In this paper, a number of new explicit approximations are introduced to estimate the perturbative diffusivity (χ), convectivity (V), and damping (τ) in cylindrical geometry. For this purpose, the harmonic components of heat waves induced by localized deposition of modulated power are used. The approximations are based on the heat equation in cylindrical geometry using the symmetry (Neumann) boundary condition at the plasma center. This means that the approximations derived here should be used only to estimate transport coefficients between the plasma center and the off-axis perturbative source. If the effect of cylindrical geometry is small, it is also possible to use semi-infinite domain approximations presented in Part I and Part II of this series. A number of new approximations are derived in this part, Part III, based upon continued fractions of the modified Bessel function of the first kind and the confluent hypergeometric function of the first kind. These approximations together with the approximations based on semi-infinite domains are compared for heat waves traveling towards the center. The relative error for the different derived approximations is presented for different values of the frequency, transport coefficients, and dimensionless radius. Moreover, it is shown how combinations of different explicit formulas can be used to estimate the transport coefficients over a large parameter range for cases without convection and damping, cases with damping only, and cases with convection and damping. The relative error between the approximation and its underlying model is below 2% for the case, where only diffusivity and damping are considered. If also convectivity is considered, the diffusivity can be estimated well in a large region, but there is also a large region in which no suitable approximation is found. This paper is the third part (Part III) of a series of three papers. In Part I, the semi-infinite slab approximations have been treated. In Part II, cylindrical approximations are treated for heat waves traveling towards the plasma edge assuming a semi-infinite domain.