Commercial Building with Raised
For Sale
$620,000
2203 Skidaway Road, Savannah, GA 31404
New Traditional, Other - Savannah, GA
Property Size2,952 SF
Lot Size0.18 Acres
Price / SF$210.03
Days on Market54
Property Features for 2203 Skidaway Road
General Information
Property type
Other
Property subtype
Multi Family
Zoning
Commercial
Bedrooms
2
Bathrooms
3
Full bathrooms
1
Half bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2
Parking features
Off Street
Appliances
Range, Refrigerator
View
Panorama
Directions
From Hwy 80/Victory Drive, turn North onto Skidway Road. Property is approximately 1800ft down on the left side of Skidaway Drive.
Standard status
Active
APN
20079 15001
Size
2,952 SF
Lot size
0.18 Acres
Utilities
Heating system
Central, None (Heating)
Cooling system
Central Air, Electric
Building Details
Year built
1946
Flooring type
Concrete, Tile
Architectural style
New Traditional
Listing Agency:
Engel & Völkers Savannah
(912) 238-0874
Listed By:
Jessica L. Kelly
Added: Jul 7
Changed: Jul 15
Last Checked: Aug 29 at 3:06AM
MLS# SA343522
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 offering includes a commercial building along with an adjacent raised cottage, creating a combined commercial-and-residential live-work option. The commercial space is described as ready for interior build-out to accommodate a variety of business needs. The adjacent cottage is a raised structure with 2 bedrooms and 1 bathroom, and it includes additional carport-covered parking, alley access, and storage beneath.
The property is zoned for Neighborhood Business District (B-N) uses, and the site is reported to be about 1,800 feet from the high-traffic intersection of Skidaway Road and Victory Drive. The commercial site includes a paved parking lot with 8+ customer spaces and is described as walkable to area businesses and residential neighborhoods.
Nearby anchors referenced in the listing include Starbucks, Chick-fil-A, Whole Foods, Target, Home Depot, Walgreens, CVS, and a movie theater. Per the offering terms, TWO properties/TWO pins must be sold together.
The property is zoned for Neighborhood Business District (B-N) uses, and the site is reported to be about 1,800 feet from the high-traffic intersection of Skidaway Road and Victory Drive. The commercial site includes a paved parking lot with 8+ customer spaces and is described as walkable to area businesses and residential neighborhoods.
Nearby anchors referenced in the listing include Starbucks, Chick-fil-A, Whole Foods, Target, Home Depot, Walgreens, CVS, and a movie theater. Per the offering terms, TWO properties/TWO pins must be sold together.
Key Highlights
- High‑traffic location, only 1800 ft from Skidaway/Victory intersection, offering excellent visibility.
- Zoned B‑N, allowing diverse business uses such as retail, restaurant, office, or daycare.
- Includes a 2,160 sq ft commercial building ready for build‑out and a 792 sq ft residential cottage.
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Commercial building with paved parking plus an adjacent raised 2BR/1BA cottage, zoned for neighborhood business uses.
Where is this live-work space located?
The property is located at 2203 Skidaway Road 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: High‑traffic location, only 1800 ft from Skidaway/Victory intersection, offering excellent visibility.; Zoned B‑N, allowing diverse business uses such as retail, restaurant, office, or daycare.; Includes a 2,160 sq ft commercial building ready for build‑out and a 792 sq ft residential cottage.
