Freestanding Creative Retail
For Sale
$1,088,000
2506 Barnard Street, Savannah, GA 31401
SINGLE_FAMILY - Savannah, GA
Property Size2,729 SF
Lot Size0.12 Acres
Price / SF$398.68
Days on Market1241
Property Features for 2506 Barnard Street
General Information
Property type
Residential
Property subtype
Retail
Zoning
RIP
Security features
Security System
Appliances
Electric Water Heater
Directions
From Savannah's Historic District take Barnard south to 42nd St.
Standard status
Active
APN
2007406012
Size
2,729 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2022
Tax Description
K & L SUB 61 SOLOMON WD
Tax Annual Amount
2789
Legal Description
K & L SUB 61 SOLOMON WD
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1970
Floors in Building
1
Building materials
Brick, Block
Listing Agency:
Parker Scott Properties
(912) 897-6320
Listed By:
Michelle Parker · License #276851
(912) 604-1197
Added: Mar 15, 2023
Changed: Jul 8
Last Checked: Aug 6 at 7:06PM
MLS# SA285485
Copyright © 2026 Hive MLS. 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 freestanding commercial building offers a spacious, room-based layout designed for flexible use. The property includes a space previously used as a recording studio, which may support professional services and multimedia-related concepts. A new roof has been recently installed, and the building is supported by off-street parking.
Located in Savannah’s Streetcar District, the setting is described as walkable and well-traveled, with a mix of dining, art, retail, residential, and SCAD housing. The listing notes proximity to Starland Yard and easy access to Forsyth Park.
With zoning listed as RIP, the building can be considered for a range of neighborhood-oriented uses. The combination of multiple rooms, dedicated parking, and a creative/production-ready component may appeal to owners looking for a central presence in a creative, mixed-use environment. It is available for sale (and is also marketed for lease), giving buyers and operators a straightforward path to evaluate layout fit and use planning.
Located in Savannah’s Streetcar District, the setting is described as walkable and well-traveled, with a mix of dining, art, retail, residential, and SCAD housing. The listing notes proximity to Starland Yard and easy access to Forsyth Park.
With zoning listed as RIP, the building can be considered for a range of neighborhood-oriented uses. The combination of multiple rooms, dedicated parking, and a creative/production-ready component may appeal to owners looking for a central presence in a creative, mixed-use environment. It is available for sale (and is also marketed for lease), giving buyers and operators a straightforward path to evaluate layout fit and use planning.
Key Highlights
- Freestanding commercial building with brick and block construction
- New roof recently installed
- Zoned TN‑2 with a wide range of allowed uses, including retail/cafe, veterinary or wellness clinic, creative studio, and multi‑family development
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
$38,297
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
3.52%
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%
$765,940
$765.9K
Cap Rate 7%
$547,100
$547.1K
Cap Rate 9%
$425,522
$425.5K
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
$54.0K $19.80/SF
− Vacancy
−$3.0K −$1.09/SF
EGI
$51.1K $18.71/SF
− OpEx
−$12.8K −$4.68/SF
NOI
$38.3K $14.03/SF
Area
Savannah, GA
Vacancy
5.50%
Lease Rate
$19.80 /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%
$765,940
Cap Rate 7%
$547,100
Cap Rate 9%
$425,522
Alternative Uses
Best Use
Specialty Retail
$547.1K
$478.7K – $638.3K
NOI $38,297 @ 7.0% cap · market cap 3.52%
Second Best
Office B
$542.0K
$474.3K – $632.4K
NOI $37,941 @ 7.0% cap · market cap 3.49%
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
3,889
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 Office in Savannah, GA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Freestanding building with a room-rich layout, off-street parking, and a recently installed roof in a walkable Savannah district.
Where is this retail space 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: Freestanding commercial building with brick and block construction; New roof recently installed; Zoned TN‑2 with a wide range of allowed uses, including retail/cafe, veterinary or wellness clinic, creative studio, and multi‑family development
