Walgreens Net-Leased
New
For Sale
$2,105,000
2204 University Avenue, Green Bay, WI 54302
Freestanding Walgreens property with fee simple ownership and multiple renewal options.
Property Size15,359 SF
Days on Market3
Property Features for 2204 University Avenue
General Information
Standard status
Active
Size
15,359 SF
Property subtype
Retail
Zoning
C1 - Commercial One
Site & Location
Corner Location
Yes
Traffic Count
27,100 vehicles/day
Highway Access
Yes
Building Details
Building Size
15,359 SF
Tenancy
Single
Listing Agency:
SRS Real Estate Partners | Chicago
Listed By:
Dan Elliot · License #475144985
(312) 972-7978
Source:
Srsre
Added: Sep 16
Last Checked: Sep 18 at 3:47AM
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 SRS Real Estate Partners | Chicago
Investment Insights
Based on property information with market context.
This fee simple property includes ownership of the land and building occupied by Walgreens. The existing lease has less than 3 years remaining on its initial term, followed by 5 options of 5 years each. Landlord obligations are limited to exterior and structural building components, the roof, and related pipes, ducts, and wires.
The property occupies the signalized intersection of University Ave and N Danz Ave in Green Bay, where the two roads combine for an average of 27,100 VPD. Direct on/off ramp access to Interstate 43 is nearby, and the interstate carries an average of 43,600 vehicles daily. The surrounding retail corridor includes McDonald’s, Taco Bell, Burger King, Wendy’s, A&W, FedEx, and Dairy Queen.
Within 5 miles, the trade area includes more than 124,000 residents and 103,000 employees, with average household income of $89,745.
The property occupies the signalized intersection of University Ave and N Danz Ave in Green Bay, where the two roads combine for an average of 27,100 VPD. Direct on/off ramp access to Interstate 43 is nearby, and the interstate carries an average of 43,600 vehicles daily. The surrounding retail corridor includes McDonald’s, Taco Bell, Burger King, Wendy’s, A&W, FedEx, and Dairy Queen.
Within 5 miles, the trade area includes more than 124,000 residents and 103,000 employees, with average household income of $89,745.
Key Highlights
- Walgreens occupies the fee simple land and building
- Initial lease term has less than 3 years remaining
- 5 renewal options, each for 5 years
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
$169,785
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
8.07%
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%
$3,395,700
$3.4M
Cap Rate 7%
$2,425,500
$2.4M
Cap Rate 9%
$1,886,500
$1.9M
Market Conditions
NOI Build-Up for 15,359 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
$258.0K $16.80/SF
− Vacancy
−$15.5K −$1.01/SF
EGI
$242.5K $15.79/SF
− OpEx
−$72.8K −$4.74/SF
NOI
$169.8K $11.05/SF
Area
Green Bay, WI
Vacancy
6.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
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%
$3,395,700
Cap Rate 7%
$2,425,500
Cap Rate 9%
$1,886,500
Alternative Uses
Best Use
Specialty Retail
$3.00M
$2.63M – $3.50M
NOI $210,111 @ 7.0% cap · market cap 9.98%
Second Best
Retail
$2.43M
$2.12M – $2.83M
NOI $169,785 @ 7.0% cap · market cap 8.07%
Theoretical Best
Office A
$3.58M
$3.13M – $4.18M
NOI $250,659 @ 7.0% cap · market cap 11.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
27,100 VPD
Traffic count
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
363
Businesses Nearby
145k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 51%
Groceries 30%
Dining 17%
Electronics 1%
Skogen's Festival Foods
Groceries
44,145 visits/mo
0.3 miles
Kwik Trip
Shops & Services
38,441 visits/mo
0.3 miles
Dollar Tree
Shops & Services
13,691 visits/mo
0.4 miles
Taco Bell
Dining
8,866 visits/mo
0.1 miles
Burger King
Dining
6,643 visits/mo
0.2 miles
Demographics for 54302, WI
31,327
Population
13,390
Households
2.3
Avg Household Size
34
Median Age
19%
College-Educated
81%
High-School Grad
9.2 sq mi
ZIP Area
3,405
Density / Sq Mi
$55,772
Median Household Income
$37,257
Median Earnings
$881
Median Rent
$164,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
NNN property - Freestanding Walgreens property with fee simple ownership and multiple renewal options.
Where is this nnn property located?
The property is located at 2204 University Avenue Green Bay, WI.
What is the asking price?
The asking price for this property is $2,105,000.
What are key features of this property?
This property features: Walgreens occupies the fee simple land and building; Initial lease term has less than 3 years remaining; 5 renewal options, each for 5 years
