TC-2 Storefront
For Sale
$399,000
Pending
3912 Waters Ave, Savannah, GA 31404
Commercial/residential property with documented environmental clearance and TC-2 zoning.
Property Size1,868 SF
Days on Market118
Property Features for 3912 Waters Ave
General Information
Standard status
Pending
Size
1,868 SF
Zoning
TC-2
Listing Agency:
Keller Williams Coastal Area P
(912) 844-3261
Listed By:
Kim L. Iocovozzi · License #121211
(912) 844-3261
Source:
Exprealty
Added: Apr 28
Changed: Aug 21
Last Checked: Aug 22 at 11:07AM
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 Keller Williams Coastal Area P
Investment Insights
Based on property information with market context.
This 1,868-square-foot storefront property is designated for commercial and residential use under TC-2 zoning. The property is being offered in its existing condition, with the sale handled by the estate of prior ownership.
Environmental documentation includes completed Phase 1 and Phase 2 studies, followed by a State of Georgia NFA letter confirming no further action. The documentation package exceeds 300 pages, with the NFA letter identified on page 271. Memorial Hospital is located only blocks from the property, and the address is 3912 Waters Ave in Savannah, Georgia.
Environmental documentation includes completed Phase 1 and Phase 2 studies, followed by a State of Georgia NFA letter confirming no further action. The documentation package exceeds 300 pages, with the NFA letter identified on page 271. Memorial Hospital is located only blocks from the property, and the address is 3912 Waters Ave in Savannah, Georgia.
Key Highlights
- 1,868‑square‑foot storefront property
- TC‑2 zoning supports commercial and residential use
- State of Georgia NFA letter issued
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
$21,205
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
5.31%
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%
$424,100
$424.1K
Cap Rate 7%
$302,929
$302.9K
Cap Rate 9%
$235,611
$235.6K
Market Conditions
NOI Build-Up for 1,868 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
$32.5K $17.40/SF
− Vacancy
−$2.2K −$1.18/SF
EGI
$30.3K $16.22/SF
− OpEx
−$9.1K −$4.87/SF
NOI
$21.2K $11.35/SF
Area
Savannah, GA
Vacancy
6.80%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$424,100
Cap Rate 7%
$302,929
Cap Rate 9%
$235,611
Alternative Uses
Best Use
Retail
$302.9K
$265.1K – $353.4K
NOI $21,205 @ 7.0% cap · market cap 5.31%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.75M
$1.53M – $2.04M
NOI $122,204 @ 7.0% cap · market cap 30.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,007
Businesses Nearby
4k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
O'Reilly Auto Parts
Shops & Services
3,826 visits/mo
0.2 miles
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- SameDay-FlowerDelivery — 4700 waters ave, savannah, ga 31404
- IB Event Co. — 1010 E Victory Dr Unit B, Savannah, GA 31405
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial/residential property with documented environmental clearance and TC-2 zoning.
Where is this storefront property located?
The property is located at 3912 Waters Ave Savannah, GA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,868‑square‑foot storefront property; TC‑2 zoning supports commercial and residential use; State of Georgia NFA letter issued
