Historic Duplex with Updated
For Sale
$650,000
22 E 37th Street, Savannah, GA 31401
Savannah, GA
Property Size1,920 SF
Price / SF$338.54
Days on Market48
Property Features for 22 E 37th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bedroom 2, Bedroom 3
Subdivision
Thomas Square
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 17
Changed: Aug 20
Last Checked: Sep 2 at 10:06AM
MLS# SA351089
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.
Built in 1900, this two-story duplex contains 1,920 square feet with two bedrooms and one bathroom in each unit. The property has received extensive updates, including a new roof, new HVAC systems, revised electrical service, and new plumbing beneath the home. Interior work includes new downstairs flooring, renovated kitchens, updated tile bathrooms, new appliances, and new lighting.
Exterior improvements include repaired and repainted siding, a rear deck with reinforced stairs and railing, updated landscaping, front-yard picket fencing, secure rear fencing, and new door locks. Three off-street parking spaces are available. TN-2 zoning applies. The property is on E 37th Street in Savannah’s Thomas Square District, near the Bull Street Corridor and across from Common Thread and Elizabeth on 37th. SCAD, coffee shops, and local boutiques are also within walking distance.
Exterior improvements include repaired and repainted siding, a rear deck with reinforced stairs and railing, updated landscaping, front-yard picket fencing, secure rear fencing, and new door locks. Three off-street parking spaces are available. TN-2 zoning applies. The property is on E 37th Street in Savannah’s Thomas Square District, near the Bull Street Corridor and across from Common Thread and Elizabeth on 37th. SCAD, coffee shops, and local boutiques are also within walking distance.
Key Highlights
- 1,920‑square‑foot duplex built in 1900
- Two units, each with 2 bedrooms and 1 bathroom
- New roof, HVAC systems, electrical service, and plumbing beneath the home
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
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 residential units combine refreshed interiors with substantial mechanical and exterior improvements.
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: 1,920‑square‑foot duplex built in 1900; Two units, each with 2 bedrooms and 1 bathroom; New roof, HVAC systems, electrical service, and plumbing beneath the home
