First-Floor Office
For Sale
Under Contract
$164,999
7505 Waters Avenue, Savannah, GA 31406
Commercial Sale, Savannah, GA
Property Size831 SF
Lot Size0.01 Acres
Price / SF$198.55
Days on Market54
Property Features for 7505 Waters Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
BN
Appliances
Electric Water Heater
Directions
Traveling on the Truman parkway (from downtown Savannah), exit and turn right onto Eisenhower Blvd, travel approximately 1.1 miles and turn left at the light onto Waters Avenue, then travel .2 miles and turn right into Park South complex, unit F2 will be on your left, end unit.
Standard status
Active Under Contract
APN
2049109003F
Size
831 SF
Lot size
0.01 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIT F-3 PARK SOUTH
Tax Annual Amount
707
HOA Fee
$170 Monthly
Legal Description
UNIT F-3 PARK SOUTH
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1985
Floors in Building
1
Building materials
Brick
Listing Agency:
Realty One Group Inclusion
(912) 298-7200
Listed By:
Susan Ross · License #410013
(912) 713-3956
Added: Jul 10
Changed: Aug 30
Last Checked: Sep 1 at 3:06AM
MLS# SA359851
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 831-square-foot office condominium occupies the first floor of the Park South Office Complex. The interior includes a reception area, an additional office area, two private offices, and a dedicated half bath. Independent HVAC and water-heating systems serve the unit, which was built in 1985 with brick construction.
The property is located at 7505 Waters Avenue in Savannah, Georgia, with parking immediately outside the entrance. Public water and public sewer serve the building. BN zoning is in place, and the layout is identified as suitable for professional, medical, and service-based businesses.
The property is located at 7505 Waters Avenue in Savannah, Georgia, with parking immediately outside the entrance. Public water and public sewer serve the building. BN zoning is in place, and the layout is identified as suitable for professional, medical, and service-based businesses.
Key Highlights
- 831‑square‑foot first‑floor office condominium
- Reception area, secondary office area, and 2 private offices
- Dedicated half bath within the unit
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
2,880
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 - Professional office suite with reception, private offices, dedicated restroom, and independent HVAC and water-heating systems.
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 $164,999.
What are key features of this property?
This property features: 831‑square‑foot first‑floor office condominium; Reception area, secondary office area, and 2 private offices; Dedicated half bath within the unit
