Office Building with Rear
For Sale
$285,000
8111 Waters Ave, Savannah, GA 31406
SINGLE_FAMILY - Savannah, GA
Property Size868 SF
Lot Size0.21 Acres
Price / SF$328.34
Days on Market165
Property Features for 8111 Waters Ave
General Information
Property type
Residential
Property subtype
Office
Parking
5
Appliances
Electric Water Heater, Refrigerator
Directions
Abercorn to w Montgomery cross road, left onto Waters ave.
Standard status
Active
APN
20494 01024
Size
868 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Description
LOT 6 OGLETHORPE PK
Legal Description
LOT 6 OGLETHORPE PK
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1955
Floors in Building
1
Additional Structures
Storage
Listing Agency:
Salt Marsh Realty LLC
(912) 298-0776
Listed By:
Jonathan K. Haley · License #302195
(912) 247-0447
Added: Feb 27
Changed: Jul 1
Last Checked: Aug 11 at 1:06AM
MLS# SA350128
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 for-sale property at 8111 Waters Ave offers office space with additional storage located in the rear of the building. The existing setup includes a front office area and back-of-property storage, providing separation between day-to-day work space and supplementary storage needs. The property totals 868 square feet on a 0.21-acre lot.
The space was previously used as a pool supply company and sales office. It is described as being in a convenient area near Truman Parkway, positioned between Southside and historic downtown. The property also provides plenty of off-street parking.
Ideal for buyers seeking a compact office configuration with dedicated rear storage and ample parking, this building’s layout supports a straightforward split between office use and back-area storage.
The space was previously used as a pool supply company and sales office. It is described as being in a convenient area near Truman Parkway, positioned between Southside and historic downtown. The property also provides plenty of off-street parking.
Ideal for buyers seeking a compact office configuration with dedicated rear storage and ample parking, this building’s layout supports a straightforward split between office use and back-area storage.
Key Highlights
- 1955‑built property with central heating and central air (plus electric heating)
- Public water and public sewer connections
- Includes electric water heater and refrigerator
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
$12,068
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
4.23%
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%
$241,360
$241.4K
Cap Rate 7%
$172,400
$172.4K
Cap Rate 9%
$134,089
$134.1K
Market Conditions
NOI Build-Up for 868 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
$19.3K $22.20/SF
− Vacancy
−$3.2K −$3.66/SF
EGI
$16.1K $18.54/SF
− OpEx
−$4.0K −$4.63/SF
NOI
$12.1K $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%
$241,360
Cap Rate 7%
$172,400
Cap Rate 9%
$134,089
Alternative Uses
Best Use
Office B
$172.4K
$150.9K – $201.1K
NOI $12,068 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$811.2K
$709.8K – $946.4K
NOI $56,784 @ 7.0% cap · market cap 19.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,453
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
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Frequently Asked Questions
What type of property is this?
Office units - Office space with rear storage and plenty of off-street parking on a small Savannah lot.
Where is this office units located?
The property is located at 8111 Waters Ave Savannah, GA.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 1955‑built property with central heating and central air (plus electric heating); Public water and public sewer connections; Includes electric water heater and refrigerator
