Office Building with
For Sale
$1,200,000
2521 STEFFENS Court, Green Bay, WI 54311
Commercial Sale, GREEN BAY, WI
Property Size3,135 SF
Lot Size2.55 Acres
Price / SF$382.78
Days on Market110
Property Features for 2521 STEFFENS Court
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMERCIAL - G2
Basement
Partial, Crawl Space
Elementary school district
Green Bay Area
Middle school district
Green Bay Area
High school district
Green Bay Area
Directions
Verlin Rd or Manitowoc Rd to South on Steffens Ct to property.
Standard status
Active
APN
B-80-3
Lot size
2.55 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
19273
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Varies by Unit (Heating)
Cooling system
Central Air
Water source
Public
Amenities
multiple offices
lobby w/ 2-story ceiling
2 half-bathrooms
kitchenette
vault
basement storage
3 drive-through lanes with canopy
Building Details
Year built
2006
Floors in Building
1
Building materials
Brick
Listing Agency:
Dallaire Realty
(920) 569-0827
Listed By:
Judd J. Gehl · License #9488691
(920) 680-4493
Added: May 4
Changed: Aug 20
Last Checked: Aug 21 at 12:06PM
MLS# 50324801
Copyright © 2026 Realtor Association of Northeast Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2006, this 3,135-square-foot brick office building occupies a 2.55-acre corner parcel in Green Bay. The interior includes multiple offices, a lobby with a two-story ceiling, two half-bathrooms, a kitchenette, a vault, and basement storage. Forced-air heating and central air conditioning serve the building, with heating varying by unit.
Exterior improvements include three drive-through lanes beneath a 30-by-36-foot canopy, an asphalt parking area with approximately 20 spaces, and two aprons. Public water and public sewer serve the property. Zoned COMMERCIAL - G2, the site also includes west-end land identified for expansion, subject to applicable approvals.
Exterior improvements include three drive-through lanes beneath a 30-by-36-foot canopy, an asphalt parking area with approximately 20 spaces, and two aprons. Public water and public sewer serve the property. Zoned COMMERCIAL - G2, the site also includes west-end land identified for expansion, subject to applicable approvals.
Key Highlights
- 2.55‑acre corner parcel in Green Bay
- 3,135‑square‑foot brick office building built in 2006
- Interior includes multiple offices, two‑story lobby, kitchenette, vault, and basement storage
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
$37,018
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
3.08%
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%
$740,360
$740.4K
Cap Rate 7%
$528,829
$528.8K
Cap Rate 9%
$411,311
$411.3K
Market Conditions
NOI Build-Up for 3,135 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
$60.2K $19.20/SF
− Vacancy
−$10.8K −$3.46/SF
EGI
$49.4K $15.74/SF
− OpEx
−$12.3K −$3.94/SF
NOI
$37.0K $11.81/SF
Area
Green Bay, WI
Vacancy
18.00%
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%
$740,360
Cap Rate 7%
$528,829
Cap Rate 9%
$411,311
Alternative Uses
Best Use
Office B
$528.8K
$462.7K – $617.0K
NOI $37,018 @ 7.0% cap · market cap 3.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$730.9K
$639.5K – $852.7K
NOI $51,163 @ 7.0% cap · market cap 4.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
194
Businesses Nearby
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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Frequently Asked Questions
What type of property is this?
Office building - Brick office property with flexible interior rooms, customer-facing circulation, and a substantial commercial site.
Where is this office building located?
The property is located at 2521 STEFFENS Court Green Bay, WI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 2.55‑acre corner parcel in Green Bay; 3,135‑square‑foot brick office building built in 2006; Interior includes multiple offices, two‑story lobby, kitchenette, vault, and basement storage
