First-Floor Medical Office
For Sale
$164,999
F1-7505 Waters Ave, Savannah, GA 31404
First-floor office condominium includes a reception area, three private offices, half bath, and dedicated HVAC and water heater.
Property Size829 SF
Price / SF$199.03
Days on Market85
Property Features for F1-7505 Waters Ave
General Information
Standard status
Active
Size
829 SF
Amenities
reception area
three private offices
dedicated half bath
own HVAC system
own water heater
ample parking
Listing Agency:
Realty One Group Inclusion
(912) 298-7200
Listed By:
Susan Ross · License #410013
(912) 713-3956
Source:
Exprealty
Added: Jul 10
Changed: Sep 29
Last Checked: Oct 1 at 4:28PM
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 Realty One Group Inclusion
Investment Insights
Based on property information with market context.
This first-floor office condominium within the Park South Office Complex offers a reception area, three private offices, and a dedicated half bath. The space is supported by its own HVAC system and water heater, providing independent comfort and service reliability. Parking is available just outside the entrance for convenient daily access.
The property is centrally located in Savannah and positioned in a professionally oriented office complex. Monthly HOA dues are $170 and include landscaping, exterior building maintenance, parking lot maintenance, and the roof.
Additional office units owned by the seller are also available for purchase, which may allow for expanded office space within the same complex.
The property is centrally located in Savannah and positioned in a professionally oriented office complex. Monthly HOA dues are $170 and include landscaping, exterior building maintenance, parking lot maintenance, and the roof.
Additional office units owned by the seller are also available for purchase, which may allow for expanded office space within the same complex.
Key Highlights
- First‑floor office condominium in the Park South Office Complex in central Savannah
- Includes a reception area, three private offices, and a dedicated half bath
- Own HVAC system and water heater included
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
$11,525
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
6.98%
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%
$230,500
$230.5K
Cap Rate 7%
$164,643
$164.6K
Cap Rate 9%
$128,056
$128.1K
Market Conditions
NOI Build-Up for 829 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
$18.4K $22.20/SF
− Vacancy
−$3.0K −$3.66/SF
EGI
$15.4K $18.54/SF
− OpEx
−$3.8K −$4.63/SF
NOI
$11.5K $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%
$230,500
Cap Rate 7%
$164,643
Cap Rate 9%
$128,056
Alternative Uses
Best Use
Office B
$164.6K
$144.1K – $192.1K
NOI $11,525 @ 7.0% cap · market cap 6.98%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$774.8K
$677.9K – $903.9K
NOI $54,233 @ 7.0% cap · market cap 32.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
392
Businesses Nearby
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?
Office units - First-floor office condominium includes a reception area, three private offices, half bath, and dedicated HVAC and water heater.
Where is this office units located?
The property is located at F1-7505 Waters Ave Savannah, GA.
What is the asking price?
The asking price for this property is $164,999.
What are key features of this property?
This property features: First‑floor office condominium in the Park South Office Complex in central Savannah; Includes a reception area, three private offices, and a dedicated half bath; Own HVAC system and water heater included
