Medical Office with Private
For Sale
Contact for pricing
3193 Voyager Dr, Green Bay, WI 54311
Includes reception, waiting, conference, breakroom, storage, and flexible workstation areas for professional operations.
Property Size10,200 SF
Price / SF$205.88
Days on Market206
Property Features for 3193 Voyager Dr
General Information
Standard status
Active
Size
10,200 SF
Property subtype
Office
Building Details
Year Built
2008
Listing Agency:
RE Commercial LLC
(920) 997-3334
Listed By:
Todd DeVillers · License #WI 49056-90
Source:
Crexi
Added: Feb 5
Changed: Aug 30
Last Checked: Aug 30 at 6:48AM
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 RE Commercial LLC
Investment Insights
Based on property information with market context.
This 10,200-square-foot medical office property was built in 2008 and is arranged for a range of professional healthcare or office functions. The interior includes multiple enclosed offices, a substantial reception area, dedicated waiting space, a cubicle zone, conference room, breakroom, and storage areas. Furnishings are included, providing an established setup for continued office use.
The property is part of the I-43 Business Center in Green Bay and belongs to a three-building condominium grouping with a shared circular drive. Its location provides access to I-43, while shared parking serves the condominium buildings. The property address is 3193 Voyager Dr, Unit #3, Green Bay, WI 54311.
The property is part of the I-43 Business Center in Green Bay and belongs to a three-building condominium grouping with a shared circular drive. Its location provides access to I-43, while shared parking serves the condominium buildings. The property address is 3193 Voyager Dr, Unit #3, Green Bay, WI 54311.
Key Highlights
- 10,200‑square‑foot medical office property built in 2008
- Multiple private offices plus reception and waiting areas
- Conference room, breakroom, storage, and cubicle area
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
$123,600
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
5.89%
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%
$2,472,000
$2.5M
Cap Rate 7%
$1,765,714
$1.8M
Cap Rate 9%
$1,373,333
$1.4M
Market Conditions
NOI Build-Up for 10,200 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
$220.3K $21.60/SF
− Vacancy
−$14.3K −$1.40/SF
EGI
$206.0K $20.20/SF
− OpEx
−$82.4K −$8.08/SF
NOI
$123.6K $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%
$2,472,000
Cap Rate 7%
$1,765,714
Cap Rate 9%
$1,373,333
Alternative Uses
Best Use
Healthcare Medical
$1.77M
$1.55M – $2.06M
NOI $123,600 @ 7.0% cap · market cap 5.89%
Second Best
Office B
$1.72M
$1.51M – $2.01M
NOI $120,442 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$2.38M
$2.08M – $2.77M
NOI $166,464 @ 7.0% cap · market cap 7.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
366
Businesses Nearby
Well-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?
Medical Office Space - Includes reception, waiting, conference, breakroom, storage, and flexible workstation areas for professional operations.
Where is this medical office space located?
The property is located at 3193 Voyager Dr Green Bay, WI.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 10,200‑square‑foot medical office property built in 2008; Multiple private offices plus reception and waiting areas; Conference room, breakroom, storage, and cubicle area
