Flex Space with Overhead
For Sale
$1,750,000
2728 MANITOWOC ROAD, Green Bay, WI 54311
Multi-area commercial building with showroom, offices, repair space, and paved on-site parking.
Property Size14,820 SF
Price / SF$118.08
Days on Market441
Property Features for 2728 MANITOWOC ROAD
General Information
Standard status
Active
Size
14,820 SF
Property subtype
General Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Clear Height
16 ft
Taxes and HOA fees
Annual Taxes
$12,868
Amenities
Central Air, Gas
3
Commercial
On Site.
1 to 4.99
Building Details
Year Built
1990
Buildings
1
Building Size
14,820 SF
Listing Agency:
Mark D Olejniczak Realty, Inc.
(920) 265-4367
Listed By:
Mark Jr Olejniczak · License #9475751
(920) 265-4367
Source:
Xome
Added: Jun 16, 2025
Changed: Aug 30
Last Checked: Aug 30 at 7:26AM
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 Mark D Olejniczak Realty, Inc.
Investment Insights
Based on property information with market context.
Built in 1990, this 14,820-square-foot flex property combines showroom, office, shopping, mezzanine, and repair areas within one commercial building. The layout includes four overhead doors measuring 10 feet wide by 12 feet high, along with 16-foot ceilings. Central air and gas service are also noted.
The property sits near an I-43 exit and includes a paved parking lot on site. Multiple entrances and separate meters support division into three spaces. The building is offered in as-is, where-is condition.
The property sits near an I-43 exit and includes a paved parking lot on site. Multiple entrances and separate meters support division into three spaces. The building is offered in as-is, where-is condition.
Key Highlights
- 14,820 square feet of flex space
- Four 10‑foot‑wide by 12‑foot‑high overhead doors
- 16‑foot ceilings
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
$133,167
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
7.61%
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%
$2,663,340
$2.7M
Cap Rate 7%
$1,902,386
$1.9M
Cap Rate 9%
$1,479,633
$1.5M
Market Conditions
NOI Build-Up for 14,820 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
$213.4K $14.40/SF
− Vacancy
−$8.5K −$0.58/SF
EGI
$204.9K $13.82/SF
− OpEx
−$71.7K −$4.84/SF
NOI
$133.2K $8.99/SF
Area
Green Bay, WI
Vacancy
4.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
35.00%
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%
$2,663,340
Cap Rate 7%
$1,902,386
Cap Rate 9%
$1,479,633
Alternative Uses
Best Use
Office B
$2.50M
$2.19M – $2.92M
NOI $174,995 @ 7.0% cap · market cap 10.00%
Second Best
Retail
$2.34M
$2.05M – $2.73M
NOI $163,826 @ 7.0% cap · market cap 9.36%
Theoretical Best
Office A
$3.46M
$3.02M – $4.03M
NOI $241,862 @ 7.0% cap · market cap 13.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
215
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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Frequently Asked Questions
What type of property is this?
Flex space - Multi-area commercial building with showroom, offices, repair space, and paved on-site parking.
Where is this flex space located?
The property is located at 2728 MANITOWOC ROAD Green Bay, WI.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 14,820 square feet of flex space; Four 10‑foot‑wide by 12‑foot‑high overhead doors; 16‑foot ceilings
