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Property profile & analytics
OFF-MARKET
Office Spaces
500 Economy Ct Freeport, IL 61032-5065
Entity Owned
Absentee Owner
Free & Clear
Property ID
US28-3713686
Property summary
AI-generated overview
This exceptional commercial office building presents a unique investment opportunity in Freeport, Illinois. Boasting a substantial 181,657 square feet of space, this property is ideally situated just minutes from US Bus 20 and approximately 5 minutes from US Hwy-20, ensuring excellent accessibility. The building, formerly a call center, is configured across four wings, each with its own distinct construction history. The east wing, a two-story structure, was built in 1952 with an addition in 1957. The west wing, also two stories, dates back to 1952. The north wing (three stories) was added in 1977, and the south wing (three stories) was constructed in 1988. The north wing's roof was replaced in 2020
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1800
Lot
8 ac (348,480 SF)
APN
18-14-31-155-071
UPID
US28-3713686
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
LANDBANK LLC
LANDBANK LLC
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Freeport submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Freeport submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$92,141
Tax year 2022
Assessed value
$742,348
Assessed 2022
Previous assessed
$719,190
+3.2% YoY
Effective rate
12.41%
On assessed value
Assessed land
$153,829
Assessed improvement
$588,519
Land market value
$461,487
Improvement market value
$1,765,557
Total market value
$2,227,044
Applied tax rate
18,093.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1800
Stories
3
Lot
8 ac (348,480 SF)
APN
18-14-31-155-071
UPID
US28-3713686
Jurisdiction
STEPHENSON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Year built
1800
Stories
3
Lot
8 ac
Current owner
From public records · entity-resolved
LANDBANK LLC
Entity
Free & Clear · 0 yrs held
Mailing address
3201 N CLARK ST, CHICAGO, IL 60657-1619
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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