Warehouse Building with Office
For Sale
$349,900
1138 State St, Green Bay, WI 54304
Steel-frame construction includes office space, central air conditioning, fenced storage, and three-phase power.
Property Size4,656 SF
Price / SF$75.15
Days on Market41
Property Features for 1138 State St
General Information
Standard status
Active
Size
4,656 SF
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Clear Height
11 ft
Three-Phase Power
Yes
Building Details
Year Built
1983
Construction
steel frame
Listing Agency:
Place Perfect Realty
(920) 639-2291
Listed By:
Taylor R. Hansen · License #90-56958
Source:
Moving2greenbay
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 11:46AM
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 Place Perfect Realty
Investment Insights
Based on property information with market context.
This warehouse property offers 4,656 square feet within a steel-frame building that combines open industrial space with some office area. The original building and office section have central air conditioning, while ceiling height reaches 11 feet in places and varies elsewhere because of the HVAC system. One bay includes a floor drain, an 11-foot clear ceiling, and a 10-foot overhead door. The layout also includes two bathrooms, partitioned rooms, and a 58-foot by 32-foot addition. Newer roofing covers half of the building.
The property is located at 1138 State St in Green Bay, Wisconsin. Site features include a fenced retaining area for storage, an existing parking lot, and street parking. Three-phase power is in place, supporting the building’s industrial configuration.
The property is located at 1138 State St in Green Bay, Wisconsin. Site features include a fenced retaining area for storage, an existing parking lot, and street parking. Three-phase power is in place, supporting the building’s industrial configuration.
Key Highlights
- 4,656‑square‑foot warehouse/industrial building with some office space
- Steel‑frame construction with three‑phase power
- 11‑foot clear height in one bay and a 10‑foot overhead door
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
$22,596
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
6.46%
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%
$451,920
$451.9K
Cap Rate 7%
$322,800
$322.8K
Cap Rate 9%
$251,067
$251.1K
Market Conditions
NOI Build-Up for 4,656 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
$27.4K $5.88/SF
− Vacancy
−$794 −$0.17/SF
EGI
$26.6K $5.71/SF
− OpEx
−$4.0K −$0.86/SF
NOI
$22.6K $4.85/SF
Area
Green Bay, WI
Vacancy
2.90%
Lease Rate
$5.88 /SF/Yr
Expense Ratio
15.00%
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%
$451,920
Cap Rate 7%
$322,800
Cap Rate 9%
$251,067
Alternative Uses
Best Use
Flex RnD
$597.7K
$523.0K – $697.3K
NOI $41,837 @ 7.0% cap · market cap 11.96%
Second Best
Warehouse
$322.8K
$282.5K – $376.6K
NOI $22,596 @ 7.0% cap · market cap 6.46%
Theoretical Best
Office A
$1.09M
$949.8K – $1.27M
NOI $75,986 @ 7.0% cap · market cap 21.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11 ft
Clear height
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 54304, WI
27,679
Population
12,997
Households
2.1
Avg Household Size
39
Median Age
28%
College-Educated
93%
High-School Grad
11.7 sq mi
ZIP Area
2,366
Density / Sq Mi
$60,369
Median Household Income
$38,926
Median Earnings
$935
Median Rent
$200,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Integrated Logistics — 1420 S Broadway, Green Bay, WI 54304
- U & I Movers Express — 1330 S Maple Ave, Green Bay, WI 54304
Frequently Asked Questions
What type of property is this?
Warehouse - Steel-frame construction includes office space, central air conditioning, fenced storage, and three-phase power.
Where is this warehouse located?
The property is located at 1138 State St Green Bay, WI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 4,656‑square‑foot warehouse/industrial building with some office space; Steel‑frame construction with three‑phase power; 11‑foot clear height in one bay and a 10‑foot overhead door
