Medical Office Space with Extended
For Sale
Contact for pricing
1869 North Bell School Road, Rockford, IL 61107
Veterinary clinic backed by a corporate guarantee and a recently executed five-year extension.
Property Size6,177 SF
Price / SF$280.10
Days on Market132
Property Features for 1869 North Bell School Road
General Information
Standard status
Active
Size
6,177 SF
Property subtype
Retail, Office
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$134,089
Building Details
Year Built
1966
Buildings
1
Tenancy
Single
Listing Agency:
Marcus & Millichap - Austin
(512) 338-7872
Listed By:
Douglas Diffie · License #TX 656858
Source:
Crexi
Added: Apr 23
Changed: Aug 31
Last Checked: Aug 31 at 11:50PM
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 Marcus & Millichap - Austin
Investment Insights
Based on property information with market context.
This 6177-square-foot medical office space is configured as a veterinary clinic at 1869 North Bell School Road in Rockford, Illinois. Constructed in 1966, the property benefits from a recently executed 5-year lease extension and a corporate guarantee. The asset combines an established healthcare-oriented use with defined lease continuity and is positioned within the Bell School Road address corridor.
Key Highlights
- 6177 SF medical office space configured as a veterinary clinic
- Recently executed 5‑year lease extension
- Corporate guarantee
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
$83,862
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
4.85%
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%
$1,677,240
$1.7M
Cap Rate 7%
$1,198,029
$1.2M
Cap Rate 9%
$931,800
$931.8K
Market Conditions
NOI Build-Up for 6,177 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
$129.7K $21.00/SF
− Vacancy
−$17.9K −$2.90/SF
EGI
$111.8K $18.10/SF
− OpEx
−$28.0K −$4.53/SF
NOI
$83.9K $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%
$1,677,240
Cap Rate 7%
$1,198,029
Cap Rate 9%
$931,800
Alternative Uses
Best Use
Office B
$1.20M
$1.05M – $1.40M
NOI $83,862 @ 7.0% cap · market cap 4.85%
Second Best
Healthcare Medical
$1.16M
$1.02M – $1.36M
NOI $81,388 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$1.64M
$1.44M – $1.92M
NOI $115,011 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
172
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 61107, IL
30,722
Population
13,711
Households
2.2
Avg Household Size
42
Median Age
37%
College-Educated
93%
High-School Grad
14.9 sq mi
ZIP Area
2,062
Density / Sq Mi
$75,492
Median Household Income
$42,494
Median Earnings
$1,053
Median Rent
$165,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Bellwood Animal Hospital — 1869 N Bell School Rd, Rockford, IL 61107
- Bellwood Animal Hospital: Spoo Katie DVM — 1869 N Bell School Rd, Rockford, IL 61107
- Bellwood Animal Hospital: Lendman Chris DVM — 1869 n bell school rd, rockford, il 61107
- VetIQ Petcare — 2013 McFarland Rd, Rockford, IL 61107
- Anomal Emergency Clinic of Rockford — 7145 Spring Creek Rd, Rockford, IL 61107
Frequently Asked Questions
What type of property is this?
Medical Office Space - Veterinary clinic backed by a corporate guarantee and a recently executed five-year extension.
Where is this medical office space located?
The property is located at 1869 North Bell School Road Rockford, IL.
What is the asking price?
The asking price for this property is $1,730,183.
What are key features of this property?
This property features: 6177 SF medical office space configured as a veterinary clinic; Recently executed 5‑year lease extension; Corporate guarantee
