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    502 Franklin St Oregon, IL 61061

    For Sale
    $169,900

    Versatile 1,800+ sq ft retail/office building in downtown Oregon, IL.

    Property size:
    1,800 SF
    Lot size:
    0.07 Acres

    Property Features for 502 Franklin St

    General Information

    Size
    1,800 SF
    Lot size
    0.07 Acres

    Source: RE/MAX OF ROCK VALLEY Agent Rebecca Hazzard

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

    Overview

    Downtown Retail/Office Building Opportunity

    Located in downtown Oregon, Illinois, this retail/office building offers approximately 1,800 square feet of space. The one-level property features three separate entrances and a layout suitable for individual rooms, private offices, or open workspaces. It includes two rooms with original hardwood floors, measuring 24.1' x 21.2' and 16.6' x 12.6', respectively. Additionally, there are two more spacious rooms (21.2' x 13.3' and 17.1' x 13.3'), and two smaller rooms, each 12' x 8.3'. A partially finished attic offers further potential. The property also includes two bathrooms, one of which is ADA-compliant. Custom-built ceiling beams, barn doors on storage closets, and a handcrafted front door add to the building's character. The property benefits from a new roof installed in 2023 and updated electrical systems from 2021. It is equipped with five mini-split electric heat and air units and three newer windows. The property is located within the TIF District. There is potential for re-zoning to residential use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Pearl & Sons Furniture ... Furniture Maker Little Blue Cottage Home Goods Store Brass Insurance Insurance Agency

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Oregon
    County
    Ogle
    State
    Illinois
    Longitude
    -89.334316
    Latitude
    42.016142

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    FAQs

    What type of property is this?
    Retail space - Versatile 1,800+ sq ft retail/office building in downtown Oregon, IL.
    Where is this retail space located?
    The property is located at 502 Franklin St Oregon, IL.
    What is the asking price?
    The asking price for this property is $169,900.
    What are key features of this property?
    This property features: - Prime downtown location in Oregon; - Versatile 1,800+ sq. ft. one-level building suitable for retail, office, or residential use (potential for re-zoning); - Features **three separate entrances** and **flexible layout** for creating individual rooms or open workspaces
    (815) 509-8432
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    502 Franklin St Oregon, IL 61061
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    Oregon, IL 61061
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    Realmo Value Estimation

    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.

    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.

    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
    502 Franklin St Oregon, IL 61061
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