Corner-Lot Flex
For Sale
$1,500,000
802 Pennsylvania Avenue, Savannah, GA 31404
Large showroom and multiple private offices support a range of commercial users.
Property Size7,440 SF
Days on Market352
Property Features for 802 Pennsylvania Avenue
General Information
Standard status
Active
Size
7,440 SF
Property subtype
Commercial
Zoning
BC
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
7,440 SF
Year Built
1986
Stories
1
Listing Agency:
TFI Realty LLC
(912) 604-6263
Listed By:
Harold D. Jackson · License #265944
(912) 604-6263
Source:
Thomasrealtysold
Added: Sep 5, 2025
Changed: Aug 21
Last Checked: Aug 21 at 1:47PM
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 TFI Realty LLC
Investment Insights
Based on property information with market context.
This flex space includes a large showroom and multiple private offices within a corner-lot property. The building was constructed in 1986 and carries BC zoning, supporting a commercial setting with varied user potential as described for the space.
The property offers access to the freeway, Downtown, and Tybee Beach. Apartments and homes in the surrounding area provide nearby residential context for employees, visitors, and customers.
The property offers access to the freeway, Downtown, and Tybee Beach. Apartments and homes in the surrounding area provide nearby residential context for employees, visitors, and customers.
Key Highlights
- Large showroom with multiple private offices
- Corner‑lot property with BC zoning
- Constructed in 1986
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
$111,668
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
7.44%
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%
$2,233,360
$2.2M
Cap Rate 7%
$1,595,257
$1.6M
Cap Rate 9%
$1,240,756
$1.2M
Market Conditions
NOI Build-Up for 7,440 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
$192.0K $25.80/SF
− Vacancy
−$20.2K −$2.71/SF
EGI
$171.8K $23.09/SF
− OpEx
−$60.1K −$8.08/SF
NOI
$111.7K $15.01/SF
Area
Savannah, GA
Vacancy
10.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
35.00%
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%
$2,233,360
Cap Rate 7%
$1,595,257
Cap Rate 9%
$1,240,756
Alternative Uses
Best Use
Industrial
$5.73M
$5.01M – $6.68M
NOI $400,829 @ 7.0% cap · market cap 26.72%
Second Best
Flex RnD
$1.60M
$1.40M – $1.86M
NOI $111,668 @ 7.0% cap · market cap 7.44%
Theoretical Best
Warehouse
$6.95M
$6.08M – $8.11M
NOI $486,721 @ 7.0% cap · market cap 32.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
270
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 31404, GA
31,530
Population
14,427
Households
2.2
Avg Household Size
35
Median Age
28%
College-Educated
89%
High-School Grad
13.7 sq mi
ZIP Area
2,301
Density / Sq Mi
$49,805
Median Household Income
$31,620
Median Earnings
$1,199
Median Rent
$193,100
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?
Flex space - Large showroom and multiple private offices support a range of commercial users.
Where is this flex space located?
The property is located at 802 Pennsylvania Avenue Savannah, GA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Large showroom with multiple private offices; Corner‑lot property with BC zoning; Constructed in 1986
