Medical Office Building with
For Sale
$2,600,000
2141 LIME KILN ROAD, Green Bay, WI 54311
Medical office property with lower-level access, paved parking, monument signage, and proximity to Costco.
Property Size11,009 SF
Price / SF$236.17
Days on Market405
Property Features for 2141 LIME KILN ROAD
General Information
Standard status
Active
Size
11,009 SF
Elevators
Yes
Property subtype
General Commercial
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$32,217
Amenities
Monument Sign Available
Central Air, Gas
3
B2
1 to 4.99
Building Details
Year Built
2015
Listing Agency:
Hilgenberg Realty
(920) 435-2002
Listed By:
Paul Hamachek · License #9044426
(920) 435-2002
Source:
Xome
Added: Jul 24, 2025
Changed: Aug 30
Last Checked: Aug 31 at 12:42PM
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 Hilgenberg Realty
Investment Insights
Based on property information with market context.
Constructed in 2015, this medical office property provides 11,009 square feet within a professionally designed building. Central air and gas service support the interior, while elevator access connects the main level with the lower level.
The property includes abundant paved on-site parking and an available monument sign. Its position near Costco places it within a retail and service corridor, with convenient access to area highways.
The property includes abundant paved on-site parking and an available monument sign. Its position near Costco places it within a retail and service corridor, with convenient access to area highways.
Key Highlights
- 11,009‑square‑foot medical office building constructed in 2015
- Elevator access serves the lower level
- Abundant on‑site paved parking
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
$133,403
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
5.13%
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%
$2,668,060
$2.7M
Cap Rate 7%
$1,905,757
$1.9M
Cap Rate 9%
$1,482,256
$1.5M
Market Conditions
NOI Build-Up for 11,009 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
$237.8K $21.60/SF
− Vacancy
−$15.5K −$1.40/SF
EGI
$222.3K $20.20/SF
− OpEx
−$88.9K −$8.08/SF
NOI
$133.4K $12.12/SF
Area
Green Bay, WI
Vacancy
6.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
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%
$2,668,060
Cap Rate 7%
$1,905,757
Cap Rate 9%
$1,482,256
Alternative Uses
Best Use
Healthcare Medical
$1.91M
$1.67M – $2.22M
NOI $133,403 @ 7.0% cap · market cap 5.13%
Second Best
Office B
$1.86M
$1.62M – $2.17M
NOI $129,994 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$2.57M
$2.25M – $2.99M
NOI $179,667 @ 7.0% cap · market cap 6.91%
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
318
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- BluePearl Pet Hospital — 2141 Lime Kiln Rd, Green Bay, WI 54311
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office property with lower-level access, paved parking, monument signage, and proximity to Costco.
Where is this medical office space located?
The property is located at 2141 LIME KILN ROAD Green Bay, WI.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 11,009‑square‑foot medical office building constructed in 2015; Elevator access serves the lower level; Abundant on‑site paved parking
