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Single-Tenant | 8% Cap Rate | 14-Year Lease 761 Wheaton St 110,445 SF 4-Star Office Building Savannah, GA 31401 $28,267,381 CAD ($255.94 CAD/SF) 8% Cap Rate
INVESTMENT HIGHLIGHTS
- Developed for The Georgia Department of CHildren and Family Services in 2004
- Long-term lease with a government agency
- In Savannah’s path of progress, a high-growth metro with strong fundamentals
EXECUTIVE SUMMARY
Opportunity to acquire a beautiful 5-story ±110,445 SF building on ±6.49 acres in Savannah on a 14-year leased to the State of Georgia. The property was developed for The Georgia Division of Family and Children Services in 2004 on a 15-year lease. In 2019, the lease was renewed for 20 years and has 14 years remaining. The tenant may stay much longer than 14 years as they enjoy below market rent from a property tax exemption structure at this property.
The Georgia Division of Family and Children Services, (DFCS) provides imperative support services and programs for citizens of Savannah and Chatham County. DFCS services include ensuring the safety of children, finding foster and adoptive homes for children in need, and helping out-of-work parents get back on their feet. They also issue SNAP, Medicaid, and TNAF assistance programs.
The impressive building is well located on ±6.49 acres in the path of progress in Savannah, Georgia. Savannah is a high growth metro area with strong economic fundamentals, thriving tourism and continued population expansion.
The Georgia Division of Family and Children Services, (DFCS) provides imperative support services and programs for citizens of Savannah and Chatham County. DFCS services include ensuring the safety of children, finding foster and adoptive homes for children in need, and helping out-of-work parents get back on their feet. They also issue SNAP, Medicaid, and TNAF assistance programs.
The impressive building is well located on ±6.49 acres in the path of progress in Savannah, Georgia. Savannah is a high growth metro area with strong economic fundamentals, thriving tourism and continued population expansion.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
110,445 SF
Building Class
A
LoopNet Rating
4 Star
Year Built/Renovated
2004/2019
Price
$28,267,381 CAD
Price Per SF
$255.94 CAD
Cap Rate
8%
NOI
$2,261,390 CAD
Tenancy
Single
Building Height
5 Stories
Typical Floor Size
22,066 SF
Building FAR
0.39
Lot Size
6.49 AC
Opportunity Zone
Yes
Zoning
I-L - Light Industrial
Parking
402 Spaces (3.64 Spaces per 1,000 SF Leased)
Walk Score®
Very Walkable (71)
Bike Score®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Number | 2003312030 | Improvements Assessment | $9,093,983 CAD |
| Land Assessment | $273,449 CAD | Total Assessment | $9,367,432 CAD |
PROPERTY TAXES
Parcel Number
2003312030
Land Assessment
$273,449 CAD
Improvements Assessment
$9,093,983 CAD
Total Assessment
$9,367,432 CAD
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Single-Tenant | 8% Cap Rate | 14-Year Lease | 761 Wheaton St
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