Renovated Mixed-Use
For Sale
$599,900
22 E 37th Street, Savannah, GA 31401
Savannah, GA
Property Size1,920 SF
Price / SF$312.45
Days on Market73
Property Features for 22 E 37th Street
General Information
Property type
Commercial Sale
Property subtype
Office
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bedroom 2, Bedroom 1
Standard status
Active
Size
1,920 SF
Building Details
Year built
1900
Listing Agency:
Engel & Volkers Savannah · Engel & Völkers
(912) 238-0874
Listed By:
Jessica L. Kelly · License #270287
(912) 441-9101
Added: Jul 15
Changed: Sep 23
Last Checked: Sep 25 at 5:06AM
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.
This circa 1900 mixed-use property contains 1,920 square feet across a commercial first floor and an upper-level two-bedroom, one-bath apartment. TN-2 zoning permits first-floor uses that include an artist studio, gallery, creative workspace, professional office, and other neighborhood commercial activities. The layout supports live-work occupancy, owner use, or separate residential and commercial functions.
Renovations include a new roof, new HVAC systems, upgraded electrical service with new mast and panels, replacement plumbing beneath the structure, refreshed kitchens and baths, updated lighting, and new flooring. 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 at 22 E 37th Street in Savannah's Thomas Square District, across from Common Thread and Elizabeth on 37th. It is also within walking distance of SCAD, coffee shops, boutiques, and neighborhood amenities.
Renovations include a new roof, new HVAC systems, upgraded electrical service with new mast and panels, replacement plumbing beneath the structure, refreshed kitchens and baths, updated lighting, and new flooring. 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 at 22 E 37th Street in Savannah's Thomas Square District, across from Common Thread and Elizabeth on 37th. It is also within walking distance of SCAD, coffee shops, boutiques, and neighborhood amenities.
Key Highlights
- 1,920‑square‑foot mixed‑use property built circa 1900
- TN‑2 zoning with permitted first‑floor 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
4.45%
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 4.45%
Second Best
Mixed Use
$310.6K
$271.8K – $362.3K
NOI $21,740 @ 7.0% cap · market cap 3.62%
Theoretical Best
Warehouse
$1.79M
$1.57M – $2.09M
NOI $125,606 @ 7.0% cap · market cap 20.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Fenced yard
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
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Cap Rate, Value Estimation, Potential NOI and more
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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 a flexible live-work configuration with commercial uses below and a two-bedroom apartment above.
Where is this mixed-use property located?
The property is located at 22 E 37th Street Savannah, GA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 1,920‑square‑foot mixed‑use property built circa 1900; TN‑2 zoning with permitted first‑floor studio, gallery, creative workspace, and professional office uses; Upper level includes a 2‑bedroom, 1‑bath apartment
