First-Floor Office
For Sale
$164,999
F3-7505 Waters Ave, Savannah, GA 31404
Office condominium with reception, private offices, a dedicated half bath, and parking adjacent to the entrance.
Property Size831 SF
Price / SF$198.55
Days on Market45
Property Features for F3-7505 Waters Ave
General Information
Standard status
Active
Size
831 SF
Additional Details
Floor
1
HOA Fee
$170
Listing Agency:
Realty One Group Inclusion
(912) 713-3956
Listed By:
Susan Ross · License #410013
(912) 713-3956
Source:
Exprealty
Added: Jul 10
Changed: Aug 21
Last Checked: Aug 22 at 8:53AM
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 at Park South Office Complex provides a practical layout for professional, medical, or service-based operations. The unit includes a reception area, an additional office area, two private offices, and a dedicated half bath. Independent HVAC and water-heating systems serve the space.
The property is located at F3-7505 Waters Ave in Savannah, with parking positioned just outside the entrance. Monthly HOA dues cover landscaping, exterior building maintenance, parking lot maintenance, and the roof. Additional office units owned by the seller are also available for purchase.
The property is located at F3-7505 Waters Ave in Savannah, with parking positioned just outside the entrance. Monthly HOA dues cover landscaping, exterior building maintenance, parking lot maintenance, and the roof. Additional office units owned by the seller are also available for purchase.
Key Highlights
- First‑floor office condominium at Park South Office Complex
- Reception area, additional office area, and 2 private offices
- Dedicated half bath within the unit
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
$11,553
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
7.00%
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%
$231,060
$231.1K
Cap Rate 7%
$165,043
$165.0K
Cap Rate 9%
$128,367
$128.4K
Market Conditions
NOI Build-Up for 831 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
−$3.9K −$4.63/SF
NOI
$11.6K $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%
$231,060
Cap Rate 7%
$165,043
Cap Rate 9%
$128,367
Alternative Uses
Best Use
Office B
$165.0K
$144.4K – $192.6K
NOI $11,553 @ 7.0% cap · market cap 7.00%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$776.6K
$679.6K – $906.1K
NOI $54,364 @ 7.0% cap · market cap 32.95%
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 - Office condominium with reception, private offices, a dedicated half bath, and parking adjacent to the entrance.
Where is this office units located?
The property is located at F3-7505 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 at Park South Office Complex; Reception area, additional office area, and 2 private offices; Dedicated half bath within the unit
