Built-Out Restaurant with Commercial
For Sale
Contact for pricing
850 KEPLER Drive unit 3, Green Bay, WI 54311
Existing bar configuration includes liquor licensing, walk-in cold storage, and commercial food-service equipment.
Property Size5,330 SF
Price / SF$281.24
Days on Market10
Property Features for 850 KEPLER Drive unit 3
General Information
Standard status
Active
Size
5,330 SF
Property subtype
Special Purpose
Building Details
Year Built
2005
Buildings
1
Listing Agency:
CENTURY 21
(920) 562-1812
Listed By:
Levi Foss · License #WI
Source:
Crexi
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 29 at 3:21PM
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 CENTURY 21
Investment Insights
Based on property information with market context.
The property is a 5,330-square-foot restaurant building constructed in 2005 and currently configured for full bar and food-service operations. Improvements include a fully equipped commercial kitchen with venting, cooktop, and fryer, along with walk-in coolers and a walk-in freezer. A full liquor license is also in place.
Located at 850 KEPLER Drive, Unit 3, in Green Bay, Wisconsin, the property offers highway visibility and access near major hospitals, hotels, and an industrial park. The existing layout and infrastructure are also identified as suitable for conversion to retail, office, medical, or entertainment concepts, subject to applicable approvals.
Located at 850 KEPLER Drive, Unit 3, in Green Bay, Wisconsin, the property offers highway visibility and access near major hospitals, hotels, and an industrial park. The existing layout and infrastructure are also identified as suitable for conversion to retail, office, medical, or entertainment concepts, subject to applicable approvals.
Key Highlights
- 5,330 SF restaurant building constructed in 2005
- Full bar and restaurant configuration with liquor license
- Commercial kitchen includes venting, cooktop, and fryer
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
$72,914
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
4.86%
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%
$1,458,280
$1.5M
Cap Rate 7%
$1,041,629
$1.0M
Cap Rate 9%
$810,156
$810.2K
Market Conditions
NOI Build-Up for 5,330 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
$102.3K $19.20/SF
− Vacancy
−$5.1K −$0.96/SF
EGI
$97.2K $18.24/SF
− OpEx
−$24.3K −$4.56/SF
NOI
$72.9K $13.68/SF
Area
Green Bay, WI
Vacancy
5.00%
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%
$1,458,280
Cap Rate 7%
$1,041,629
Cap Rate 9%
$810,156
Alternative Uses
Best Use
Specialty Retail
$1.04M
$911.4K – $1.22M
NOI $72,914 @ 7.0% cap · market cap 4.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,986 @ 7.0% cap · market cap 5.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
532
Businesses Nearby
28k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 95%
Hotels & Casinos 5%
Culver's
Dining
26,349 visits/mo
0.2 miles
Super 8 Green Bay I-43 Bus. Park
Hotels & Casinos
1,460 visits/mo
0.1 miles
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 Retail 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?
Conventional restaurant - Existing bar configuration includes liquor licensing, walk-in cold storage, and commercial food-service equipment.
Where is this conventional restaurant located?
The property is located at 850 KEPLER Drive unit 3 Green Bay, WI.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: 5,330 SF restaurant building constructed in 2005; Full bar and restaurant configuration with liquor license; Commercial kitchen includes venting, cooktop, and fryer
