Flexible Office Condominium with Private
For Sale
Under Contract
$749,900
7505 Waters Avenue, Savannah, GA 31406
SINGLE_FAMILY - Savannah, GA
Property Size4,214 SF
Lot Size0.01 Acres
Price / SF$177.95
Days on Market210
Property Features for 7505 Waters Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning
BN
Bathrooms
5
Half bathrooms
5
Rooms
Bathroom 4, Bathroom 1, Bathroom 3, Bathroom 2, Bathroom 5
Appliances
Electric Water Heater
Directions
From Eisenhower turn right onto Waters Avenue by the Green Tea Chinese Food Restaurant on the corner. Proceed four blocks. Turn right into the Park South Professional Office Complex. Units will be located to the right back end of the business complex.
Standard status
Active Under Contract
APN
2049109038
Size
4,214 SF
Lot size
0.01 Acres
Taxes and HOA fees
Tax Description
UNIT C-14 PARK SOUTH
HOA Fee
$170 Monthly
Legal Description
UNIT C-14 PARK SOUTH
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Amenities
private exterior entrances
private half baths
kitchenette
corner park view
Building Details
Year built
1985
Floors in Building
2
Flooring type
Wood, Carpet
Building materials
Brick
Roof type
Asphalt
Listing Agency:
Better Homes and Gardens Real
(912) 303-8405
Listed By:
Steffany P. Farmer · License #168178
(912) 484-5552
Added: Jan 14
Changed: Aug 12
Last Checked: Aug 12 at 10:06PM
MLS# SA346772
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 office condominium offers up to 4,214 square feet of combined space across five units (9, 10, 11, 12 and 14) within the Park South Office Complex. The common walls between units have been opened with cased openings, creating a connected layout while keeping the units clearly defined and reconfigurable. The arrangement includes two downstairs units and three upstairs units, with three private exterior front entrances and front-door parking. There are no shared interior hallways.
Each unit includes its own HVAC system, water heater, and private half bath, supporting independent operation. The middle upstairs unit includes a kitchenette that can be converted back to office space, and Unit 14 is an upstairs end unit with a view overlooking the corner park. The building roof was recently replaced. Constructed in brick with an asphalt roof, the property was built in 1985 and features wood and carpet flooring. Central and electric heating and central air with electric cooling are supported, with public water and public sewer.
Located at 7505 Waters Avenue in Savannah (31406) within a commercial corridor of established neighboring businesses, the layout is suited to office users including therapists, medical providers, attorneys, and consultants seeking flexible configuration.
Each unit includes its own HVAC system, water heater, and private half bath, supporting independent operation. The middle upstairs unit includes a kitchenette that can be converted back to office space, and Unit 14 is an upstairs end unit with a view overlooking the corner park. The building roof was recently replaced. Constructed in brick with an asphalt roof, the property was built in 1985 and features wood and carpet flooring. Central and electric heating and central air with electric cooling are supported, with public water and public sewer.
Located at 7505 Waters Avenue in Savannah (31406) within a commercial corridor of established neighboring businesses, the layout is suited to office users including therapists, medical providers, attorneys, and consultants seeking flexible configuration.
Key Highlights
- Up to 4,214 SF office condo across five units (9, 10, 11, 12 and 14)
- Common walls opened with cased openings for a connected, reconfigurable layout
- Two downstairs units and three upstairs units with three private exterior front entrances
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
Property Profile
Current Use
Lease Details
5
Office units
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
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Frequently Asked Questions
What type of property is this?
Office units - BN-zoned office condominium with private exterior entrances and in-unit HVAC, arranged as connected units with clear separation.
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 $749,900.
What are key features of this property?
This property features: Up to 4,214 SF office condo across five units (9, 10, 11, 12 and 14); Common walls opened with cased openings for a connected, reconfigurable layout; Two downstairs units and three upstairs units with three private exterior front entrances
