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

    308-310 E State St Rockford, IL 61104

    View on Map
    Sponsored
    For Sale
    $395,000

    3 - 4 Units - ROCKFORD, IL

    Property size:
    3,600 SF
    Days on Market:
    2
    Last Refresh:
    Mar 14 at 10:06 pm

    Property Features for 308-310 E State St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    APN
    1123382019
    Interior features
    None
    Appliances
    None
    Size
    3,600 SF

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Building materials
    Concrete
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Jorge DaSilva
    Jorge DaSilva

    Key Realty (815) 713-1100

    Listing agent Jorge DaSilva (815) 713-1100 License #475181452

    Listing date Mar 13, 2026

    MLS# 202601383 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

    Downtown Rockford Mixed-Use Investment

    Located in Downtown Rockford on East State Street, this two-story mixed-use building offers an investment opportunity with income and potential upside. The building, with approximately 3,600+ square feet, features a main floor currently leased to Jimmy John's, providing rental income from a nationally recognized brand and generating foot traffic. The second floor contains two apartment units ready for renovation, presenting a value-add opportunity. These units feature high ceilings, skylights, and natural light, with the potential to be transformed into loft-style apartments. A public parking lot is located next to and behind the building, offering access for commercial customers and future residential tenants. The property is surrounded by restaurants, shops, entertainment venues, and ongoing downtown development in Rockford's revitalizing city center. This property is suitable for investors seeking income with upside or developers seeking a downtown mixed-use project.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    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
    Rockford
    County
    Winnebago
    State
    Illinois
    Longitude
    -89.077142915344
    Latitude
    42.254747646505

    Nearby Similar for Sale

    • $345,000
      3,350 SF

      Six-Unit Multifamily Investment Opportunity

      Multifamily property with rental potential in Rockford, Illinois.
      909-911 Ridge Ave, Rockford, IL 61103
      View Details
    • New
      $389,000

      Rockford Duplex with Income Potential

      Ranch-style duplex with strong income potential near Riverside Boulevard.
      3786-3788 Sage Dr, Rockford, IL 61114
      View Details
    • New
      $350,000
      2,633 SF

      Rockford Multifamily Investment Opportunity

      Well-maintained 4-unit property near downtown Rockford.
      2123 Douglas St, Rockford, IL 61103
      View Details
    • $725,000
      2.28 Acres

      Equestrian Property with Covered Arena

      Turnkey horse property with arena, stalls, and modern amenities.
      5382 Guilford Rd, Rockford, IL 61107
      View Details
    • New
      $560,000
      Pending

      Updated Four-Unit Multifamily Property

      Renovated four-unit property with strong rentability in Rockford, Illinois.
      820 Cottage Grove Ave, Rockford, IL 61103
      View Details
    • New
      $198,000
      0.09 Acres

      Rockford Brick Duplex Investment Opportunity

      Solid brick duplex with updated units, ideal for investors.
      1308 19Th St, Rockford, IL 61104
      View Details
    • New
      $136,000
      3,472 SF

      Rockford Two-Unit Multifamily Property

      Two-unit property near Swedish American Hospital, both units currently rented.
      1607 7Th St, Rockford, IL 61104
      View Details
    • New
      $618,000
      Pending

      Upscale Duplex Investment Opportunity

      Luxury duplex with strong income, prime location, and quality tenants.
      746 Gabriela Ct, Rockford, IL 61108
      View Details
    • $225,000
      900 SF

      Rockford Duplex: Turn-Key Investment

      Well-maintained duplex in Rockford, ideal for investors or owner-occupants.
      434 16Th St, Rockford, IL 61104
      View Details
    • $215,000

      Updated Duplex Near Amenities

      Turn-key duplex with updated interiors and exteriors, ideal for investors.
      1128 21St St, Rockford, IL 61104
      View Details
    • $170,000

      Move-in Ready Duplex in Rockford

      Solid duplex with immediate income stream near schools and parks.
      906 S 5Th St, Rockford, IL 61104
      View Details
    • $395,000

      Mixed-Use Building with Covered Parking

      9,000+ sq ft building with covered parking garage.
      930 E State St, Rockford, IL 61104
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with immediate income and value-add potential.
    Where is this mixed-use property located?
    The property is located at 308-310 E State St Rockford, IL.
    What is the asking price?
    The asking price for this property is $395,000.
    What are key features of this property?
    This property features: - Stable income from a nationally recognized brand (Jimmy John’s) on the main floor.; - Value-add opportunity with two second-floor apartment units ready for renovation.; - Prime location on highly visible East State Street in Downtown Rockford.
    (815) 979-7559
    Request Owner's contact information
    308-310 E State St Rockford, IL 61104
    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.
    308-310 E State St
    Rockford, IL 61104
    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
    308-310 E State St Rockford, IL 61104
    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
    Jorge DaSilva
    Jorge DaSilva
    Real Estate License ID: 475181452
    (815) 979-7559 (815) 713-1100
    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!