Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    28 W Main St Freeport, IL 61032

    View on Map
    Sponsored
    For Lease
    $600 /Mo

    Business/Retail - FREEPORT, IL

    Type:Retail
    Days on Market:
    25
    Last Refresh:
    Mar 8 at 12:06 am

    Property Features for 28 W Main St

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Standard status
    Active
    APN
    181431252011

    Utilities

    Heating system
    Other (Heating)

    Building Details

    Building materials
    Brick
    Roof type
    Other
    Architectural style
    Other

    We can help!

    Listing Contact
    Tracey DeCrane

    Re/Max Town Lake & Country (815) 541-1001

    Listing agent Tracey DeCrane (815) 493-7653 License #475122157

    Listing date Feb 12, 2026

    MLS# 202504958 Listing URL

    Copyright © 2026 NorthWest Illinois Alliance of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Retail Space in Freeport, IL

    This retail space is located in Freeport, Illinois. The property features a main floor layout with a common entrance and one bathroom. A minimum lease term of 6 months is required. The landlord covers all utility costs. The first month's rent and a one-month deposit are due at signing.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Freeport
    County
    Stephenson
    State
    Illinois
    Longitude
    -89.620643
    Latitude
    42.29747

    Nearby Similar for Lease

    • $2,200 /Mo

      Downtown Freeport Office Space Available

      Office suites for lease in downtown Freeport, Illinois.
      224 W Stephenson, Freeport, IL 61032
      View Details
    • $450 /Mo

      Retail Space in Freeport, IL

      Retail space for rent in Freeport. All utilities included.
      15 S Van Buren Ave, Freeport, IL 61032
      View Details
    • $450 /Mo

      Office/Retail Space in Freeport, IL

      Office/retail space available for rent in Freeport, Illinois.
      17 S Chicago Ave, Freeport, IL 61032
      View Details
    • $400 /Mo

      Office Space with Utilities Included

      Office space for rent with utilities included in Freeport.
      415 W Stephenson, Freeport, IL 61032
      View Details
    • $450 /Mo

      Retail Space in Freeport, IL

      Commercial space available for rent in Freeport, Illinois.
      220 W Stephenson, Freeport, IL 61032
      View Details
    • $600 /Mo

      Freeport Retail/Restaurant Space Available

      Retail or restaurant space for lease in Freeport, Illinois.
      218 W Stephenson, Freeport, IL 61032
      View Details
    • Contact for pricing
      18,000 SF

      Retail Space with Strong Visibility

      18,000 SF retail space with easy access and high traffic.
      1611 S West Ave, Freeport, IL 61032
      View Details
    • Contact for pricing
      4,450 SF

      Freeport Retail Space Available

      Retail space available in Freeport, 35 miles from Chicago.
      2725 Il-26, Freeport, IL
      View Details
    • Contact for pricing
      11,866 SF

      Freeport Retail Property Available

      Retail property available for lease in Freeport, Illinois.
      2725 Illinois 26, Freeport, IL 61032
      View Details
    • Contact for pricing
      4,775 SF

      Freeport Retail/Office Space Available

      Retail or office space in well-established Freeport business district.
      1007 W Galena Ave, Freeport, IL 61032
      View Details
    • Contact for pricing
      4,700 SF

      Freeport Medical Office Building

      4,700 SF Office, Sale/Lease, IL
      1026 Kunkle Blvd, Freeport, IL 61032
      View Details
    • Contact for pricing
      8,775 SF

      Freeport Retail Strip Center

      High-Visibility Retail Space Available
      1005 Galena Ave, Freeport, IL 61032
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space for rent; utilities included.
    Where is this retail space located?
    The property is located at 28 W Main St Freeport, IL.
    What is the lease rate?
    The lease rate is $600 /Mo.
    What are key features of this property?
    This property features: - Landlord pays all utilities.; - Solid brick construction.; - Convenient main floor location.
    (815) 677-2164
    Request Owner's contact information
    28 W Main St Freeport, IL 61032
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    28 W Main St
    Freeport, IL 61032
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    28 W Main St Freeport, IL 61032
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Tracey DeCrane
    Real Estate License ID: 475122157
    (815) 677-2164 (815) 493-7653
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!