Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Savannah Office Building For Sale Title is generated by Realmo AI

    761 Wheaton Street, Savannah, GA 31401

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $20,250,000

    Five-story, 110,445 SF building on 6.49 acres leased to Georgia.

    Type:Office
    Property size:
    110,445 SF
    Lot size:
    6.49 Acres
    Price / SF:
    $183/SF
    Added:
    Mar 6, 2026
    Days on Market:
    78
    Last Refresh:
    Apr 6 at 12:57 am

    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

    We can help!

    Listing Contact
    Michael Bull, CCIM
    Michael Bull, CCIM

    Listing agent Michael Bull, CCIM

    Listing office Bull Realty, Inc. - Atlanta

    Listing date Mar 6, 2026

    Source Tcnworldwide

    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 to the State of Georgia provides stable, long‑term income
    • ±110,445 SF building on ±6.49 acres offers substantial space and land
    • Lease renewal in 2019 indicates tenant satisfaction and commitment
    • Tenant may stay longer than 14 years due to below‑market rent
    • Property tax exemption structure contributes to below‑market rent
    • Built in 2004, the building is relatively modern

    Overview

    This is an opportunity to acquire a five-story building with approximately 110,445 square feet of space, situated on approximately 6.49 acres in Savannah. The property is currently leased to the State of Georgia, with 14 years remaining on the lease. Originally developed in 2004 for The Georgia Department of Children and Family Services under a 15-year lease, the lease was renewed in 2019 for a term of 20 years. The tenant may remain longer than the current lease term due to below-market rent resulting from a property tax exemption structure.

    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 (±1% cap)
    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 (±1% cap)
    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

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Law Firm Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Savannah
    County
    Chatham
    State
    Georgia
    Longitude
    -81.0832
    Latitude
    32.0698

    Nearby Similar for Sale

    • $3,200,000
      11,543 SF

      Savannah Retail Shopping Center For Sale

      Retail shopping center in Savannah's vibrant Starland District.
      302 W Victory Drive, Savannah, GA 31405
      View Details
    • $735,000
      5,266 SF

      Savannah Commercial Investment Opportunity

      Two commercially zoned parcels totaling 0.4361 acres in Savannah, GA.
      5204 Waters Avenue, Savannah, GA 31404
      View Details
    • $3,200,000
      11,439 SF

      Savannah Retail Investment Opportunity

      Prime retail units in Savannah's vibrant Starland District.
      302 W Victory Drive, Savannah, GA 31405
      View Details
    • $439,000
      1,925 SF

      Savannah Commercial Bungalow on Derenne

      Office-zoned bungalow with redevelopment potential near Habersham and Abercorn Streets.
      112 E Derenne Avenue, Savannah, GA 31405
      View Details
    • $650,000
      2,952 SF

      Commercial and Residential Package Opportunity

      Live-work property near Skidaway Road and Victory Drive intersection.
      2203 Skidaway Road, Savannah, GA 31404
      View Details
    • $942,000
      1,200 SF

      Historic Savannah Cottage on Columbia Square

      Restored 19th-century cottage in Savannah's Landmark District.
      140 Habersham Street, Savannah, GA 31401
      View Details
    • $1,325,000
      7,500 SF

      Savannah Commercial Building on Abercorn

      Two-story, 7,500 sq ft building on 0.43 acres.
      8890 Abercorn Street, Savannah, GA 31406
      View Details
    • $425,000
      2,072 SF

      Savannah Personal Care Home Opportunity

      Income-producing personal care home in Savannah, ideal for investors.
      213 Chippewa Drive, Savannah, GA 31406
      View Details
    • $650,000
      2,952 SF

      Savannah Live-Work Commercial Opportunity

      Commercial building with residential cottage near high-traffic area.
      2203 Skidaway Road, Savannah, GA 31404
      View Details
    • $650,000
      2,952 SF

      Savannah Live-Work Commercial Opportunity

      Commercial building with residential cottage near high-traffic area.
      2203 Skidaway Road, Savannah, GA 31404
      View Details
    • $795,000
      6,000 SF

      Versatile Commercial Space on Skidaway

      6,000 sq ft commercial space in high-traffic Savannah location.
      3104 Skidaway Road, Savannah, GA 31404
      View Details
    • $495,000
      3,531 SF

      Savannah Flex Space For Sale

      Flex space near Georgia Ports and I-16.
      1306 Heidt, Savannah, GA 31408
      View Details

    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 to the State of Georgia provides stable, long‑term income; **±110,445 SF building on ±6.49 acres offers substantial space and land**; Lease renewal in 2019 indicates tenant satisfaction and commitment
    (404) 876-1640
    We can help!
    Listing Contact
    Michael Bull, CCIM
    Michael Bull, CCIM
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    761 Wheaton Street, Savannah, GA 31401
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!