Building Details

Year Built 1985

Listing Agency: Realty One Group Inclusion

Listed By: Susan Ross · License #410013 Show Phone

Source: Jetsetrealty

Added: Sep 7 Changed: Oct 13 Last Checked: Oct 5 at 10:35PM

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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 Realty One Group Inclusion

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Investment Insights

Based on property information with market context.

This 831-square-foot office condominium occupies the first floor of Park South Office Complex. The layout includes a reception area, an additional office area, two private offices, and a dedicated half bath. The unit has its own HVAC system and water heater, supporting independent day-to-day operation.

Located at 7505 Waters Ave in Savannah, the property provides parking immediately outside the entrance. Ownership includes landscaping, exterior building maintenance, parking lot maintenance, and roof maintenance through the condominium association. The 1985 building offers a practical setting for professional, medical, or service-based office use.

Key Highlights

• 831‑square‑foot first‑floor office condominium
• Reception area plus additional office area and 2 private offices
• Dedicated half bath, HVAC system, and water heater

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$11,553

Cap Rate

7.00%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$231,060 $231.1K

Cap Rate 7%

$165,043 $165.0K

Cap Rate 9%

$128,367 $128.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 831 SF

Gross rent

$18.4K $22.20/SF

− Vacancy

−$3.0K −$3.66/SF

EGI

$15.4K $18.54/SF

− OpEx

−$3.9K −$4.63/SF

NOI

$11.6K $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 Rate 5%

$231,060

Cap Rate 7%

$165,043

Cap Rate 9%

$128,367

Alternative Uses

Best Use

Office B

$165.0K

$144.4K – $192.6K (±1% cap)

NOI $11,553 @ 7.0% cap · market cap 7.00%

Second Best

—

—

no second resolved use

Theoretical Best

Warehouse

$776.6K

$679.6K – $906.1K (±1% cap)

NOI $54,364 @ 7.0% cap · market cap 32.95%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Suntrust Mortgage Loan Service Carson and Company, Inc. Construction Company Alpha Financial Management Financial Advisor Arch Tech Computer & Electronic Repair Fay Robert J ... Physician

Suggested Use

Top Pick Plumbing Service Locksmith (Bike/Boat/Book/etc) Store Butcher Pet Grooming Service Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,340

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

13.1% 2019

9.9% 2020

8.7% 2021

8.4% 2022

4.3% 2023

4.9% 2024

3.1% 2025

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Frequently Asked Questions

What type of property is this?

Office unit - Configured with reception, multiple offices, dedicated HVAC, and an on-site half bath.

Where is this office unit located?

The property is located at 7505 Waters Ave Savannah, GA.

What is the asking price?

The asking price for this property is $164,999.

What are key features of this property?

This property features: 831‑square‑foot first‑floor office condominium; Reception area plus additional office area and 2 private offices; Dedicated half bath, HVAC system, and water heater