First-Floor Office
For Sale
Under Contract
$164,999
7505 Waters Avenue, Savannah, GA 31406
Commercial Sale, Savannah, GA
Property Size829 SF
Lot Size0.01 Acres
Price / SF$199.03
Days on Market63
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
2049109001F
Size
829 SF
Lot size
0.01 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIT F-1 PARK SOUTH
Tax Annual Amount
705
HOA Fee
$170 Monthly
Legal Description
UNIT F-1 PARK SOUTH
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
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: Jun 30
Changed: Aug 29
Last Checked: Aug 31 at 5:06PM
MLS# SA359708
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 829-square-foot office condominium occupies the first floor of Park South Office Complex. The interior includes a reception area, three private offices, and a dedicated half bath, with an individual HVAC system and electric water heater serving the unit. Brick construction dates to 1985.
The property is located at 7505 Waters Avenue in Savannah, Georgia, with parking positioned near the entrance. Public water and sewer serve the property. Zoning is BN, and the site measures 0.0136 acres. Central electric heating and cooling provide building systems suited to office occupancy.
The property is located at 7505 Waters Avenue in Savannah, Georgia, with parking positioned near the entrance. Public water and sewer serve the property. Zoning is BN, and the site measures 0.0136 acres. Central electric heating and cooling provide building systems suited to office occupancy.
Key Highlights
- 829 square feet in a first‑floor office condominium
- Reception area, three private offices, and dedicated half bath
- Individual HVAC system and electric 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
$11,525
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
6.98%
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%
$230,500
$230.5K
Cap Rate 7%
$164,643
$164.6K
Cap Rate 9%
$128,056
$128.1K
Market Conditions
NOI Build-Up for 829 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
−$3.8K −$4.63/SF
NOI
$11.5K $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%
$230,500
Cap Rate 7%
$164,643
Cap Rate 9%
$128,056
Alternative Uses
Best Use
Office B
$164.6K
$144.1K – $192.1K
NOI $11,525 @ 7.0% cap · market cap 6.98%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$774.8K
$677.9K – $903.9K
NOI $54,233 @ 7.0% cap · market cap 32.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
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 layout with reception space, private rooms, dedicated restroom, and independent climate control.
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: 829 square feet in a first‑floor office condominium; Reception area, three private offices, and dedicated half bath; Individual HVAC system and electric water heater
