Rockford Retail and Office
For Sale
Contact for pricing
198 N Springfield Ave, Rockford, IL 61101
Retail and office property in Rockford, Illinois, built in 2017.
Property Size6,706 SF
Price / SF$329.64
Days on Market203
Property Features for 198 N Springfield Ave
General Information
Standard status
Active
Size
6,706 SF
Property subtype
Office, Retail
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$165,792
Building Details
Year Built
2017
Tenancy
Single
Listing Agency:
The Boulder Group
Listed By:
Randy Blankstein · License #IL 471005983
(847) 562-0003
Source:
Crexi
Added: Mar 17
Changed: Oct 5
Last Checked: Oct 4 at 10:00AM
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 The Boulder Group
Investment Insights
Based on property information with market context.
This commercial property in Rockford, Illinois, constructed in 2017, is suitable for retail and office use. The property offers 6706 square feet of space. The property has a capitalization rate of 7.50% and has a recent extension.
Key Highlights
- 7.50% Cap Rate
- Recent Extension
- Built in 2017
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$91,044
Cap Rate
4.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,820,880
$1.8M
Cap Rate 7%
$1,300,629
$1.3M
Cap Rate 9%
$1,011,600
$1.0M
Market Conditions
NOI Build-Up for 6,706 SF
Gross rent
$140.8K $21.00/SF
− Vacancy
−$19.4K −$2.90/SF
EGI
$121.4K $18.10/SF
− OpEx
−$30.3K −$4.53/SF
NOI
$91.0K $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 Rate 5%
$1,820,880
Cap Rate 7%
$1,300,629
Cap Rate 9%
$1,011,600
Alternative Uses
Best Use
Office B
$1.30M
$1.14M – $1.52M
NOI $91,044 @ 7.0% cap · market cap 4.12%
Second Best
Retail
$1.16M
$1.02M – $1.36M
NOI $81,538 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$1.78M
$1.56M – $2.08M
NOI $124,860 @ 7.0% cap · market cap 5.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
127
Businesses Nearby
Explore this area
Business Placement
Demographics for 61101, IL
19,784
Population
9,005
Households
2.2
Avg Household Size
37
Median Age
15%
College-Educated
80%
High-School Grad
41.5 sq mi
ZIP Area
477
Density / Sq Mi
$45,260
Median Household Income
$30,061
Median Earnings
$975
Median Rent
$89,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail property - Retail and office property in Rockford, Illinois, built in 2017.
Where is this retail property located?
The property is located at 198 N Springfield Ave Rockford, IL.
What is the asking price?
The asking price for this property is $2,210,563.
What are key features of this property?
This property features: 7.50% Cap Rate; Recent Extension; Built in 2017
