Freestanding Storefront Building with TN-2
For Sale
$1,088,000
2506 Barnard Street, Savannah, GA 31401
Commercial Sale, Savannah, GA
Property Size2,729 SF
Lot Size0.12 Acres
Price / SF$398.68
Days on Market94
Property Features for 2506 Barnard Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Parking Lot
Lot features
City Lot, Corner Lot
Directions
From Savannah's Historic District take Barnard south to 42nd St.
Standard status
Active
APN
20074 06012
Size
2,729 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
24
Tax Annual Amount
3896
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Amenities
off-street parking
Building Details
Year built
1990
Building materials
Block, Brick
Listing Agency:
Parker Scott Properties
(912) 897-6320
Listed By:
Michelle Parker · License #276851
(912) 604-1197
Added: May 27
Changed: Aug 19
Last Checked: Aug 28 at 6:06AM
MLS# 10773113
Copyright © 2026 Georgia Multiple Listing Service. 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.
Freestanding storefront building at 2506 Barnard Street offering a spacious interior layout and a room previously used as a recording studio. The building is constructed with block and brick and includes central electric heating with central air conditioning. Off-street parking is provided via a parking lot, and a new roof has been recently installed.
Zoned TN-2, the property is described as suitable for a range of uses including retail, cafe/coffee shop, and veterinary or wellness clinic, along with other creative and development-oriented possibilities. The site sits on a 0.124-acre lot with public utilities, including public water and public sewer, and electricity available.
Built in 1990, this is a compact downtown-scale commercial building of 2,729 square feet positioned within steps of Starland Yard and less than a mile from Forsyth Park, with the surrounding area described as a mixed dining, art, retail, residential, and SCAD housing environment.
Zoned TN-2, the property is described as suitable for a range of uses including retail, cafe/coffee shop, and veterinary or wellness clinic, along with other creative and development-oriented possibilities. The site sits on a 0.124-acre lot with public utilities, including public water and public sewer, and electricity available.
Built in 1990, this is a compact downtown-scale commercial building of 2,729 square feet positioned within steps of Starland Yard and less than a mile from Forsyth Park, with the surrounding area described as a mixed dining, art, retail, residential, and SCAD housing environment.
Key Highlights
- Zoned TN‑2 storefront building with a recently installed roof
- 2,729 SF freestanding building built in 1990
- 0.124‑acre lot with off‑street parking via parking lot
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
$37,941
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
3.49%
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%
$758,820
$758.8K
Cap Rate 7%
$542,014
$542.0K
Cap Rate 9%
$421,567
$421.6K
Market Conditions
NOI Build-Up for 2,729 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
$60.6K $22.20/SF
− Vacancy
−$10.0K −$3.66/SF
EGI
$50.6K $18.54/SF
− OpEx
−$12.6K −$4.63/SF
NOI
$37.9K $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%
$758,820
Cap Rate 7%
$542,014
Cap Rate 9%
$421,567
Alternative Uses
Best Use
Office B
$542.0K
$474.3K – $632.4K
NOI $37,941 @ 7.0% cap · market cap 3.49%
Second Best
Retail
$442.6K
$387.2K – $516.3K
NOI $30,979 @ 7.0% cap · market cap 2.85%
Theoretical Best
Warehouse
$2.55M
$2.23M – $2.98M
NOI $178,530 @ 7.0% cap · market cap 16.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,263
Businesses Nearby
Under-served
Demand for This Use
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?
Storefront property - Freestanding storefront building zoned TN-2 with a recently installed roof and off-street parking.
Where is this storefront property located?
The property is located at 2506 Barnard Street Savannah, GA.
What is the asking price?
The asking price for this property is $1,088,000.
What are key features of this property?
This property features: Zoned TN‑2 storefront building with a recently installed roof; 2,729 SF freestanding building built in 1990; 0.124‑acre lot with off‑street parking via parking lot
