Multi-Tenant Flex
New
For Sale
$4,200,000
203 Deptford St, Savannah, GA 31404
Fully leased industrial space supports four occupants under a triple-net lease structure with contractual annual rent increases.
Property Size22,420 SF
Price / SF$187.33
Days on Market4
Property Features for 203 Deptford St
General Information
Standard status
Active
Size
22,420 SF
Property subtype
Industrial
Occupancy
100%
Building Details
Building Size
22,420 SF
Tenancy
Multi
Listing Agency:
Charleston – Morrison
Listed By:
Jon-Michael Brock · License #95977
(843) 203-1056
Source:
Colliers
Added: Sep 11
Last Checked: Sep 13 at 3:57AM
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 Charleston – Morrison
Investment Insights
Based on property information with market context.
This 22,420-square-foot flex property contains industrial space configured for multiple occupants and is leased to four tenants. Occupancy is reported at 100%, with a triple-net lease structure and tenant commitments extending through the 2028–2029 calendar years. Annual rent increases are included in the remaining lease terms.
The property is positioned in Savannah’s East Side submarket, with access to established residential and commercial areas and the Islands. Its setting serves contractors, service providers, and other locally focused businesses that require industrial or flex space near employment centers, neighborhoods, customers, and job sites.
The property is positioned in Savannah’s East Side submarket, with access to established residential and commercial areas and the Islands. Its setting serves contractors, service providers, and other locally focused businesses that require industrial or flex space near employment centers, neighborhoods, customers, and job sites.
Key Highlights
- 22,420‑square‑foot multi‑tenant industrial and flex property
- 100% leased to four tenants
- Triple‑net lease structure with annual rent increases
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
$336,505
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
8.01%
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%
$6,730,100
$6.7M
Cap Rate 7%
$4,807,214
$4.8M
Cap Rate 9%
$3,738,944
$3.7M
Market Conditions
NOI Build-Up for 22,420 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
$578.4K $25.80/SF
− Vacancy
−$60.7K −$2.71/SF
EGI
$517.7K $23.09/SF
− OpEx
−$181.2K −$8.08/SF
NOI
$336.5K $15.01/SF
Area
Savannah, GA
Vacancy
10.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
35.00%
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%
$6,730,100
Cap Rate 7%
$4,807,214
Cap Rate 9%
$3,738,944
Alternative Uses
Best Use
Warehouse
$20.95M
$18.33M – $24.45M
NOI $1,466,706 @ 7.0% cap · market cap 34.92%
Second Best
Industrial
$17.26M
$15.10M – $20.13M
NOI $1,207,876 @ 7.0% cap · market cap 28.76%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
235
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 31404, GA
31,530
Population
14,427
Households
2.2
Avg Household Size
35
Median Age
28%
College-Educated
89%
High-School Grad
13.7 sq mi
ZIP Area
2,301
Density / Sq Mi
$49,805
Median Household Income
$31,620
Median Earnings
$1,199
Median Rent
$193,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Savannah, GA
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Frequently Asked Questions
What type of property is this?
Flex space - Fully leased industrial space supports four occupants under a triple-net lease structure with contractual annual rent increases.
Where is this flex space located?
The property is located at 203 Deptford St Savannah, GA.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: 22,420‑square‑foot multi‑tenant industrial and flex property; 100% leased to four tenants; Triple‑net lease structure with annual rent increases
