Renovated Retail Showroom With
For Sale
$799,000
6228 Waters Avenue, Savannah, GA 31406
Renovated retail building with covered entry, production and storage areas, plus a detached storage facility with AC and walk-in cooler.
Property Size3,370 SF
Lot Size0.52 Acres
Price / SF$237.09
Days on Market756
Property Features for 6228 Waters Avenue
General Information
Standard status
Active
Size
3,370 SF
Lot size
0.52 Acres
Property subtype
Retail
Additional Details
Road Access
Yes
Amenities
Central Air, Electric, Gas
3
B-L
12 Parking Spaces.
Level
113.52 X 200
Street Lights, Extra Storage, Security Lighting, Overhead Doors. Curbs Walk, Asphalt, Paved Road, Level.
Building Details
Year Built
1935
Listing Agency:
ERA Southeast Coastal
(912) 927-1088
Listed By:
Steven Fischer · License #132691
(912) 656-1165
Source:
Xome
Added: Aug 11, 2024
Changed: Sep 2
Last Checked: Sep 5 at 3:52AM
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 ERA Southeast Coastal
Investment Insights
Based on property information with market context.
This property includes two buildings on one site, totaling 3,370 square feet. The main retail store was built in 1935 and has been fully renovated, with a cedar exterior and an off-ground construction layout. It features a large covered entry, functional retail floor space, a sizable production area, a large inventory storage room, two private offices, and a restroom. A detached storage building measures 20 feet by 54 feet and includes frame exterior construction and a metal roof, totaling 1,080 square feet with AC, lighting, a large walk-in cooler, and extensive storage.
The site has 113.50 feet of frontage and is 200 feet deep, set back from Waters Avenue. Visibility and accessibility are supported by ample ingress and egress provided by two separate curb cuts into a paved parking lot.
Both walk-in coolers are noted as removable, offering flexibility for alternative cold-storage or operational layouts.
The site has 113.50 feet of frontage and is 200 feet deep, set back from Waters Avenue. Visibility and accessibility are supported by ample ingress and egress provided by two separate curb cuts into a paved parking lot.
Both walk-in coolers are noted as removable, offering flexibility for alternative cold-storage or operational layouts.
Key Highlights
- Renovated 1935 retail building on Waters Ave with 2,290 SF plus a detached storage building totaling 3,370 SF on site
- 113.50' frontage and 200' depth with level lot and paved road access; ample ingress/egress via two separate curb cuts
- Main building features large covered entry, functional retail floor space, production area, inventory storage, two private offices, and a restroom
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
$38,255
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
4.79%
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%
$765,100
$765.1K
Cap Rate 7%
$546,500
$546.5K
Cap Rate 9%
$425,056
$425.1K
Market Conditions
NOI Build-Up for 3,370 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
$58.6K $17.40/SF
− Vacancy
−$4.0K −$1.18/SF
EGI
$54.7K $16.22/SF
− OpEx
−$16.4K −$4.87/SF
NOI
$38.3K $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%
$765,100
Cap Rate 7%
$546,500
Cap Rate 9%
$425,056
Alternative Uses
Best Use
Retail
$546.5K
$478.2K – $637.6K
NOI $38,255 @ 7.0% cap · market cap 4.79%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.15M
$2.76M – $3.67M
NOI $220,464 @ 7.0% cap · market cap 27.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
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 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 Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Showroom - Renovated retail building with covered entry, production and storage areas, plus a detached storage facility with AC and walk-in cooler.
Where is this showroom located?
The property is located at 6228 Waters Avenue Savannah, GA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Renovated 1935 retail building on Waters Ave with 2,290 SF plus a detached storage building totaling 3,370 SF on site; 113.50' frontage and 200' depth with level lot and paved road access; ample ingress/egress via two separate curb cuts; Main building features large covered entry, functional retail floor space, production area, inventory storage, two private offices, and a restroom
