First-Floor Office Condominium
For Sale
$164,999
Pending
7505 Waters Ave Unit F3, Savannah, GA 31406
First-floor office condo suite with reception, two private offices, half bath, and dedicated HVAC and water heater.
Property Size831 SF
Days on Market60
Property Features for 7505 Waters Ave Unit F3
General Information
Standard status
Pending
Size
831 SF
Property subtype
Commercial
Building Details
Year Built
1985
Listing Agency:
Realty One Group Inclusion
Listed By:
Susan Ross · License #410013
(912) 713-3956
Source:
Searchgreateraugustahomes
Added: Jul 10
Changed: Aug 28
Last Checked: Aug 25 at 7:43AM
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
Investment Insights
Based on property information with market context.
This first-floor office condominium suite includes a reception area that opens to a second office area, along with two private offices and a dedicated half bath. The unit also has its own HVAC system and water heater.
The suite is located within the Park South Office Complex and includes ample parking just outside the entrance. Monthly HOA dues of $170 cover landscaping, exterior building maintenance, parking lot maintenance, and the roof.
The configuration is suited to professional office use, with interior space arranged to support a reception flow into additional office rooms.
The suite is located within the Park South Office Complex and includes ample parking just outside the entrance. Monthly HOA dues of $170 cover landscaping, exterior building maintenance, parking lot maintenance, and the roof.
The configuration is suited to professional office use, with interior space arranged to support a reception flow into additional office rooms.
Key Highlights
- First‑floor office condominium in the Park South Office Complex, built in 1985
- Reception area opens to a second office area plus 2 private offices
- Includes a dedicated half bath and dedicated HVAC system plus water heater
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
$11,553
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
7.00%
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%
$231,060
$231.1K
Cap Rate 7%
$165,043
$165.0K
Cap Rate 9%
$128,367
$128.4K
Market Conditions
NOI Build-Up for 831 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
$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 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%
$231,060
Cap Rate 7%
$165,043
Cap Rate 9%
$128,367
Alternative Uses
Best Use
Office B
$165.0K
$144.4K – $192.6K
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
NOI $54,364 @ 7.0% cap · market cap 32.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - First-floor office condo suite with reception, two private offices, half bath, and dedicated HVAC and water heater.
Where is this office units located?
The property is located at 7505 Waters Ave Unit F3 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: First‑floor office condominium in the Park South Office Complex, built in 1985; Reception area opens to a second office area plus 2 private offices; Includes a dedicated half bath and dedicated HVAC system plus water heater
