Add Listing
    For Sale
    • 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

    500 Economy Ct Freeport, IL 61032

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $2,900,000

    Prime Freeport location, large office space, ample parking.

    Property size:
    181,657 SF

    Property Features for 500 Economy Ct

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    181,657 SF
    Lot Size
    442,134 SF

    Building Details

    Year Built
    1952

    We can help!

    Listing Contact
    Tyler Stacey

    Listing Agency: Crawford Realty, LLC Listing Agent: Tyler Stacey

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    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 Insight Report Location Intelligence

    Current Use by Public Records

    Office Properties & Spaces

    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
    -89.627
    Latitude
    42.29557

    Nearby Similar for Sale

    • $365,000
      8,300 SF

      Freeport Commercial Building on Business 20

      Versatile commercial building with office and storage space on Business 20.
      115 East South St, Freeport, IL 61032
      View Details
    • $680,000
      2,400 SF

      Unique Income-Generating Event Venue

      22-acre property with event center, commercial building, and home.
      395 W Cedarville Rd, Freeport, IL 61032
      View Details
    • $325,000
      0.58 Acres

      Turnkey Automotive Building on Galena

      Automotive-oriented building on 0.58 acres in high-traffic Freeport location.
      2045 W Galena Ave, Freeport, IL 61032
      View Details
    • Contact for pricing

      Freeport Commercial Space For Rent

      Office, warehouse, and storage space available for rent in Freeport.
      1819 West - Rental Only - Ave, Freeport, IL 61032
      View Details
    • $499,900

      Freeport Mixed-Use Investment Opportunity

      Multi-level building with residential and commercial income streams.
      222 West Exchange St, Freeport, IL 61032
      View Details
    • $69,000

      Multifamily Property in Freeport, Illinois

      Three-unit multifamily property with investment or owner-occupant potential.
      609 W Pleasant St, Freeport, IL 61032
      View Details
    • $124,900

      Freeport Three-Unit Residential Property

      Three-unit property with separate utilities and remodeled lower unit.
      602 West Ave S, Freeport, IL 61032
      View Details
    • $99,900
      0.07 Acres

      Income-Producing Duplex in Freeport, IL

      Well-maintained duplex with modern updates and tenant appeal.
      108-110 E Iroquois St, Freeport, IL 61032
      View Details
    • $355,000

      Commercial Building with Triplex

      Commercial building with storage and triplex for sale.
      2143 West Galena Ave, Freeport, IL 61032
      View Details
    • $1,900,000
      101,494.00 Acres

      Renovated Freeport Commercial Property For Sale

      Ultra-premium, fully renovated commercial property with unmatched visibility and seamless functionality.
      731 Midwest Ct, Freeport, IL 61032
      View Details
    • New
      $790,000
      39,681 SF

      Freeport Mixed-Use Investment Opportunity

      Mixed-use property with commercial and self-storage spaces for sale.
      1701-1711 S Galena Ave, Freeport, IL 61032
      View Details
    • $249,900
      Pending

      Freeport Retail Building For Sale

      Well-maintained retail building with storage and ample parking.
      411 Meadows Dr W, Freeport, IL 61032
      View Details

    FAQs

    What type of property is this?
    Office Property / Space - Prime Freeport location, large office space, ample parking.
    Where is this office property / space located?
    The property is located at 500 Economy Ct Freeport, IL.
    What is the asking price?
    The asking price for this property is $2,900,000.
    (815) 285-3444
    Request Owner's contact information
    500 Economy Ct 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.
    500 Economy Ct
    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
    500 Economy Ct 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
    Tyler Stacey
    Real Estate License ID: 475206553
    (815) 285-3444
    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!