Flexible Office Condominium
For Sale
$749,900
7505 Waters Avenue #C14, Savannah, GA 31406
Multi-level office configuration with separate entrances, dedicated systems, and private half baths for each unit.
Property Size4,214 SF
Price / SF$177.95
Days on Market222
Property Features for 7505 Waters Avenue #C14
General Information
Standard status
Active
Size
4,214 SF
Property subtype
Commercial
Zoning
BN
Additional Details
Floor
Downstairs and Upstairs
HOA Fee
$170
Office Units
5
Amenities
private exterior front entrances
individual HVAC systems
individual water heaters
private half baths
kitchenette
view overlooking corner park
Building Details
Building Size
4,214 SF
Year Built
1985
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Better Homes and Gardens Real
(912) 484-5552
Listed By:
Steffany P. Farmer · License #168178
(912) 484-5552
Source:
Frankerealproperties
Added: Jan 14
Changed: Aug 22
Last Checked: Aug 24 at 1:46PM
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 Better Homes and Gardens Real
Investment Insights
Based on property information with market context.
Office condominium space at 7505 Waters Avenue #C14 includes up to 4,214 square feet across five combined units in the Park South Office Complex. Two units are located downstairs and three are upstairs, with cased openings connecting the interiors while retaining distinct unit boundaries. The arrangement can be adjusted as needed, and three private exterior entrances provide direct access without shared interior hallways.
Each unit has its own HVAC system, water heater, and private half bath. The middle upstairs unit includes a kitchenette, while upstairs Unit 14 is an end unit overlooking the corner park. The roof has been replaced, and the property is zoned BN. The office complex is situated among established businesses on Waters Avenue in Savannah, Georgia, with front-door parking serving the space.
Each unit has its own HVAC system, water heater, and private half bath. The middle upstairs unit includes a kitchenette, while upstairs Unit 14 is an end unit overlooking the corner park. The roof has been replaced, and the property is zoned BN. The office complex is situated among established businesses on Waters Avenue in Savannah, Georgia, with front-door parking serving the space.
Key Highlights
- Up to 4,214 square feet comprising five combined office condominium units
- Five‑unit configuration includes two downstairs units and three upstairs units
- Three private exterior entrances with no shared interior hallways
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
$58,586
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
7.81%
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%
$1,171,720
$1.2M
Cap Rate 7%
$836,943
$836.9K
Cap Rate 9%
$650,956
$651.0K
Market Conditions
NOI Build-Up for 4,214 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
$93.6K $22.20/SF
− Vacancy
−$15.4K −$3.66/SF
EGI
$78.1K $18.54/SF
− OpEx
−$19.5K −$4.63/SF
NOI
$58.6K $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%
$1,171,720
Cap Rate 7%
$836,943
Cap Rate 9%
$650,956
Alternative Uses
Best Use
Office B
$836.9K
$732.3K – $976.4K
NOI $58,586 @ 7.0% cap · market cap 7.81%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.94M
$3.45M – $4.59M
NOI $275,678 @ 7.0% cap · market cap 36.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
488
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 - Multi-level office configuration with separate entrances, dedicated systems, and private half baths for each unit.
Where is this office units located?
The property is located at 7505 Waters Avenue #C14 Savannah, GA.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Up to 4,214 square feet comprising five combined office condominium units; Five‑unit configuration includes two downstairs units and three upstairs units; Three private exterior entrances with no shared interior hallways
