Office Unit with Rear
For Sale
$285,000
8111 Waters Ave, Savannah, GA 31406
Commercial Sale, Savannah, GA
Property Size868 SF
Lot Size0.21 Acres
Price / SF$328.34
Days on Market178
Property Features for 8111 Waters Ave
General Information
Property type
Commercial Sale
Property subtype
Office
Parking
5
Appliances
Electric Water Heater, Refrigerator
Directions
Abercorn to w Montgomery cross road, left onto Waters ave.
Standard status
Active
APN
20494 01024
Size
868 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Description
LOT 6 OGLETHORPE PK
Legal Description
LOT 6 OGLETHORPE PK
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1955
Floors in Building
1
Additional Structures
Storage
Listing Agency:
Salt Marsh Realty LLC
(912) 298-0776
Listed By:
Jonathan K. Haley · License #302195
(912) 247-0447
Added: Feb 27
Changed: Aug 19
Last Checked: Aug 24 at 4:06PM
MLS# SA350128
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 868-square-foot office property includes dedicated office space and additional storage positioned at the rear. The site encompasses 0.21 acres and provides off-street parking for occupants and visitors. Existing improvements include a central electric heating and cooling system, an electric water heater, and a refrigerator.
The property is located near Truman Parkway, between Southside and historic downtown Savannah. Public water and public sewer serve the site. Built in 1955, the property was previously used by a pool supply company and sales office.
The property is located near Truman Parkway, between Southside and historic downtown Savannah. Public water and public sewer serve the site. Built in 1955, the property was previously used by a pool supply company and sales office.
Key Highlights
- 868 SF office property with storage at the rear
- 0.21‑acre site with off‑street parking
- Near Truman Parkway between Southside and historic downtown Savannah
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
$13,028
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
4.57%
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%
$260,560
$260.6K
Cap Rate 7%
$186,114
$186.1K
Cap Rate 9%
$144,756
$144.8K
Market Conditions
NOI Build-Up for 868 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
$22.4K $25.80/SF
− Vacancy
−$2.4K −$2.71/SF
EGI
$20.0K $23.09/SF
− OpEx
−$7.0K −$8.08/SF
NOI
$13.0K $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%
$260,560
Cap Rate 7%
$186,114
Cap Rate 9%
$144,756
Alternative Uses
Best Use
Industrial
$668.0K
$584.5K – $779.4K
NOI $46,763 @ 7.0% cap · market cap 16.41%
Second Best
Flex RnD
$186.1K
$162.9K – $217.1K
NOI $13,028 @ 7.0% cap · market cap 4.57%
Theoretical Best
Warehouse
$811.2K
$709.8K – $946.4K
NOI $56,784 @ 7.0% cap · market cap 19.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,031
Businesses Nearby
Explore this area
Business Placement
Demographics for 31406, GA
34,579
Population
15,424
Households
2.2
Avg Household Size
39
Median Age
37%
College-Educated
93%
High-School Grad
26.2 sq mi
ZIP Area
1,320
Density / Sq Mi
$66,084
Median Household Income
$41,512
Median Earnings
$1,340
Median Rent
$260,800
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 units - Office space includes rear storage, off-street parking, and public utilities.
Where is this office units located?
The property is located at 8111 Waters Ave Savannah, GA.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 868 SF office property with storage at the rear; 0.21‑acre site with off‑street parking; Near Truman Parkway between Southside and historic downtown Savannah
