Single Tenant Triple Net New Roof, HVAC, and Interior on ... · EXP Realty Advisors exclusively...

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Phone: 212.686.0072 Fax: 212.686.0078 [email protected] www.exp1031.com GSA Leased – Single Tenant Triple Net New Roof, HVAC, and Interior on Hard Corner $926,000 in Capital Improvements & TI Downtown Green Bay, WI 533 E. Walnut St. Green Bay, Wisconsin 54301 Asking: $1,570,105 | Cap: 9.5% | NOI: $149,160 | Rent: $12.00 PSF NNN This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy. It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. GSA has taken possession and started paying rent All due-diligence material is current for a quick close Roof renovation & deck replacement (Duro-Last) installed this year with 15 Yr warranty New high efficiency Carrier HVAC units installed thru-out building this year New interior walls, paint, carpet and ceilings installed for GSA Passive Investment (management performed by seller for admin fee in GSA lease) High profile iconic art deco building $926,000 invested in capital and tenant improvements in 2019

Transcript of Single Tenant Triple Net New Roof, HVAC, and Interior on ... · EXP Realty Advisors exclusively...

Page 1: Single Tenant Triple Net New Roof, HVAC, and Interior on ... · EXP Realty Advisors exclusively presents for sale a 12,430-sf building which has been completely renovated for the

Phone: 212.686.0072 Fax: [email protected]

GSA Leased – Single Tenant Triple Net

New Roof, HVAC, and Interior on Hard Corner

$926,000 in Capital Improvements & TI

Downtown Green Bay, WI533 E. Walnut St. Green Bay, Wisconsin 54301Asking: $1,570,105 | Cap: 9.5% | NOI: $149,160 | Rent: $12.00 PSF NNN

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

• GSA has taken possession and started paying rent• All due-diligence material is current for a quick close• Roof renovation & deck replacement (Duro-Last) installed this year with 15 Yr warranty• New high efficiency Carrier HVAC units installed thru-out building this year• New interior walls, paint, carpet and ceilings installed for GSA• Passive Investment (management performed by seller for admin fee in GSA lease)• High profile iconic art deco building• $926,000 invested in capital and tenant improvements in 2019

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GSA Building Downtown Green Bay, WI

Investment Overview

PROPERTY OVERVIEW:EXP Realty Advisors exclusively presents for sale a 12,430-sf building which has been completely renovated for the GSA. Out of the $920,000 in Capital and Tenant Improvements, GSA is contributing $362,000 in Tenant Improvements plus $180,000 for furniture, I.T. and fixtures. Landlord has spent the remaining $564,000 in Capital Improvements made in 2019 which includes a roof renovation and deck replacement with one-third of the decking replaced which carries a new 15-year Duro-Last roof warranty. Also new high-efficiency Carrier HVAC units were installed throughout. Interior walls, paint, carpet, and ceilings were installed for the GSA. All the work has been completed and GSA has commenced paying rent as of August 2019. The building occupies a prominent corner in downtown Green Bay Wisconsin. The property comes with six dedicated parking spots on the adjacent lot. All due-diligence items are current for a quick close.

This iconic Art Deco building offers an extremely secure income stream and a highly improved property which is made triple net by the seller retaining all the property management for the management fee paid by the GSA in their lease. The seller will also master the lease the property, with all rent escrowed at closing. This Art Deco building occupies a prominent corner location in downtown Green Bay with high visibility and close to major employers like City Hall, the Courthouse and the Green Bay Press-Gazette Regional headquarters (also for sale separately). The GSA pays a management fee and salaries in connection with the ongoing management of the property.

The United States Government carries an investment-grade credit rating by all major rating agencies, including an AA+ rating with a stable outlook from Standard & Poor's Financial Services LLC, and its tax revenues exceeded $3.2 trillion for 2016. The U.S. Government is the largest employer in the world, the largest office tenant in the United States and the primary catalyst of the U.S. economy.GSA LEASE SUMMARYRent Commencement: August 2019Lease Expiration Date: 19 months from commencement date, 11 months firm without cancellationRent: $102,200 for 7,300 square feet of the 12,430 square foot buildingOptions: NoneLease Type: Modified Gross

PROPOSED MASTER LEASE SUMMARYLease Term: 24 MonthsAbsolute triple net rent: $149,160 Options: NoneLease Type: Triple Net (NNN)Seller will escrow master lease rent and operating costs at closing

INVESTMENT SUMMARY

Price: $1,570,105

Price Per SF: $126

Cap Rate: 9.5%

NOI: $149,160

Lease: Absolute Triple Net

Lease Term: Two Years

Bld. Sq. Ft.: 12,430 S.F.

Clear Height Space: 20.7 Feet

Lease Type: Triple Net

Land: .3712 Acres

Grade Level Doors: 9

Built: 1986

Zoning: D1 Downtown

INVESTMENTOVERVIEWThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

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GSA Building Downtown Green Bay, WI Space Plan for GSA

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. CONCEPTUAL FLOOR PLAN

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GSA Building Downtown Green Bay, WI

Local Employers

LOCAL EMPLOYERSThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

WBAY Action 2 News Station

Green Bay City Hall

Superior Resource Group Inc

Brown County Offices

Brown County Offices

Brown County Court House

Green Bay Press Gazette(not included in this offering

memorandum)

St. Francis Xavier Catholic Cathedral

Note all lot lines are approximate. See survey for details

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GSA Building Downtown Green Bay, WI

Area Map

AREA MAPThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

Green Bay City Hall

Brown County Offices

Brown County Offices

State of Wisconsin District Office Building

WPS Resources Corporation

Clinic

Green Bay

Ferguson Family

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GSA Building Downtown Green Bay, WI

Property Photos – Interior

PROPERTY PHOTOSThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

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GSA Building Downtown Green Bay, WI

Property Photos – Interior

PROPERTY PHOTOSThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

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GSA Building Downtown Green Bay, WI

Property Photos – Interior

PROPERTY PHOTOSThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

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GSA Building Downtown Green Bay, WI

Market Overview - Photo Prior to New Roof and HVAC Installation

MARKET OVERVIEWThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

• Downtown Green Bay on the rise, and commercial lenders deserve plenty of the credit. January 4, 2018 RE Journals (Dan Rafter.) (https://www.rejournals.com/articles/2018/01/04/downtown-green-bay-on-the-rise,-and-commercial-len)

• Marcus & Millichap: Apartment demand, supply rising in Green Bay. August 17, 2018 RE Journals (Dan Rafter).

(https://www.rejournals.com/marcus-millichap-apartment-demand,-supply-rising-in-green-bay-20180817)

• Stage Equity Partners Acquires MOB in Green Bay in $7 million deal. April 25, 2018 RE Journals (Staff Writer).

(https://www.rejournals.com/stage-equity-partners-acquires-mob-in-green-bay-in-$7-million-deal-20180425)

• Starbucks leases 2100 SF in downtown Green Bay. June 8, 2018 RE Journals (Staff Writer)

(https://www.rejournals.com/mid-america-closes-several-retail-leases-in-wisconsin-20180608)

• Plans for second phase of Green Bay Packers’ Titletown unveiled. October 4, 2018 RE Journals (Staff Writer).

(https://www.rejournals.com/plans-for-second-phase-of-green-bay-packers-titletown-unveiled-20181004)

“Downtown Green Bay on the rise…”January 2018

“Apartment demand, supply rising in Green Bay”August 2018

“Titletown Development….130,000 square feet of Class-A, premium

office space”October 2018

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GSA Building Downtown Green Bay, WI

NOI

NOI AND RENT ROLLThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

Master Lease 12,430 S.F.

Tenant Seller

Lease Term 24 Months

Lease Rate $12.00 S.F. NNN

Annual Base Absolute Triple Net Rent $149,160

Capital Improvements by Seller and/or GSA $600,000

(1) Footnote: Seller will Credit or Escrow two (2) years of Base Triple Net Rent, projected Operating Cost, and Real Estate Taxes at closing

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GSA Building Downtown Green Bay, WI

NOI

NOI AND RENT ROLLThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

GSA Lease 7,300 S.F.

Sub Tenant GSA

Lease Term 19 Months (11 Months Firm)

Lease Rate $14.00 S.F.

Numbers are Annualized

11 Month Firm Term 19 Month Term

Annual Shell Rent $102,200 $102,200

Operating Cost $28,616 $28,616

Tenant Improvements Rent $364,306 $0.00

Total $495,122 $130,816

(2) Footnote: Seller receives all GSA Base Rent, Tenant Improvement Rent and Reimbursables

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GSA Building Downtown Green Bay, WI

Aerial View Prior to New Roof and HVAC Installation

AERIAL VIEWThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

GSA

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GSA Building Downtown Green Bay, WI

Property Photos – Exterior Prior to New Roof and HVAC Installation

PROPERTY PHOTOSThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

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GSA Building Downtown Green Bay, WI

Market Overview

MARKET OVERVIEWThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

Green Bay is the flagship city and economic hub of north Wisconsin. The population continues to increase, along with the percentage of residents with a college degree. Companies with headquarters here include logistics and trucking company Schneider National (www.schneider.com) which hauls 19,318 loads per day, with 11,650 company drivers, 10,120 company trucks and 33,830 trailers on the road. The company has 166 facilities worldwide and customers include more than two-thirds of FORTUNE 500 companies. Also headquartered in Green Bay is Schreiber Foods Inc. (www.schreiberfoods.com), an employee-owned company with more than $5 Billion in annual sales, Forbes ranked Schreiber Foods as the 81st largest private employer in 2016. The city has a strategic location on Lake Michigan and four large paper mills, three pulp mills and four paper-converting companies are located in the county and their products are used throughout the nation. Green Bay is also the largest cheese processing, concentrating and shipping center in the U.S. The Port of Green Bay is an international port for domestic and foreign trade. Ocean vessels also call at the Port of Green Bay on a regular basis. The marine tonnage entering the harbor has annually averaged more than 143 ships and 1,637,776 tons per year.

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GSA Building Downtown Green Bay, WI

Conceptual Adaptive Reuse – Restaurant Concept

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. ADAPTIVE REUSE

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GSA Building Downtown Green Bay, WI

Property Photos –Roof

PROPERTY PHOTOSThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

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GSA Building Downtown Green Bay, WI

Property Photos – Roof

PROPERTY PHOTOSThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

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GSA Building Downtown Green Bay, WI

Tenant Improvement Allowance

NOI AND RENT ROLLThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

Capital and Tenant Improvement Breakdown

Architect Engineer Fees 11%

CM Project Management 5%

Total Capital and Tenant Improvement $ 600,00.00

Total Tenant Improvement to be paid by Tenant to Landlord $ 324,141.90

Interest Rate 6%

Tenant Improvement Rent Paid by Tenant to Landlord over the Firm Term $ 364,305.80

Conceptual Render Conceptual Render is not deemed accurate or a guarantee of finished TI

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GSA Building Downtown Green Bay, WI

Market Overview

MARKET OVERVIEWThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

Moderate job growth has helped to increase occupancy in Green Bay over the last few years, which has seen the vacancyrate cut nearly in half between 2012 and mid-2018. This also has been the result of restrained construction—deliveriesbarely eclipsed 50,000 SF in 2017—and strong absorption. The unemployment rate in the metro is well below the nationalaverage and population growth is roughly on par with the nation. Miller Electric Manufacturing and National Envelope aretwo of the largest office-using employers in the metro, occupying 355,000 SF and 311,000 SF respectively. While this metro isassociated mostly with football—the Packers certainly do help drive the economy here—the manufacturing industry thatinspired their name still maintains a presence. There is a much higher concentration of manufacturing jobs in Green Bay thanin many other areas across the country. Much of that stems from companies with paper plants in the area, such as Georgia-Pacific, Procter & Gamble, and the local Green Bay Packaging company. Foxconn announced in June, 2018 its plans forcreating an Innovation Center in the Watermark Building downtown and to employ 200 high-tech workers. The headquartersfor Nicolet National Bank and Associated Bank give the market an above-average presence of financial institutions, andSchneider National, Inc., a national trucking company, calls the metro home as well. All this leads to a fairly diverse andhealthy economy. The unemployment rate in Green Bay has generally stayed below the national average. Likely a result ofthe metro’s healthy employment, net migration recently returned to positive territory. However, employment in office-usingindustries remains below prerecession peaks. The manufacturing sector has experienced strong growth, as has theconstruction sector. In fact, construction had the highest growth of all sectors in the past year. Over a dozen companies innortheastern Wisconsin signed an agreement with the Wisconsin Economic Development Corporation to expand and addjobs, including La Force, Inc. and Schwabe North America in Green Bay. Incentives from Governor's Scott Walker's taxamendment bills may further spur the state's overall economy, along with metros like Green Bay.

According to CoStar, Green Bay’s office market has seen a five-year string of positiveabsorption and vacancies have compressed significantly over the last several years. Inaddition to the solid absorption, vacancy compression has been further aided by a lackof construction. Sales volume has surpassed the market's historical average for the lastthree years, though that momentum has slowed through mid-2018. Strong sales for thecycle from 2013-17 were bolstered by numerous smaller sales in the GreenBay submarket where office market rents are averaging $14.69 psf, vacancy is 6.2% anddeclining and the average market sales price $104 psf. (The subject property is leased at$4.88 psf NNN and is for sale at $66.28 psf.)

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Market Lease Comps (subject property is leased at $14 psf. NNN and is for sale at $61 psf.)

MARKET LEASE COMPSThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

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GSA Building Downtown Green Bay, WI

Aerial Photos of the Surrounding Area

PROPERTY PHOTOSThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

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GSA Building Downtown Green Bay, WI

Survey Parcel 5: Note the survey may includes other parcels not included in the sale.

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. SURVEY

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GSA Building Downtown Green Bay, WI

Floor Plan: 1st Floor

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. FLOOR PLAN

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GSA Building Downtown Green Bay, WI

Floor Plan: 2nd Floor Mezzanine

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. FLOOR PLAN

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GSA Building Downtown Green Bay, WI

Floor Plan: Basement

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. FLOOR PLAN

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GSA Building Downtown Green Bay, WI

Conceptual Adaptive Reuse for GSA

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. CONCEPTUAL RENDERS

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GSA Building Downtown Green Bay, WI

Green Bay Packers

GREEN BAY PACKERSThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

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GSA Building Downtown Green Bay, WI

Green Bay Packers

GREEN BAY PACKERSThis information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.

It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.

The Green Bay Packers compete in the National Football League (NFL) as a member club of the league's National Football Conference (NFC) North division. It is the third-oldest franchise in the NFL, dating back to 1919, and is the only non-profit, community-owned major league professional sports team based in the United States. Home games have been played at Lambeau Field since 1957.

Forbes ranked the Packers as the world's 26th most valuable sports franchise in 2016, with a value of $2.35 billion. The Packers have won 13 league championships, the most in NFL history, with nine pre-Super Bowl NFL titles in addition to four Super Bowl victories. The Packers won the first two Super Bowls in 1967 and 1968 and were the only NFL team to defeat the American Football League (AFL) prior to the AFL–NFL merger. The Vince Lombardi Trophy is named after the Packers' coach Lombardi, who guided them to their first two Super Bowls. Their two

additional Super Bowl wins came in the 1996 and 2010 seasons.

Expanded seven times before the end of the 1990s, Lambeau Field capacity reached 60,890. In 2003, it was extensively renovated to expand seating, modernize stadium facilities, and add an atrium area. Even with a current seating capacity of 72,928, ticket demand far outpaces

supply, as all Packers games have been sold out since 1960. About 86,000 names are on the waiting list for season tickets.

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GSA Building Downtown Green Bay, WI

Demographic Data

This information has been obtained from sources deemed reliable, however EXP Realty Advisors does not guarantee, warranty or represent its accuracy.It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein. DEMOGRAPHICDATA

Contact Us

EXP Realty Advisors52 Vanderbilt Ave

Suite #2014New York, NY 10017www.exp1031.com

Our Team

Robert P. JamesPresident

Phone: 212-686-0072 Email: [email protected]

Daniel de Sa‘Director of Sales

Phone: (212) 972-3947E-mail: [email protected]

2018 Summary 1 Mile 3 Miles 5 Miles

Population 14,355 80,787 151,120

Households 5,743 34,329 63,133

Families 2,675 18,450 36,290

Average Household Size 2.42 2.32 2.33

Owner Occupied Housing Units 1,921 18,332 35,783

Renter Occupied Housing Units 3,822 15,997 27,350

Median Age 31.9 35.5 36.7

Median Household Income $33,534 $41,610 $48,924

Average Household Income $49,361 $55,549 $65,695

2023 Summary 1 Mile 3 Miles 5 Miles

Population 14,733 82,882 155,420

Households 5,930 35,266 65,073

Families 2,713 18,753 37,067

Average Household Size 2.41 2.32 2.32

Owner Occupied Housing Units 2,049 19,235 37,661

Renter Occupied Housing Units 3,881 16,030 27,412

Median Age 32.3 36.2 37.3

Median Household Income $35,392 $44,075 $51,797

Average Household Income $54,421 $61,606 $73,328

Trends: 2018-2023 Annual Rate 1 Mile 3 Miles 5 Miles

Population 0.52% 0.51% 0.56%

Households 0.64% 0.54% 0.61%

Families 0.28% 0.33% 0.42%

Owner Households 1.30% 0.97% 1.03%

Median Household Income 1.08% 1.16% 1.15%