Single-Tenant Walgreens
For Sale
Contact for pricing
2404 S Perryville Rd, Rockford, IL 61112
Single-tenant Walgreens property offered under an absolute net lease structure with tenant responsibility for operating expenses.
Property Size14,490 SF
Price / SF$393.37
Days on Market144
Property Features for 2404 S Perryville Rd
General Information
Standard status
Active
Size
14,490 SF
Property subtype
RETAIL
Building Details
Tenancy
Single
Listing Agency:
Keller Williams Realty Signature LP2
(815) 218-1371
Listed By:
Nathan Bryant, CCIM · License #471013468
(815) 218-1371
Source:
Moodyscre
Added: Mar 31
Changed: Jul 21
Last Checked: Jul 21 at 5:02AM
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 Keller Williams Realty Signature LP2
Investment Insights
Based on property information with market context.
This offering presents a single-tenant asset leased to Walgreens under an Absolute Net Lease structure. The tenant is responsible for operating expenses including taxes, insurance, and maintenance, which minimizes landlord responsibilities.
The property is positioned along one of Rockford’s most established commercial corridors, supporting long-term occupancy considerations.
The offering is presented for sale as a standalone, NNN investment asset leased to Walgreens.
The property is positioned along one of Rockford’s most established commercial corridors, supporting long-term occupancy considerations.
The offering is presented for sale as a standalone, NNN investment asset leased to Walgreens.
Key Highlights
- Single‑tenant Walgreens property offered under an absolute net lease structure
- Tenant is responsible for all operating expenses, including taxes, insurance, and maintenance
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
$202,396
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
3.55%
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%
$4,047,920
$4.0M
Cap Rate 7%
$2,891,371
$2.9M
Cap Rate 9%
$2,248,844
$2.2M
Market Conditions
NOI Build-Up for 14,490 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
$278.2K $19.20/SF
− Vacancy
−$8.3K −$0.58/SF
EGI
$269.9K $18.62/SF
− OpEx
−$67.5K −$4.66/SF
NOI
$202.4K $13.97/SF
Area
Rockford, IL
Vacancy
3.00%
Lease Rate
$19.20 /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%
$4,047,920
Cap Rate 7%
$2,891,371
Cap Rate 9%
$2,248,844
Alternative Uses
Best Use
Specialty Retail
$2.89M
$2.53M – $3.37M
NOI $202,396 @ 7.0% cap · market cap 3.55%
Second Best
Retail
$2.52M
$2.20M – $2.94M
NOI $176,184 @ 7.0% cap · market cap 3.09%
Theoretical Best
Office A
$3.85M
$3.37M – $4.50M
NOI $269,792 @ 7.0% cap · market cap 4.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
533
Businesses Nearby
235k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 31%
Home Improvements & Furnishings 27%
Dining 17%
Groceries 14%
Menards
Home Improvements & Furnishings
63,494 visits/mo
0.3 miles
Macy's
Apparel
36,473 visits/mo
0.2 miles
Schnucks
Groceries
32,724 visits/mo
0.1 miles
JCPenney
Apparel
26,425 visits/mo
0.3 miles
Circle K
Shops & Services
20,352 visits/mo
0.1 miles
Demographics for 61112, IL
139
Population
47
Households
3
Avg Household Size
80
Median Age
5%
College-Educated
95%
High-School Grad
0.8 sq mi
ZIP Area
174
Density / Sq Mi
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Walgreens Pharmacy — 2404 S Perryville Rd, Rockford, IL 61108
- COVID-19 Drive-Thru Testing at Walgreens — 2404 S Perryville Rd, Rockford, IL 61108
- Gary Peterson — 2404 S Perryville Rd, Rockford, IL 611088231
- Andrew Davis — 2404 S Perryville Rd, Rockford, IL 611088231
- Rebecca Bogacki — 2404 S Perryville Rd, Rockford, IL 611088231
Frequently Asked Questions
What type of property is this?
Drug store - Single-tenant Walgreens property offered under an absolute net lease structure with tenant responsibility for operating expenses.
Where is this drug store located?
The property is located at 2404 S Perryville Rd Rockford, IL.
What is the asking price?
The asking price for this property is $5,700,000.
What are key features of this property?
This property features: Single‑tenant Walgreens property offered under an absolute net lease structure; Tenant is responsible for all operating expenses, including taxes, insurance, and maintenance
