Five-Unit Multifamily
For Sale
$999,000
521 W 37th St, Savannah, GA 31415
Furnished executive rentals complement a long-term rental and an unrenovated unit with added repositioning potential.
Property Size3,506 SF
Price / SF$284.94
Days on Market41
Property Features for 521 W 37th St
General Information
Standard status
Active
Size
3,506 SF
Property subtype
Multi-Family
Additional Details
Furnished
Yes
Multifamily Units
5
Building Details
Year Built
1950
Buildings
2
Listing Agency:
Bare Real Estate
(912) 236-1000
Listed By:
Daniel Worsley · License #357843
Source:
Patrickrealestate
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 11:37AM
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 Bare Real Estate
Investment Insights
Based on property information with market context.
This multifamily offering combines a duplex at 521 W 37th Street with a one-story triplex at 2106–2108 Burroughs Street. Together, the properties contain five units and 3,506 square feet of living space. The improvements date to 1950.
Units 521B, 2106, and 2108 Burroughs Street are furnished and operating as executive rentals, while 521A is leased as a long-term rental. Unit 2106B remains unrenovated, creating a clear opportunity to improve the property’s unit mix and operations. The Savannah location provides access to downtown, employment centers, hospitals, dining, and shopping, supporting both short-term and mid-term rental use.
Units 521B, 2106, and 2108 Burroughs Street are furnished and operating as executive rentals, while 521A is leased as a long-term rental. Unit 2106B remains unrenovated, creating a clear opportunity to improve the property’s unit mix and operations. The Savannah location provides access to downtown, employment centers, hospitals, dining, and shopping, supporting both short-term and mid-term rental use.
Key Highlights
- Five total units across a duplex and a one‑story triplex
- Combined 3,506 square feet of living space
- Furnished executive rentals at 521B, 2106, and 2108 Burroughs Street
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
$37,174
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
3.72%
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%
$743,480
$743.5K
Cap Rate 7%
$531,057
$531.1K
Cap Rate 9%
$413,044
$413.0K
Market Conditions
NOI Build-Up for 3,506 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
$56.8K $16.20/SF
− Vacancy
−$3.7K −$1.05/SF
EGI
$53.1K $15.15/SF
− OpEx
−$15.9K −$4.54/SF
NOI
$37.2K $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%
$743,480
Cap Rate 7%
$531,057
Cap Rate 9%
$413,044
Alternative Uses
Best Use
Multifamily LT 5
$531.1K
$464.7K – $619.6K
NOI $37,174 @ 7.0% cap · market cap 3.72%
Second Best
Apartment 5plus
$492.5K
$430.9K – $574.6K
NOI $34,474 @ 7.0% cap · market cap 3.45%
Theoretical Best
Warehouse
$3.28M
$2.87M – $3.82M
NOI $229,361 @ 7.0% cap · market cap 22.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,522
Businesses Nearby
Explore this area
Business Placement
Demographics for 31415, GA
11,034
Population
5,591
Households
2
Avg Household Size
37
Median Age
15%
College-Educated
79%
High-School Grad
6.6 sq mi
ZIP Area
1,672
Density / Sq Mi
$37,890
Median Household Income
$28,229
Median Earnings
$973
Median Rent
$112,300
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?
Multifamily property - Furnished executive rentals complement a long-term rental and an unrenovated unit with added repositioning potential.
Where is this multifamily property located?
The property is located at 521 W 37th St Savannah, GA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Five total units across a duplex and a one‑story triplex; Combined 3,506 square feet of living space; Furnished executive rentals at 521B, 2106, and 2108 Burroughs Street
