed By:
Jessica L. Kelly
Added: Jul 13
Changed: Jul 15
Last Checked: Aug 11 at 1:06AM
MLS# SA358329
Copyright © 2026 Engel & Völkers. 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.
Renovated circa 1900 Victorian-style mixed-use building designed for flexible live-work use. The first floor supports permitted neighborhood commercial uses, including artist studio, gallery, creative workspace, and professional office, offering multiple options for day-to-day operations. The upper level features a 2-bedroom, 1-bath apartment, providing an owner-occupant setup, rental income, or a mixed-use investment configuration.
The property is zoned TN-2 and has undergone extensive capital improvements while preserving historic character. Updates include a new roof, new HVAC systems, updated electrical service with new mast and panels, new plumbing beneath the structure, renovated kitchens and baths, updated lighting, and new flooring. Exterior improvements include repaired and repainted siding, a newly constructed rear deck with reinforced stairs and railings, updated landscaping, picket fencing, secure rear fencing, and off-street parking for up to three vehicles.
Located in Savannah’s Thomas Square District on E 37th Street, the building is positioned directly across from Common Thread and Elizabeth on 37th and within walking distance of SCAD, coffee shops, boutiques, and neighborhood amenities.
The property is zoned TN-2 and has undergone extensive capital improvements while preserving historic character. Updates include a new roof, new HVAC systems, updated electrical service with new mast and panels, new plumbing beneath the structure, renovated kitchens and baths, updated lighting, and new flooring. Exterior improvements include repaired and repainted siding, a newly constructed rear deck with reinforced stairs and railings, updated landscaping, picket fencing, secure rear fencing, and off-street parking for up to three vehicles.
Located in Savannah’s Thomas Square District on E 37th Street, the building is positioned directly across from Common Thread and Elizabeth on 37th and within walking distance of SCAD, coffee shops, boutiques, and neighborhood amenities.
Key Highlights
- circa 1900 Victorian mixed‑use property on E 37th St in Savannah’s Thomas Square District
- TN‑2 zoning with permitted first‑floor uses including artist studio, gallery, creative workspace, and professional office
- Upper level has 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
Lease Details
1
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
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?
Live-work space - Renovated circa 1900 live-work building with first-floor creative/commercial uses and an upstairs 2-bedroom, 1-bath apartment.
Where is this live-work space 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: circa 1900 Victorian mixed‑use property on E 37th St in Savannah’s Thomas Square District; TN‑2 zoning with permitted first‑floor uses including artist studio, gallery, creative workspace, and professional office; Upper level has a 2‑bedroom, 1‑bath apartment
