Two-Story Multi-Tenant Office
For Sale
Contact for pricing
115 7th Street, Rockford, IL 61104
Masonry, renovated office building with frontage on two streets and off-street parking in an urban mixed-use district.
Property Size17,772 SF
Price / SF$202
Days on Market87
Property Features for 115 7th Street
General Information
Standard status
Active
Size
17,772 SF
Class
C
Property subtype
Multifamily, Office, Retail
Zoning
C-4 - "Pedestrian Street" Mixed Use District
Lease Type
NNN
Net Operating Income
$432,000
Building Details
Year Built
1927
Year Renovated
2018
Buildings
1
Stories
2
Units
20
Tenancy
Multi
Listing Agency:
Qazzafi Butt
Listed By:
Q Butts · License #FLBO
Source:
Crexi
Added: May 27
Changed: Aug 19
Last Checked: Aug 20 at 5:48AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Qazzafi Butt
Investment Insights
Based on property information with market context.
The property is a two-story, 17,772-square-foot, masonry, multi-tenant office building built in 1927 and renovated in 2014. Designed for multiple tenants, the building provides a practical office setup within a historically built exterior and updated improvements.
Located in Rockford’s Midtown District, the building sits between two corners with frontage to both Charles and 7th Streets. The listing notes rare off-street parking, which can be a meaningful operational benefit for office users and visitors. The property is zoned C 4 “Pedestrian Street” Urban Mixed Use and is also located within a TIF district.
With its office-focused configuration and double-street frontage, the building may fit a range of office tenants or an ownership group seeking a multi-tenant platform in Midtown. The surrounding district includes a mix of historical buildings and major community stakeholders, including Swedish American Hospital and prominent financial institutions, along with Rockford Public Schools District 205 headquarters.
Located in Rockford’s Midtown District, the building sits between two corners with frontage to both Charles and 7th Streets. The listing notes rare off-street parking, which can be a meaningful operational benefit for office users and visitors. The property is zoned C 4 “Pedestrian Street” Urban Mixed Use and is also located within a TIF district.
With its office-focused configuration and double-street frontage, the building may fit a range of office tenants or an ownership group seeking a multi-tenant platform in Midtown. The surrounding district includes a mix of historical buildings and major community stakeholders, including Swedish American Hospital and prominent financial institutions, along with Rockford Public Schools District 205 headquarters.
Key Highlights
- 17,772 SF two‑story masonry, multi‑tenant office building built in 1927
- Renovated in 2014
- Frontage on Charles St and 7th St with access between two corners
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$241,282
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.72%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,825,640
$4.8M
Cap Rate 7%
$3,446,886
$3.4M
Cap Rate 9%
$2,680,911
$2.7M
Market Conditions
NOI Build-Up for 17,772 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$373.2K $21.00/SF
− Vacancy
−$51.5K −$2.90/SF
EGI
$321.7K $18.10/SF
− OpEx
−$80.4K −$4.53/SF
NOI
$241.3K $13.58/SF
Area
Rockford, IL
Vacancy
13.80%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,825,640
Cap Rate 7%
$3,446,886
Cap Rate 9%
$2,680,911
Alternative Uses
Best Use
Office B
$3.45M
$3.02M – $4.02M
NOI $241,282 @ 7.0% cap · market cap 6.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.73M
$4.14M – $5.52M
NOI $330,900 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,867
Businesses Nearby
Explore this area
Business Placement
Demographics for 61104, IL
17,354
Population
9,253
Households
1.9
Avg Household Size
32
Median Age
9%
College-Educated
75%
High-School Grad
4.5 sq mi
ZIP Area
3,856
Density / Sq Mi
$32,161
Median Household Income
$26,277
Median Earnings
$854
Median Rent
$83,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Masonry, renovated office building with frontage on two streets and off-street parking in an urban mixed-use district.
Where is this office building located?
The property is located at 115 7th Street Rockford, IL.
What is the asking price?
The asking price for this property is $3,590,000.
What are key features of this property?
This property features: 17,772 SF two‑story masonry, multi‑tenant office building built in 1927; Renovated in 2014; Frontage on Charles St and 7th St with access between two corners
