Built-Out Conventional
For Sale
$1,499,000
850 KEPLER Drive, Green Bay, WI 54311
Commercial Sale, GREEN BAY, WI
Property Size5,330 SF
Lot Size1.49 Acres
Price / SF$281.24
Days on Market215
Property Features for 850 KEPLER Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
G2 - COMMERCIAL
Elementary school district
Green Bay Area
Middle school district
Green Bay Area
High school district
Green Bay Area
Directions
I-43 North to East on East Mason St, South on Challenger Dr, and West on Voyager Dr. Property is on the Right.
Standard status
Active
APN
21-7901
Lot size
1.49 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
16206
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2005
Building materials
Concrete
Listing Agency:
Century 21 In Good Company · Century 21 Real Estate
(920) 425-4543
Listed By:
Levi D. Foss · License #9059671
(920) 562-1812
Added: Jan 19
Changed: Aug 21
Last Checked: Aug 22 at 6:06PM
MLS# 50320196
Copyright © 2026 Realtor Association of Northeast Wisconsin. 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 5,330 SF conventional restaurant property occupies 1.49 acres and was built in 2005. The existing improvements include a full bar and restaurant layout, commercial kitchen with venting, cooktop, and fryer, walk-in coolers, a walk-in freezer, and a full liquor license. Concrete construction, forced-air heating, central air, public water, and public sewer support the current operation. G2 - COMMERCIAL zoning is in place.
The property is positioned on Green Bay’s east side near major hospitals, hotels, and an industrial park, with highway visibility and access noted in the property information. Its existing restaurant infrastructure can also support consideration of retail, office, medical, or entertainment concepts, subject to applicable approvals.
The property is positioned on Green Bay’s east side near major hospitals, hotels, and an industrial park, with highway visibility and access noted in the property information. Its existing restaurant infrastructure can also support consideration of retail, office, medical, or entertainment concepts, subject to applicable approvals.
Key Highlights
- 5,330 SF building on 1.49 acres
- G2 - COMMERCIAL zoning
- Full bar and restaurant build‑out with full liquor license
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
$72,914
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
4.86%
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%
$1,458,280
$1.5M
Cap Rate 7%
$1,041,629
$1.0M
Cap Rate 9%
$810,156
$810.2K
Market Conditions
NOI Build-Up for 5,330 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
$102.3K $19.20/SF
− Vacancy
−$5.1K −$0.96/SF
EGI
$97.2K $18.24/SF
− OpEx
−$24.3K −$4.56/SF
NOI
$72.9K $13.68/SF
Area
Green Bay, WI
Vacancy
5.00%
Lease Rate
$19.20 /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%
$1,458,280
Cap Rate 7%
$1,041,629
Cap Rate 9%
$810,156
Alternative Uses
Best Use
Specialty Retail
$1.04M
$911.4K – $1.22M
NOI $72,914 @ 7.0% cap · market cap 4.86%
Second Best
Industrial
$339.2K
$296.8K – $395.7K
NOI $23,742 @ 7.0% cap · market cap 1.58%
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,986 @ 7.0% cap · market cap 5.80%
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
532
Businesses Nearby
28k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 95%
Hotels & Casinos 5%
Culver's
Dining
26,349 visits/mo
0.2 miles
Super 8 Green Bay I-43 Bus. Park
Hotels & Casinos
1,460 visits/mo
0.1 miles
Demographics for 54311, WI
37,532
Population
15,047
Households
2.5
Avg Household Size
38
Median Age
33%
College-Educated
94%
High-School Grad
68.2 sq mi
ZIP Area
550
Density / Sq Mi
$83,178
Median Household Income
$43,191
Median Earnings
$1,063
Median Rent
$272,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established bar and restaurant improvements include a commercial kitchen, walk-in refrigeration, and front- and back-of-house infrastructure.
Where is this conventional restaurant located?
The property is located at 850 KEPLER Drive Green Bay, WI.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: 5,330 SF building on 1.49 acres; G2 - COMMERCIAL zoning; Full bar and restaurant build‑out with full liquor license
