Gas Station and Retail
1845-1855 Velp Avenue Green Bay, WI 54303
1845-1855 Velp Avenue, Green Bay, WI, 54303
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For Sale
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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 Market18
Property Features for 1845-1855 Velp Avenue
General Information
- Standard status
- Active
- Size
- 19,277 SF
- Lot size
- 2.41 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 1999
Listing agency
Marcus & Millichap - Fort Worth
(817) 932-6156
Listed by
Jacob Luna · License #TX 726974
Source
Crexi
Added: Jul 6 Updated: Jul 22 at 9:24PM Checked: Jul 22 at 9:24PM
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
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $370.1k | $19.20 |
| − Vacancy | −$18.5k | −$0.96 |
| EGI | $351.6k | $18.24 |
| − OpEx | −$87.9k | −$4.56 |
| NOI | $263.7k | $13.68 |
19,277 SF · lease $19.20/SF/yr · vacancy 5.00% · expense 25.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Gas stations
Similar For Sale Nearby
FAQs
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 Avenue 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
