Savannah Office Building Leased to
761 Wheaton Street, Savannah, GA 31401
Five-story, 110,445 SF building on 6.49 acres leased to Georgia.
Type:Office
Property size:
110,445 SFLot size:
6.49 AcresPrice / SF:
$183/SF- Added:
- Jan 27, 2026
- Days on Market:
- 116
- Last Refresh:
- Apr 5 at 8:21 pm
Property Features for 761 Wheaton Street
General Information
- Standard status
- Active
- Size
- 110,445 SF
- Lot size
- 6.49 Acres
- Property subtype
- Office
Building Details
- Year Built
- 2004
Listing agent Michael Bull, CCIM (404) 876-1640
Listing office Bull Realty, Inc. - Atlanta (404) 876-1640
Listing date Jan 27, 2026
Source Bullrealty
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 Bull Realty, Inc. - Atlanta
HighLights
- 14‑year lease remaining with the State of Georgia.
- Tenant enjoys below‑market rent due to a property tax exemption structure.
- Located in Savannah, a high‑growth metro area with strong economic fundamentals.
- Boasting ±110,445 SF across 5 stories.
- Situated on ±6.49 acres.
- Built in 2004.
Overview
This is a five-story building with approximately 110,445 square feet of space, situated on approximately 6.49 acres. Developed in 2004, the property is currently leased to the State of Georgia for The Georgia Department of Children and Family Services. The original lease was for 15 years, and in 2019, it was renewed for 20 years, leaving 14 years remaining. The tenant may remain longer due to a property tax exemption structure resulting in below-market rent. The Georgia Division of Family and Children Services (DFCS) provides support services and programs for citizens of Savannah and Chatham County, including ensuring the safety of children, finding foster and adoptive homes, and assisting out-of-work parents. They also administer SNAP, Medicaid, and TNAF assistance programs. The property is located in Savannah, Georgia, a high-growth metro area with a strong economy, tourism, and population expansion.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$17.06M
NOI $1,535,489 @ 9.00% cap · cautious / downside scenario
Moderate
$21.94M
NOI $1,535,489 @ 7.00% cap · market / base-case scenario
Aggressive
$30.71M
NOI $1,535,489 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $2.45M | $22.20 |
| − Vacancy | −$404.6k | −$3.66 |
| EGI | $2.05M | $18.54 |
| − OpEx | −$511.8k | −$4.63 |
| NOI | $1.54M | $13.90 |
110,445 SF · lease $22.20/SF/yr · vacancy 16.50% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$21.94M
$19.19M – $25.59M
NOI $1,535,489 @ 7.0% cap · market cap 7.58%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$103.22M
$90.32M – $120.42M
NOI $7,225,261 @ 7.0% cap · market cap 35.68%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Chatham County DFCS
County Government Office
Savannah/Chatham CASA
Social Service Agency
Homeless Authority
Social Service Agency
Child Abuse & Neglect
Social Service Agency
Location Insight
- Map
- Local Demand
- City
- Savannah
- County
- Chatham
- State
- Georgia
- Longitude
- -81.0832
- Latitude
- 32.0698
Nearby Similar for Sale
FAQs
What type of property is this?
Office building - Five-story, 110,445 SF building on 6.49 acres leased to Georgia.
Where is this office building located?
The property is located at 761 Wheaton Street Savannah, GA.
What is the asking price?
The asking price for this property is $20,250,000.
What are key features of this property?
This property features: 14‑year lease remaining with the State of Georgia.; Tenant enjoys below‑market rent due to a property tax exemption structure.; Located in Savannah, a high‑growth metro area with strong economic fundamentals.
