Retail
For Sale
Contact for pricing
2985 VOYAGER DR, Green Bay, WI 54311
Retail property with BRR zoning and a 2001 construction date.
Property Size3,456 SF
Price / SF$217.01
Days on Market15
Property Features for 2985 VOYAGER DR
General Information
Standard status
Active
Size
3,456 SF
Class
B
Property subtype
Retail, Office
Zoning
BRR
Building Details
Year Built
2001
Buildings
1
Units
1
Listing Agency:
Bay Lakes Commercial Real Estate LLC
(920) 621-3294
Listed By:
Pete Roland · License #WI 50930
Source:
Crexi
Added: Jul 27
Changed: Aug 4
Last Checked: Aug 9 at 10:26AM
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 Bay Lakes Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
This retail property contains 3,456 square feet and was built in 2001. The asset is classified as retail space and carries BRR zoning.
The property is located at 2985 Voyager Dr in Green Bay, Wisconsin. Its retail classification and documented building size provide a straightforward foundation for evaluating the space for commercial use.
The property is located at 2985 Voyager Dr in Green Bay, Wisconsin. Its retail classification and documented building size provide a straightforward foundation for evaluating the space for commercial use.
Key Highlights
- 3,456 SF retail property
- BRR zoning
- Built in 2001
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
$40,808
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
5.44%
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%
$816,160
$816.2K
Cap Rate 7%
$582,971
$583.0K
Cap Rate 9%
$453,422
$453.4K
Market Conditions
NOI Build-Up for 3,456 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
$66.4K $19.20/SF
− Vacancy
−$11.9K −$3.46/SF
EGI
$54.4K $15.74/SF
− OpEx
−$13.6K −$3.94/SF
NOI
$40.8K $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%
$816,160
Cap Rate 7%
$582,971
Cap Rate 9%
$453,422
Alternative Uses
Best Use
Office B
$583.0K
$510.1K – $680.1K
NOI $40,808 @ 7.0% cap · market cap 5.44%
Second Best
Retail
$545.8K
$477.6K – $636.7K
NOI $38,204 @ 7.0% cap · market cap 5.09%
Theoretical Best
Office A
$805.7K
$705.0K – $940.0K
NOI $56,402 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
447
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Retail property with BRR zoning and a 2001 construction date.
Where is this retail space located?
The property is located at 2985 VOYAGER DR Green Bay, WI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 3,456 SF retail property; BRR zoning; Built in 2001
