Second-Floor Office Condo
For Sale
Contact for pricing
7505 Waters Avenue, Savannah, GA 31406
Second-floor office condo with reception area, four private offices, half bath, and dedicated HVAC plus water heater.
Property Size817 SF
Price / SF$197.06
Days on Market17
Property Features for 7505 Waters Avenue
General Information
Standard status
Active
Size
817 SF
Total Parking Spaces
10
Property subtype
Office
Zoning
BN
Occupancy
100%
Lease Type
Gross
Investment Type
Institutional
Additional Details
Floor
2
HOA Fee
$170
Building Details
Year Built
1985
Buildings
1
Units
1
Tenancy
Single
Listing Agency:
Realty One Group Inclusion
(912) 713-3956
Listed By:
Susan Ross · License #410013
Source:
Crexi
Added: Jul 27
Changed: Aug 8
Last Checked: Aug 11 at 10:26AM
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.
Position your business in this office condominium within the Park South Office Complex in Savannah, GA. The second-floor unit includes a reception or lobby area, four private offices, and a dedicated half bath, supported by its own HVAC system and water heater.
The plan is designed to support a variety of professional, medical, and service-based business uses. Ample parking is located just outside the entrance for convenient access. The condominium is part of a managed HOA structure, with HOA dues covering landscaping, exterior building maintenance, parking lot maintenance, and the roof, supporting low-maintenance ownership.
Built in 1985, this 817 SF office condo offers an opportunity for owner-users and investors, and additional office units owned by the seller may be available for purchase.
The plan is designed to support a variety of professional, medical, and service-based business uses. Ample parking is located just outside the entrance for convenient access. The condominium is part of a managed HOA structure, with HOA dues covering landscaping, exterior building maintenance, parking lot maintenance, and the roof, supporting low-maintenance ownership.
Built in 1985, this 817 SF office condo offers an opportunity for owner-users and investors, and additional office units owned by the seller may be available for purchase.
Key Highlights
- Second‑floor office condo in the Park South Office Complex in Savannah, GA
- 817 SF office unit layout with reception or lobby area
- Four private offices plus a dedicated 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
$11,359
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
7.06%
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%
$227,180
$227.2K
Cap Rate 7%
$162,271
$162.3K
Cap Rate 9%
$126,211
$126.2K
Market Conditions
NOI Build-Up for 817 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
$18.1K $22.20/SF
− Vacancy
−$3.0K −$3.66/SF
EGI
$15.1K $18.54/SF
− OpEx
−$3.8K −$4.63/SF
NOI
$11.4K $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%
$227,180
Cap Rate 7%
$162,271
Cap Rate 9%
$126,211
Alternative Uses
Best Use
Office B
$162.3K
$142.0K – $189.3K
NOI $11,359 @ 7.0% cap · market cap 7.06%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$763.5K
$668.1K – $890.8K
NOI $53,448 @ 7.0% cap · market cap 33.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,453
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Second-floor office condo with reception area, four private offices, half bath, and dedicated HVAC plus water heater.
Where is this office units located?
The property is located at 7505 Waters Avenue Savannah, GA.
What is the asking price?
The asking price for this property is $160,999.
What are key features of this property?
This property features: Second‑floor office condo in the Park South Office Complex in Savannah, GA; 817 SF office unit layout with reception or lobby area; Four private offices plus a dedicated half bath
