Flex Space with Heated
For Sale
$875,000
821 LIME KILN ROAD, Green Bay, WI 54302
Well-maintained commercial building with retail frontage, warehouse capability, and multiple overhead doors.
Property Size10,320 SF
Price / SF$84.79
Days on Market509
Property Features for 821 LIME KILN ROAD
General Information
Standard status
Active
Size
10,320 SF
Property subtype
General Commercial
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$11,636
Amenities
Central Air, Electric, Gas, A/C - Other
3
Other
commercial
35 Parking Spaces. On Site.
0.5 to .99
Building Details
Year Built
1997
Building Size
10,320 SF
Listing Agency:
Mark D Olejniczak Realty, Inc.
(920) 432-1007
Listed By:
Alana Rose
(920) 680-3408
Source:
Xome
Added: Apr 12, 2025
Changed: Sep 2
Last Checked: Aug 30 at 8:51PM
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.
This 10,320 SF flex property, built in 1997, combines a retail-facing storefront with warehouse functionality. The building includes a heated dock area and four large overhead doors, all reported as functioning after repairs. Central air conditioning and electric and gas service are also noted.
Located at 821 Lime Kiln Road on Green Bay’s east side, the property has access to a highway and is surrounded by nearby commercial and retail businesses. On-site parking provides 35 spaces. Its combination of storefront, warehouse, dock, and overhead-door features supports a range of commercial operating formats, including retail and storage-oriented use.
Located at 821 Lime Kiln Road on Green Bay’s east side, the property has access to a highway and is surrounded by nearby commercial and retail businesses. On-site parking provides 35 spaces. Its combination of storefront, warehouse, dock, and overhead-door features supports a range of commercial operating formats, including retail and storage-oriented use.
Key Highlights
- 10,320 SF flex building constructed in 1997
- Heated dock area with 4 large overhead doors
- 35 on‑site parking spaces
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
$50,084
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
5.72%
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%
$1,001,680
$1.0M
Cap Rate 7%
$715,486
$715.5K
Cap Rate 9%
$556,489
$556.5K
Market Conditions
NOI Build-Up for 10,320 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
$60.7K $5.88/SF
− Vacancy
−$1.8K −$0.17/SF
EGI
$58.9K $5.71/SF
− OpEx
−$8.8K −$0.86/SF
NOI
$50.1K $4.85/SF
Area
Green Bay, WI
Vacancy
2.90%
Lease Rate
$5.88 /SF/Yr
Expense Ratio
15.00%
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%
$1,001,680
Cap Rate 7%
$715,486
Cap Rate 9%
$556,489
Alternative Uses
Best Use
Retail
$1.63M
$1.43M – $1.90M
NOI $114,081 @ 7.0% cap · market cap 13.04%
Second Best
Flex RnD
$1.32M
$1.16M – $1.55M
NOI $92,731 @ 7.0% cap · market cap 10.60%
Theoretical Best
Office A
$2.41M
$2.11M – $2.81M
NOI $168,422 @ 7.0% cap · market cap 19.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
504
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 54302, WI
31,327
Population
13,390
Households
2.3
Avg Household Size
34
Median Age
19%
College-Educated
81%
High-School Grad
9.2 sq mi
ZIP Area
3,405
Density / Sq Mi
$55,772
Median Household Income
$37,257
Median Earnings
$881
Median Rent
$164,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Well-maintained commercial building with retail frontage, warehouse capability, and multiple overhead doors.
Where is this flex space located?
The property is located at 821 LIME KILN ROAD Green Bay, WI.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 10,320 SF flex building constructed in 1997; Heated dock area with 4 large overhead doors; 35 on‑site parking spaces
