Mixed-Use Waterfront Development
220 North Water Street Rockford, IL 61107
220 North Water Street, Rockford, IL, 61107
$1,675,000
For Sale
$1,675,000
Large waterfront building with 132 feet of Rock River shoreline and recent exterior upgrades, ready for redevelopment.
Property Size20,978 SF
Price / SF$79.85
Days on Market295
Property Features for 220 North Water Street
General Information
- Standard status
- Active
- Size
- 20,978 SF
Building Details
- Year Built
- 1907
Listing agency
Gambino Realtors
(815) 623-5555
Listed by
Tina C Tendall · License #471004417
(815) 623-5555
Source
Compass
Added: Sep 30, 2025 Updated: Jul 20 at 5:03PM Checked: Jul 21 at 6:20AM
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 Gambino Realtors
Investment Insights
Based on property information with market context.
This mixed-use waterfront development property offers a sizable building ready for the next step, featuring 132 feet of shoreline on the Rock River. The current owner’s concept includes 21 apartments on the top three floors, commercial space on the main floor, and a dockside restaurant and bar at the river level. The property is the former Rever’s Marina.
Improvements and updates include a new R30 TPO roof (2024), electrical updates (2025), brick tuckpointing and sealing (2025), asbestos removal (202, as stated), LED lighting (2025), a new retaining wall, and parking lot resurfacing (2025). The property also includes five parking spaces.
The National Park Service historic designation, Part 1, has been approved for historic tax credit purposes. The building is located within the Rockford River Edge Redevelopment Zone, and the City of Rockford will make available action to assist developers with eligibility for financial incentives through the River Edge Redevelopment Program administered by the State of Illinois.
Improvements and updates include a new R30 TPO roof (2024), electrical updates (2025), brick tuckpointing and sealing (2025), asbestos removal (202, as stated), LED lighting (2025), a new retaining wall, and parking lot resurfacing (2025). The property also includes five parking spaces.
The National Park Service historic designation, Part 1, has been approved for historic tax credit purposes. The building is located within the Rockford River Edge Redevelopment Zone, and the City of Rockford will make available action to assist developers with eligibility for financial incentives through the River Edge Redevelopment Program administered by the State of Illinois.
Key Highlights
- 48,600 SF waterfront building with 132 ft of shoreline on the Rock River in downtown Rockford
- Historic tax credit approval: National Park Service Historic Part 1 approved for historic tax credit
- Recent exterior upgrades include new R‑30 TPO roof (2024), electric updated (2025), and brick tuckpointed and sealed (2025)
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $226.6k | $10.80 |
| − Vacancy | −$9.1k | −$0.43 |
| EGI | $217.5k | $10.37 |
| − OpEx | −$97.9k | −$4.67 |
| NOI | $119.6k | $5.70 |
20,978 SF · lease $10.80/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Specialty Retail
$4.19M
$3.66M – $4.88M
NOI $293,021 @ 7.0% cap · market cap 17.49%
Second Best
Apartment 5plus
$1.71M
$1.50M – $1.99M
NOI $119,625 @ 7.0% cap · market cap 7.14%
Theoretical Best
Office A
$5.58M
$4.88M – $6.51M
NOI $390,594 @ 7.0% cap · market cap 23.32%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Conventional restaurants
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Large waterfront building with 132 feet of Rock River shoreline and recent exterior upgrades, ready for redevelopment.
Where is this apartment building located?
The property is located at 220 North Water Street Rockford, IL.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: 48,600 SF waterfront building with 132 ft of shoreline on the Rock River in downtown Rockford; Historic tax credit approval: National Park Service Historic Part 1 approved for historic tax credit; Recent exterior upgrades include new R‑30 TPO roof (2024), electric updated (2025), and brick tuckpointed and sealed (2025)
