Two-Level Office
For Sale
$300,000
7505 Waters Avenue #C9 & C10, Savannah, GA 31406
Connected office units provide separate client-facing and administrative areas with independent building systems.
Property Size1,648 SF
Days on Market230
Property Features for 7505 Waters Avenue #C9 & C10
General Information
Standard status
Active
Size
1,648 SF
Property subtype
Commercial
Zoning
BN
Additional Details
Floor
1 and 2
HOA Fee
$170
Office Units
2
Building Details
Building Size
1,648 SF
Year Built
1985
Stories
1
Listing Agency:
Better Homes and Gardens Real
(912) 484-5552
Listed By:
Steffany P. Farmer · License #168178
(912) 484-5552
Source:
Woodwardrealestategroup
Added: Jan 14
Changed: Aug 31
Last Checked: Aug 4 at 8:50AM
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 Better Homes and Gardens Real
Investment Insights
Based on property information with market context.
Units 9 and 10 at Park South Office Complex form a two-level office condominium connected by a private interior staircase. The arrangement combines a first-floor suite with an adjoining upper-level unit, creating distinct areas within one connected property. Each unit has its own HVAC system, water heater, and private half bath. Front-door parking and the absence of shared interior hallways support direct access for occupants and visitors. The building’s roof has been replaced.
Located at 7505 Waters Avenue in Savannah, the property is zoned BN and was built in 1985. HOA services include landscaping, exterior repairs, parking lot maintenance, and roof maintenance. Adjoining units owned by the seller may be purchased separately, offering an option to add contiguous office space.
Located at 7505 Waters Avenue in Savannah, the property is zoned BN and was built in 1985. HOA services include landscaping, exterior repairs, parking lot maintenance, and roof maintenance. Adjoining units owned by the seller may be purchased separately, offering an option to add contiguous office space.
Key Highlights
- Units 9 and 10 connected by a private internal staircase
- Two‑level office condominium with separate first‑floor and upstairs areas
- Each unit includes HVAC, a water heater, and a private half bath
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
$22,912
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
7.64%
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%
$458,240
$458.2K
Cap Rate 7%
$327,314
$327.3K
Cap Rate 9%
$254,578
$254.6K
Market Conditions
NOI Build-Up for 1,648 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
$36.6K $22.20/SF
− Vacancy
−$6.0K −$3.66/SF
EGI
$30.5K $18.54/SF
− OpEx
−$7.6K −$4.63/SF
NOI
$22.9K $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%
$458,240
Cap Rate 7%
$327,314
Cap Rate 9%
$254,578
Alternative Uses
Best Use
Office B
$327.3K
$286.4K – $381.9K
NOI $22,912 @ 7.0% cap · market cap 7.64%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.54M
$1.35M – $1.80M
NOI $107,811 @ 7.0% cap · market cap 35.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
156
Businesses Nearby
Explore this area
Business Placement
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 Office in Savannah, GA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Connected office units provide separate client-facing and administrative areas with independent building systems.
Where is this office units located?
The property is located at 7505 Waters Avenue #C9 & C10 Savannah, GA.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Units 9 and 10 connected by a private internal staircase; Two‑level office condominium with separate first‑floor and upstairs areas; Each unit includes HVAC, a water heater, and a private half bath
