Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search

    402 E State St Rockford, IL 61104

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $699,000

    Retail space with long-term tenants in a prime location.

    Property size:
    12,786 SF
    Lot size:
    0.10 Acres

    Property Features for 402 E State St

    General Information

    Size
    12,786 SF
    Lot size
    0.10 Acres

    We can help!

    Listing Contact
    Maureen Mccarty
    Maureen Mccarty
    Source: Moodyscre

    Listing Agent: Maureen Mccarty

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

    Learn more

    Property Insight Report

    Overview

    River District Retail Space

    This retail space is located in the River District and features wood and retro tile flooring on the main floor, along with a decorative wood wall. A glass garage door is located on the front of the building. The first and second floors are currently rented by a successful long-term business. The third floor is rented as an artist studio. A service elevator provides access to all floors. The property has a size of 12786 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Rockford Art Deli Boutique Pirate Ninja Print ... Graphic Designer Stay Rad Clothing Store Car's Cash For Junk ... Junk Dealer

    Suggested Use

    Realty agency Restaurant Law Firm 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
    Rockford
    County
    Winnebago
    State
    Illinois
    Longitude
    -89.0884699
    Latitude
    42.2683804

    Nearby Similar for Sale

    • New
      $225,000
      900 SF

      Rockford IL Turnkey Ready Duplex

      Turnkey ready duplex with updated units, ideal for investors.
      434 16Th St, Rockford, IL 61104
      View Details
    • $350,000
      Pending

      Well-Maintained Rockford 4-Plex For Sale

      Four 2-bedroom units with updates, garage, and strong rental appeal.
      2321 Broadway, Rockford, IL 61104
      View Details
    • $560,000

      Updated Four-Unit Multifamily Property

      Renovated four-unit property with strong rentability in Rockford, Illinois.
      820 Cottage Grove Ave, Rockford, IL 61103
      View Details
    • $199,900
      Pending

      Rockford Duplex with Garages

      Duplex in Rockford, each unit with three bedrooms.
      3321 W Riverside St, Rockford, IL 61103
      View Details
    • New
      $135,000
      450 SF

      ROCKFORD Duplex with Garage

      Two-unit property with fenced yard and two-car garage.
      3107 Garfield Ave, Rockford, IL 61101
      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
    • $379,000
      Pending

      Ranch-Style Duplex Condo in Rockford

      Well-maintained duplex condo with updated interiors and convenient location.
      6608-6610 Sawgrass Dr, Rockford, IL 61114
      View Details
    • $392,000

      Rockford Duplex with Income Potential

      Ranch-style duplex near shopping, dining, and I-90.
      3786-3788 Sage Dr, Rockford, IL 61114
      View Details
    • New
      $145,000

      Remodeled Duplex with Garage/Workshop

      Turn-key, remodeled 2-unit property with garage/workshop and alley access.
      1204 S 6Th St, Rockford, IL 61104
      View Details
    • New
      $145,000
      1,002 SF

      Remodeled Duplex in Rockford, IL

      Turn-key investment: remodeled 2-unit property with garage/workshop.
      1204 S 6Th St, Rockford, IL 61104
      View Details
    • $119,000
      Pending

      Rockford Residential Income Opportunity

      Two-unit property with potential for investors or owner-occupants.
      1021 7Th St, Rockford, IL 61104
      View Details
    • $182,000
      900 SF

      Versatile Multifamily Property in Rockford

      5-bedroom, 3.5-bathroom duplex with rental potential on 0.46 acres.
      3212 Searles Ave, Rockford, IL 61101
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space with long-term tenants in a prime location.
    Where is this retail space located?
    The property is located at 402 E State St Rockford, IL.
    What is the asking price?
    The asking price for this property is $699,000.
    What are key features of this property?
    This property features: - Prime River District location.; - Main floor retail space with unique features like wood and retro tile flooring, decorative wood wall, and a glass garage door.; - Fully rented building providing immediate income.
    (815) 262-7837
    Request Owner's contact information
    402 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.
    402 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
    402 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
    Maureen Mccarty
    Maureen Mccarty
    Real Estate License ID: 475157672
    (815) 262-7837
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.