Flexible Office Condominium
For Sale
Under Contract
$749,900
7505 Waters Avenue, Savannah, GA 31406
Commercial Sale, Savannah, GA
Property Size4,214 SF
Lot Size0.01 Acres
Price / SF$177.95
Days on Market232
Property Features for 7505 Waters Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
BN
Bathrooms
5
Half bathrooms
5
Rooms
Bathroom 5, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 1
Appliances
Electric Water Heater
Directions
From Eisenhower turn right onto Waters Avenue by the Green Tea Chinese Food Restaurant on the corner. Proceed four blocks. Turn right into the Park South Professional Office Complex. Units will be located to the right back end of the business complex.
Standard status
Active Under Contract
APN
2049109038
Size
4,214 SF
Lot size
0.01 Acres
Taxes and HOA fees
Tax Description
UNIT C-14 PARK SOUTH
HOA Fee
$170 Monthly
Legal Description
UNIT C-14 PARK SOUTH
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Amenities
private exterior front entrances
no shared interior hallways
individual HVAC systems
individual water heaters
private half baths
kitchenette
park view
Building Details
Year built
1985
Floors in Building
2
Flooring type
Carpet, Wood
Building materials
Brick
Roof type
Asphalt
Listing Agency:
Better Homes and Gardens Real
(912) 303-8405
Listed By:
Steffany P. Farmer · License #168178
(912) 484-5552
Added: Jan 14
Changed: Sep 3
Last Checked: Sep 3 at 11:06AM
MLS# SA346772
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 office condominium offering combines five units into up to 4,214 square feet of connected workspace. Two units are located downstairs and three are upstairs, with cased openings linking the interiors while preserving distinct unit identities. Three private exterior entrances, front-door parking, and the absence of shared interior hallways support convenient access. Each unit has its own HVAC system, electric water heater, and private half bath. One upper-level unit includes a kitchenette that may be returned to office use, while the upstairs end unit overlooks the corner park.
Located at 7505 Waters Avenue in Savannah, the property is positioned within an established commercial corridor among neighboring businesses. The brick building was constructed in 1985 and has a recently replaced asphalt roof. Public water and public sewer serve the property, with central electric heating and cooling. Carpet and wood flooring are installed throughout the office condominium space.
Located at 7505 Waters Avenue in Savannah, the property is positioned within an established commercial corridor among neighboring businesses. The brick building was constructed in 1985 and has a recently replaced asphalt roof. Public water and public sewer serve the property, with central electric heating and cooling. Carpet and wood flooring are installed throughout the office condominium space.
Key Highlights
- Up to 4,214 square feet across five combined office condominium units
- Two downstairs units and three upstairs units with three private exterior entrances
- Each unit includes dedicated HVAC, an electric water heater, and a private half bath
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
$58,586
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
7.81%
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%
$1,171,720
$1.2M
Cap Rate 7%
$836,943
$836.9K
Cap Rate 9%
$650,956
$651.0K
Market Conditions
NOI Build-Up for 4,214 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
$93.6K $22.20/SF
− Vacancy
−$15.4K −$3.66/SF
EGI
$78.1K $18.54/SF
− OpEx
−$19.5K −$4.63/SF
NOI
$58.6K $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%
$1,171,720
Cap Rate 7%
$836,943
Cap Rate 9%
$650,956
Alternative Uses
Best Use
Office B
$836.9K
$732.3K – $976.4K
NOI $58,586 @ 7.0% cap · market cap 7.81%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.94M
$3.45M – $4.59M
NOI $275,678 @ 7.0% cap · market cap 36.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Office units
Location Intelligence
Trade Area within ½ mile
2,880
Businesses Nearby
Explore this area
Business Placement
Demographics for 31406, GA
34,579
Population
15,424
Households
2.2
Avg Household Size
39
Median Age
37%
College-Educated
93%
High-School Grad
26.2 sq mi
ZIP Area
1,320
Density / Sq Mi
$66,084
Median Household Income
$41,512
Median Earnings
$1,340
Median Rent
$260,800
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?
Office units - Connected office suites offer private entrances, dedicated systems, and a layout that can support multiple professional practices.
Where is this office units located?
The property is located at 7505 Waters Avenue Savannah, GA.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Up to 4,214 square feet across five combined office condominium units; Two downstairs units and three upstairs units with three private exterior entrances; Each unit includes dedicated HVAC, an electric water heater, and a private half bath
