Remodeled Two-Unit
For Sale
$599,900
4235 Green Bay Rd, Kenosha, WI 53144
COMMERCIAL - Kenosha, WI
Property Size2,700 SF
Price / SF$222.19
Days on Market97
Property Features for 4235 Green Bay Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
G2-Commercial
Directions
Green Bay Road (HWY 31) to address
Standard status
Active
APN
0822227486008
Size
2,700 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3567
Building Details
Year built
1977
Architectural style
Other
Listing Agency:
Better Homes and Gardens Real Estate Power Realty
(262) 654-7653
Listed By:
Michael Zoerner · License #56989-90
(262) 818-5442
Added: May 16
Changed: Aug 10
Last Checked: Aug 20 at 11:06PM
MLS# 1963052
Copyright © 2026 Metro MLS. 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.
This office condominium at 4235 Green Bay Rd in Kenosha contains two combined suites configured as one expansive office property. The suites retain separate parcel numbers and can be converted back into individual units. The space has been newly remodeled and is zoned G2-Commercial.
The property includes 2,700 square feet within a building constructed in 1977. Parking is available at both the front and rear, providing on-site access for occupants and visitors. Membership in the Wambolt Condominium Association includes exterior maintenance, supporting a simpler ownership structure for the office asset.
The property includes 2,700 square feet within a building constructed in 1977. Parking is available at both the front and rear, providing on-site access for occupants and visitors. Membership in the Wambolt Condominium Association includes exterior maintenance, supporting a simpler ownership structure for the office asset.
Key Highlights
- 2,700‑square‑foot office condominium with two combined suites
- Separate parcel numbers allow conversion back to two individual units
- Newly remodeled professional office space
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
$33,977
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
5.66%
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%
$679,540
$679.5K
Cap Rate 7%
$485,386
$485.4K
Cap Rate 9%
$377,522
$377.5K
Market Conditions
NOI Build-Up for 2,700 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
$56.7K $21.00/SF
− Vacancy
−$11.4K −$4.22/SF
EGI
$45.3K $16.78/SF
− OpEx
−$11.3K −$4.19/SF
NOI
$34.0K $12.58/SF
Area
Kenosha County, WI
Vacancy
20.10%
Lease Rate
$21.00 /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%
$679,540
Cap Rate 7%
$485,386
Cap Rate 9%
$377,522
Alternative Uses
Best Use
Office B
$485.4K
$424.7K – $566.3K
NOI $33,977 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.14M
$2.75M – $3.67M
NOI $220,039 @ 7.0% cap · market cap 36.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
352
Businesses Nearby
Explore this area
Business Placement
Demographics for 53144, WI
26,702
Population
10,731
Households
2.5
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
43.4 sq mi
ZIP Area
615
Density / Sq Mi
$71,111
Median Household Income
$42,017
Median Earnings
$1,136
Median Rent
$248,200
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 units - Two combined suites offer flexible professional space with parking positioned on both sides of the building.
Where is this office units located?
The property is located at 4235 Green Bay Rd Kenosha, WI.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 2,700‑square‑foot office condominium with two combined suites; Separate parcel numbers allow conversion back to two individual units; Newly remodeled professional office space
