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 Market253
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
Listed By:
Michael Bull, CCIM
(404) 876-1640
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 / Yr
$1,535,489
Cap Rate
7.58%
Suggested Prices Based on Cap Rates
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
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 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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Savannah, GA
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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.
