Flex Space Condo with Dual
For Sale
$384,900
107 Center Street, St Simons Island, GA 31522
COMMERCIAL - St. Simons Island, GA
Property Size1,965 SF
Price / SF$195.88
Days on Market160
Property Features for 107 Center Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
4
Directions
At intersection of Frederica Rd and Sea Island Causeway, head north on Frederica Rd. Take left on Sylvan Drive, take left on Center Street. Building on Right. 107 Unit A/B is on far left when facing the building.
Subdivision
S3: Mid-North SSI
Standard status
Active
APN
0412264
Size
1,965 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIT 1 SYLVAN LAKE COMMERCIAL CONDO
Tax Annual Amount
1950
Legal Description
UNIT 1 SYLVAN LAKE COMMERCIAL CONDO
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
2002
Floors in Building
2
Number of units
2
Listing Agency:
Keller Williams Realty Golden Isles
(912) 434-6477
Listed By:
Holly May · License #264548
(678) 644-2572
Added: Mar 9
Changed: Aug 4
Last Checked: Aug 15 at 12:06AM
MLS# 1660219
Copyright © 2026 Golden Isles Association of REALTORS. 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 flex space condo is configured as an end unit with a dual-entry layout supporting two separate operations or a cohesive live-work setup. Unit 107 (A&B) is one of five units within Sylvan Lake Commercial Condos, managed as an independent commercial condominium association.
The main entry foyer provides separately locked access to two spaces: an upstairs unit and a main-level unit. The upstairs area includes two offices/bedrooms, 1.5 baths, a full kitchen and laundry, with high ceilings and abundant natural light. It has LVP floors, updated appliances, HVAC, and renovations completed in 2021. The downstairs unit includes a roll-up garage-style door for delivery access, a kitchenette, laundry, a full bathroom, and a separate office or rear room within the main showroom area.
Dedicated parking for both spaces is located directly in front of #107. Additional property details include Central electric heating, central air electric cooling, public water, and public sewer, with the property described as located in an X flood zone. The building was constructed in 2002.
The main entry foyer provides separately locked access to two spaces: an upstairs unit and a main-level unit. The upstairs area includes two offices/bedrooms, 1.5 baths, a full kitchen and laundry, with high ceilings and abundant natural light. It has LVP floors, updated appliances, HVAC, and renovations completed in 2021. The downstairs unit includes a roll-up garage-style door for delivery access, a kitchenette, laundry, a full bathroom, and a separate office or rear room within the main showroom area.
Dedicated parking for both spaces is located directly in front of #107. Additional property details include Central electric heating, central air electric cooling, public water, and public sewer, with the property described as located in an X flood zone. The building was constructed in 2002.
Key Highlights
- Unit 107 (A&B) end unit with two independently locked spaces via a shared foyer
- Upstairs unit includes two offices/bedrooms, 1.5 baths, full kitchen and laundry; renovated in 2021
- Downstairs unit features a roll‑up garage‑style door bay, kitchenette, laundry, full bathroom and separate rear office/room
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
$20,002
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
5.20%
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%
$400,040
$400.0K
Cap Rate 7%
$285,743
$285.7K
Cap Rate 9%
$222,244
$222.2K
Market Conditions
NOI Build-Up for 1,965 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
$34.2K $17.40/SF
− Vacancy
−$7.5K −$3.83/SF
EGI
$26.7K $13.57/SF
− OpEx
−$6.7K −$3.39/SF
NOI
$20.0K $10.18/SF
Area
Glynn County, GA
Vacancy
22.00%
Lease Rate
$17.40 /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%
$400,040
Cap Rate 7%
$285,743
Cap Rate 9%
$222,244
Alternative Uses
Best Use
Office B
$285.7K
$250.0K – $333.4K
NOI $20,002 @ 7.0% cap · market cap 5.20%
Second Best
Flex RnD
$150.8K
$131.9K – $175.9K
NOI $10,553 @ 7.0% cap · market cap 2.74%
Theoretical Best
Office A
$407.8K
$356.8K – $475.8K
NOI $28,547 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
2
Office units
Location Intelligence
Trade Area within ½ mile
389
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 31522, GA
16,892
Population
12,241
Households
1.4
Avg Household Size
57
Median Age
56%
College-Educated
96%
High-School Grad
53.4 sq mi
ZIP Area
316
Density / Sq Mi
$106,413
Median Household Income
$63,077
Median Earnings
$1,723
Median Rent
$498,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space condo end unit with two independently accessed units, dedicated parking, and a roll-up garage-style entry for delivery access.
Where is this flex space located?
The property is located at 107 Center Street St Simons Island, GA.
What is the asking price?
The asking price for this property is $384,900.
What are key features of this property?
This property features: Unit 107 (A&B) end unit with two independently locked spaces via a shared foyer; Upstairs unit includes two offices/bedrooms, 1.5 baths, full kitchen and laundry; renovated in 2021; Downstairs unit features a roll‑up garage‑style door bay, kitchenette, laundry, full bathroom and separate rear office/room
