Gas Station and Retail
For Sale
$3,000,000
1845-1855 Velp Ave, Green Bay, WI 54303
Redevelopment site with a car wash under a 5-year NNN lease and a partially occupied retail strip.
Property Size19,277 SF
Lot Size2.41 Acres
Price / SF$155.63
Days on Market60
Property Features for 1845-1855 Velp Ave
General Information
Standard status
Active
Size
19,277 SF
Total Parking Spaces
87
Lot size
2.41 Acres
Property subtype
Vacant-User
Zoning
B-2
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
Value Add Retail & Fuel Opportunity: Former 5,099 SF c-store with fuel infrastructure and QSR component complemented by an existing multi-tenant retail strip and operating car wash.
Existing In-Place Income: Current tenancy provides immediate cash flow with significant upside through lease-up of the remaining suites and repositioning of the former c-store.
High Visibility 2.40 Acre Commercial Site: Excellent visibility along one of Green Bay's primary commercial corridors.
Rare Market Opportunity – Combined site size, infrastructure, zoning, and traffic exposure represent a configuration seldom available in the northeastern Wisconsin marketplace at this price point.
Executed NNN Car Wash Lease – Day 1 Income – AquaJet Car Wash (±2,128 SF) is subject to an executed 5-year NNN lease with Cross Rhodes Properties LLC at $24,000/yr, providing immediate stabilized income with zero landlord operating exposure. Lease expires on June 30, 2029.
B-2 Highway Commercial Zoning – Permissive land use classification supporting fuel retail, c-store, QSR, auto service, and a wide range of general commercial uses.
Fee Simple Land Ownership – Full fee simple interest on ±2.408 acres with no ground lease encumbrances – maximum flexibility for redevelopment, refinancing, or eventual disposition.
Strong Residential Growth Trade Area – Village of Howard and the broader Green Bay MSA benefit from sustained population expansion, a growing employment base, and limited supply of comparably sized highway commercial parcels.
Building Details
Building Size
19,277 SF
Year Built
1999
Listing Agency:
Marcus & Millichap - Fort Worth
Listed By:
Omar Chehade · License #License(s): TX: 845083-SA
(817) 932-6105
Source:
Marcusmillichap
Added: Jul 8
Changed: Aug 23
Last Checked: Sep 4 at 2:29AM
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 Marcus & Millichap - Fort Worth
Investment Insights
Based on property information with market context.
Velp Plaza is a B-2 Highway Commercial-zoned redevelopment site with three structures totaling 19,227 SF of building improvements on ±2.408 acres. The property includes a gas station and convenience store building (±5,099 SF), a multi-tenant retail strip center, and the AquaJet Car Wash (±2,128 SF). The gas station and c-store sustained fire damage in 2022 and has been non-operational since; the site includes 8 pump canopy positions, an 8,000-gallon UST, and a 15,000-gallon UST.
The strip center is partially occupied, with Suite D&E leased to Fantasies on a month-to-month basis. The AquaJet Car Wash anchors the western end of the strip under an executed 5-year NNN lease with Cross Rhodes Properties LLC. The site provides 87 surface parking spaces.
Located at the intersection of US Highway 141 and Velp Avenue in the Village of Howard, the property benefits from high-volume traffic exposure on a drive-to retail corridor. The B-2 Highway Commercial zoning is permissive of a broad range of uses, including fuel retail, convenience and quick-service food, auto service, and general retail.
The strip center is partially occupied, with Suite D&E leased to Fantasies on a month-to-month basis. The AquaJet Car Wash anchors the western end of the strip under an executed 5-year NNN lease with Cross Rhodes Properties LLC. The site provides 87 surface parking spaces.
Located at the intersection of US Highway 141 and Velp Avenue in the Village of Howard, the property benefits from high-volume traffic exposure on a drive-to retail corridor. The B-2 Highway Commercial zoning is permissive of a broad range of uses, including fuel retail, convenience and quick-service food, auto service, and general retail.
Key Highlights
- Velp Plaza on B‑2 Highway Commercial land: 2.408 acres (±104,544 SF) with 19,227 SF total building improvements across three structures
- US‑141 / Velp Ave corner with ±65,000 vehicles per day (AADT) on US‑141 plus 18,600 CPD on Velp Ave
- AquaJet Car Wash: ±2,128 SF, west end anchor under an executed 5‑year NNN lease at $24,000/yr
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
$263,709
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
8.79%
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%
$5,274,180
$5.3M
Cap Rate 7%
$3,767,271
$3.8M
Cap Rate 9%
$2,930,100
$2.9M
Market Conditions
NOI Build-Up for 19,277 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
$370.1K $19.20/SF
− Vacancy
−$18.5K −$0.96/SF
EGI
$351.6K $18.24/SF
− OpEx
−$87.9K −$4.56/SF
NOI
$263.7K $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%
$5,274,180
Cap Rate 7%
$3,767,271
Cap Rate 9%
$2,930,100
Alternative Uses
Best Use
Specialty Retail
$3.77M
$3.30M – $4.40M
NOI $263,709 @ 7.0% cap · market cap 8.79%
Second Best
Retail
$3.04M
$2.66M – $3.55M
NOI $213,096 @ 7.0% cap · market cap 7.10%
Theoretical Best
Office A
$4.49M
$3.93M – $5.24M
NOI $314,601 @ 7.0% cap · market cap 10.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
32k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 75%
Shops & Services 25%
Taco Bell
Dining
16,851 visits/mo
0.2 miles
BP
Shops & Services
7,702 visits/mo
0.5 miles
A&W Restaurant
Dining
7,492 visits/mo
0.5 miles
Avis Budget Car Rental
Shops & Services
295 visits/mo
0.3 miles
Demographics for 54303, WI
27,478
Population
13,088
Households
2.1
Avg Household Size
36
Median Age
18%
College-Educated
91%
High-School Grad
11.5 sq mi
ZIP Area
2,389
Density / Sq Mi
$58,110
Median Household Income
$38,983
Median Earnings
$859
Median Rent
$160,100
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?
Gas station - Redevelopment site with a car wash under a 5-year NNN lease and a partially occupied retail strip.
Where is this gas station located?
The property is located at 1845-1855 Velp Ave Green Bay, WI.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Velp Plaza on B‑2 Highway Commercial land: 2.408 acres (±104,544 SF) with 19,227 SF total building improvements across three structures; US‑141 / Velp Ave corner with ±65,000 vehicles per day (AADT) on US‑141 plus 18,600 CPD on Velp Ave; AquaJet Car Wash: ±2,128 SF, west end anchor under an executed 5‑year NNN lease at $24,000/yr
