Savannah Office Building Leased to
For Sale
$20,250,000
761 Wheaton Street, Savannah, GA 31401
Five-story, 110,445 SF building on 6.49 acres leased to Georgia.
Property Size110,445 SF
Lot Size6.49 Acres
Price / SF$183.35
Days on Market208
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 Agency:
Bull Realty
(404) 876-1640
Listed By:
Michael Bull, CCIM
Source:
Bullrealty
Added: Jan 27
Changed: Aug 19
Last Checked: Jul 8 at 5:25PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$1,535,489
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
7.58%
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%
$30,709,780
$30.7M
Cap Rate 7%
$21,935,557
$21.9M
Cap Rate 9%
$17,060,989
$17.1M
Market Conditions
NOI Build-Up for 110,445 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
$2.45M $22.20/SF
− Vacancy
−$404.6K −$3.66/SF
EGI
$2.05M $18.54/SF
− OpEx
−$511.8K −$4.63/SF
NOI
$1.54M $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%
$30,709,780
Cap Rate 7%
$21,935,557
Cap Rate 9%
$17,060,989
Alternative Uses
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,858
Businesses Nearby
Explore this area
Business Placement
Demographics for 31401, GA
22,927
Population
11,832
Households
1.9
Avg Household Size
28
Median Age
48%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
6,743
Density / Sq Mi
$50,182
Median Household Income
$27,309
Median Earnings
$1,428
Median Rent
$477,600
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 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.
