All-Brick Retail Parcels with Road
For Sale
$735,000
Pending
5204 Waters Avenue, Savannah, GA 31404
Two commercially zoned parcels near a medical center, anchored by an all-brick retail building with strong road frontage.
Property Size5,266 SF
Lot Size0.44 Acres
Days on Market110
Property Features for 5204 Waters Avenue
General Information
Standard status
Pending
Size
5,266 SF
Lot size
0.44 Acres
Listing Agency:
Frank Moore & Company, LLC
(912) 856-7734
Listed By:
Maranda L. Alford · License #441350
(912) 856-7734
Source:
Exprealty
Added: May 8
Changed: Aug 14
Last Checked: Jul 31 at 5:57PM
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 Frank Moore & Company, LLC
Investment Insights
Based on property information with market context.
This offering includes two commercially zoned parcels sold together as a package, totaling approximately 0.4361 acres and supporting a versatile retail footprint totaling about 5,266 square feet. The front parcel at 5204 Waters Avenue features a well-constructed all-brick exterior on all sides with a solid concrete rear exterior. This full masonry construction is designed for durability and low exterior maintenance. The adjoining parcel at 1104 E. 67th Street provides additional space for expansion, development, or support use.
The properties are positioned just off Waters Avenue with close proximity to Memorial Health University Medical Center. The front parcel provides strong road frontage and visibility estimated at approximately 100 feet. The surrounding area is described as established retail, medical, and residential, supporting a steady flow of local demand.
An on-site Lamar sign is on the 5204 Waters Avenue parcel, generating $400 per month with over 7 years remaining in the contract, which may appeal to both investors and owner-users. Buyers should verify zoning and permitted uses prior to planning. Ideal for buyers seeking a durable, brick-built commercial asset and a second parcel to complement future site plans, with both parcels required to be purchased together.
The properties are positioned just off Waters Avenue with close proximity to Memorial Health University Medical Center. The front parcel provides strong road frontage and visibility estimated at approximately 100 feet. The surrounding area is described as established retail, medical, and residential, supporting a steady flow of local demand.
An on-site Lamar sign is on the 5204 Waters Avenue parcel, generating $400 per month with over 7 years remaining in the contract, which may appeal to both investors and owner-users. Buyers should verify zoning and permitted uses prior to planning. Ideal for buyers seeking a durable, brick-built commercial asset and a second parcel to complement future site plans, with both parcels required to be purchased together.
Key Highlights
- Two commercially zoned parcels totaling approx. 0.4361 acres, sold together as a package (5204 Waters Ave and 1104 E 67th St).
- 5204 Waters Ave includes an all‑brick exterior on all sides with a solid concrete rear exterior.
- 5204 Waters Ave has road frontage and visibility approximately over 100 ft.
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
$59,778
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
8.13%
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%
$1,195,560
$1.2M
Cap Rate 7%
$853,971
$854.0K
Cap Rate 9%
$664,200
$664.2K
Market Conditions
NOI Build-Up for 5,266 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
$91.6K $17.40/SF
− Vacancy
−$6.2K −$1.18/SF
EGI
$85.4K $16.22/SF
− OpEx
−$25.6K −$4.87/SF
NOI
$59.8K $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%
$1,195,560
Cap Rate 7%
$853,971
Cap Rate 9%
$664,200
Alternative Uses
Best Use
Retail
$854.0K
$747.2K – $996.3K
NOI $59,778 @ 7.0% cap · market cap 8.13%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.92M
$4.31M – $5.74M
NOI $344,499 @ 7.0% cap · market cap 46.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
488
Businesses Nearby
5k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 68%
Dining 32%
BP
Shops & Services
3,299 visits/mo
0.4 miles
China Star
Dining
1,568 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
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Frequently Asked Questions
What type of property is this?
Storefront property - Two commercially zoned parcels near a medical center, anchored by an all-brick retail building with strong road frontage.
Where is this storefront property located?
The property is located at 5204 Waters Avenue Savannah, GA.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: Two commercially zoned parcels totaling approx. 0.4361 acres, sold together as a package (5204 Waters Ave and 1104 E 67th St).; 5204 Waters Ave includes an all‑brick exterior on all sides with a solid concrete rear exterior.; 5204 Waters Ave has road frontage and visibility approximately over 100 ft.
