Mixed-Use Property with
For Sale
$620,000
2203 Skidaway Rd, Savannah, GA 31404
B-N zoning supports a commercial building paired with a separate two-bedroom residence and paved customer parking.
Property Size2,160 SF
Price / SF$210.03
Days on Market34
Property Features for 2203 Skidaway Rd
General Information
Standard status
Active
Size
2,160 SF
Property subtype
Multi-Family
Zoning
B-N
Building Details
Year Built
1946
Buildings
2
Building Size
2,160 SF
Listing Agency:
Engel & Volkers
(912) 441-9101
Listed By:
Jessica L. Kelly · License #270287
Source:
Barefootbrokers
Added: Jul 26
Changed: Aug 28
Last Checked: Aug 28 at 12:41PM
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 mixed-use offering combines a 2,160-square-foot commercial building with an adjacent 792-square-foot raised cottage. The commercial structure is positioned for interior build-out and carries B-N, or Neighborhood Business District, zoning. Stated potential uses include retail, restaurant, office, daycare, and animal hospital operations. The cottage provides two bedrooms and one bathroom, along with covered carport parking, alley access, and storage beneath the raised structure.
The property includes a paved parking area with 8+ customer spaces and sits approximately 1,800 feet from the intersection of Skidaway Road and Victory Drive. Nearby national and regional commercial anchors include Starbucks, Chick-fil-A, Whole Foods, Target, Home Depot, Walgreens, CVS, and a movie theater. Both properties, recorded under two pins, are offered together. The improvements date to 1946.
The property includes a paved parking area with 8+ customer spaces and sits approximately 1,800 feet from the intersection of Skidaway Road and Victory Drive. Nearby national and regional commercial anchors include Starbucks, Chick-fil-A, Whole Foods, Target, Home Depot, Walgreens, CVS, and a movie theater. Both properties, recorded under two pins, are offered together. The improvements date to 1946.
Key Highlights
- 2,160 SF commercial building with interior build‑out potential
- Adjacent 792 SF raised cottage with 2BR/1BA layout
- B‑N Neighborhood Business District zoning
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
$41,041
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
6.62%
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%
$820,820
$820.8K
Cap Rate 7%
$586,300
$586.3K
Cap Rate 9%
$456,011
$456.0K
Market Conditions
NOI Build-Up for 2,952 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
$65.5K $22.20/SF
− Vacancy
−$10.8K −$3.66/SF
EGI
$54.7K $18.54/SF
− OpEx
−$13.7K −$4.63/SF
NOI
$41.0K $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%
$820,820
Cap Rate 7%
$586,300
Cap Rate 9%
$456,011
Alternative Uses
Best Use
Office B
$586.3K
$513.0K – $684.0K
NOI $41,041 @ 7.0% cap · market cap 6.62%
Second Best
Retail
$478.7K
$418.9K – $558.5K
NOI $33,510 @ 7.0% cap · market cap 5.40%
Theoretical Best
Warehouse
$2.76M
$2.41M – $3.22M
NOI $193,118 @ 7.0% cap · market cap 31.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
712
Businesses Nearby
Explore this area
Business Placement
Demographics for 31404, GA
31,530
Population
14,427
Households
2.2
Avg Household Size
35
Median Age
28%
College-Educated
89%
High-School Grad
13.7 sq mi
ZIP Area
2,301
Density / Sq Mi
$49,805
Median Household Income
$31,620
Median Earnings
$1,199
Median Rent
$193,100
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 - B-N zoning supports a commercial building paired with a separate two-bedroom residence and paved customer parking.
Where is this mixed-use property located?
The property is located at 2203 Skidaway Rd Savannah, GA.
What is the asking price?
The asking price for this property is $620,000.
What are key features of this property?
This property features: 2,160 SF commercial building with interior build‑out potential; Adjacent 792 SF raised cottage with 2BR/1BA layout; B‑N Neighborhood Business District zoning
