Second-Story Office
For Sale
Under Contract
$290,000
7505 Waters Avenue, Savannah, GA 31406
Commercial Sale, Savannah, GA
Property Size1,737 SF
Lot Size0.01 Acres
Price / SF$166.95
Days on Market222
Property Features for 7505 Waters Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
BN
Bathrooms
1
Half bathrooms
1
Rooms
Bathroom 1
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
2049109040 & 2049109038
Size
1,737 SF
Lot size
0.01 Acres
Taxes and HOA fees
Tax Description
UNIT C-12 PARK SOUTH & UNIT C-14 PARK SOUTH
HOA Fee
$170 Monthly
Legal Description
UNIT C-12 PARK SOUTH & UNIT C-14 PARK SOUTH
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
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 23
Last Checked: Aug 24 at 5:06PM
MLS# SA346342
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.
Units 12 and 14 comprise a second-story office condominium offering within the Park South Office Complex. The 1,737-square-foot configuration provides two separately entered spaces, each reached by its own exterior staircase without shared interior hallways. Individual HVAC systems, electric water heaters, and private half baths support independent occupancy. Unit 14 is an upstairs end unit with a view toward the corner park.
Built in 1985, the brick property has carpet and wood flooring, central air, electric heating, public water, and public sewer. The asphalt roof has been replaced, while the condominium association maintains the roof, exterior repairs, landscaping, and parking lot. Front-door parking serves the office units, and the property is zoned BN.
Built in 1985, the brick property has carpet and wood flooring, central air, electric heating, public water, and public sewer. The asphalt roof has been replaced, while the condominium association maintains the roof, exterior repairs, landscaping, and parking lot. Front-door parking serves the office units, and the property is zoned BN.
Key Highlights
- Units 12 and 14 combine for 1,737 square feet of second‑story office space
- Separate exterior entrances and private staircases eliminate shared interior hallways
- Each unit includes HVAC, an electric water heater, and a private 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
$24,149
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
8.33%
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%
$482,980
$483.0K
Cap Rate 7%
$344,986
$345.0K
Cap Rate 9%
$268,322
$268.3K
Market Conditions
NOI Build-Up for 1,737 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
$38.6K $22.20/SF
− Vacancy
−$6.4K −$3.66/SF
EGI
$32.2K $18.54/SF
− OpEx
−$8.0K −$4.63/SF
NOI
$24.1K $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%
$482,980
Cap Rate 7%
$344,986
Cap Rate 9%
$268,322
Alternative Uses
Best Use
Office B
$345.0K
$301.9K – $402.5K
NOI $24,149 @ 7.0% cap · market cap 8.33%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.62M
$1.42M – $1.89M
NOI $113,634 @ 7.0% cap · market cap 39.18%
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 - Two independently accessed condominium offices feature private building systems and client parking at the front doors.
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 $290,000.
What are key features of this property?
This property features: Units 12 and 14 combine for 1,737 square feet of second‑story office space; Separate exterior entrances and private staircases eliminate shared interior hallways; Each unit includes HVAC, an electric water heater, and a private half bath
