Four-Story Office
For Sale
$3,000,000
120 W Liberty St, Savannah, GA 31401
Original hardwoods, high ceilings, large windows, and a carriage house define the office property.
Property Size11,800 SF
Price / SF$254.24
Days on Market106
Property Features for 120 W Liberty St
General Information
Standard status
Active
Size
11,800 SF
Total Parking Spaces
6
Property subtype
Office
Building Details
Buildings
2
Stories
4
Listing Agency:
Savannah
(912) 662-8011
Listed By:
Ashley Smith · License #251860
(912) 662-8011
Source:
Colliers
Added: May 18
Changed: Aug 30
Last Checked: Aug 31 at 12:51PM
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 Savannah
Investment Insights
Based on property information with market context.
The property comprises a ±10,920-square-foot, four-story building accompanied by a ±880-square-foot carriage house. Its existing character includes original hardwood flooring, tall ceilings, and substantial windows. The configuration is positioned for redevelopment into boutique office space, with creative firms, professional services, and coworking identified as potential uses.
Located at 120 W Liberty Street in Savannah’s Historic District, the property is near Forsyth Park, SCAD, and downtown dining and retail. Six off-street parking spaces are included, adding practical support for an office-oriented operation in the surrounding urban setting.
Located at 120 W Liberty Street in Savannah’s Historic District, the property is near Forsyth Park, SCAD, and downtown dining and retail. Six off-street parking spaces are included, adding practical support for an office-oriented operation in the surrounding urban setting.
Key Highlights
- ±10,920 SF four‑story office building
- ±880 SF carriage house included
- Original hardwoods, high ceilings, and large windows
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
$164,052
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
5.47%
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%
$3,281,040
$3.3M
Cap Rate 7%
$2,343,600
$2.3M
Cap Rate 9%
$1,822,800
$1.8M
Market Conditions
NOI Build-Up for 11,800 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
$262.0K $22.20/SF
− Vacancy
−$43.2K −$3.66/SF
EGI
$218.7K $18.54/SF
− OpEx
−$54.7K −$4.63/SF
NOI
$164.1K $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%
$3,281,040
Cap Rate 7%
$2,343,600
Cap Rate 9%
$1,822,800
Alternative Uses
Best Use
Office B
$2.34M
$2.05M – $2.73M
NOI $164,052 @ 7.0% cap · market cap 5.47%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$11.03M
$9.65M – $12.87M
NOI $771,951 @ 7.0% cap · market cap 25.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,359
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?
Office building - Original hardwoods, high ceilings, large windows, and a carriage house define the office property.
Where is this office building located?
The property is located at 120 W Liberty St Savannah, GA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: ±10,920 SF four‑story office building; ±880 SF carriage house included; Original hardwoods, high ceilings, and large windows
