Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    304 N 5th Street Rockford, IL

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Two-story office building with parking and garages available for purchase.

    Type:OFFICE
    Property size:
    6,485 SF
    Lot size:
    0.90 Acres
    Price / SF:
    $46/SF
    Added:
    Apr 28, 2025
    Days on Market:
    362
    Last Refresh:
    Apr 5 at 8:39 pm

    Property Features for 304 N 5th Street

    General Information

    Standard status
    Active
    Size
    6,485 SF
    Lot size
    0.90 Acres
    Property subtype
    OFFICE

    We can help!

    Listing Contact
    Tracy Eastman, CCIM

    Listing agent Tracy Eastman, CCIM

    Listing office Dickerson Nieman Commercial

    Listing date Apr 28, 2025

    Source Moodyscre

    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 Dickerson Nieman Commercial

    Overview

    Remodeled Office Building For Sale

    The property, formerly a funeral home, is located on the corner of 6th Street and E. Jefferson Street, benefiting from high traffic and good visibility. It includes 40 parking spaces and two garages. One building is a two-story remodeled office building with approximately 1,078 square feet. The second building is a two-story structure with approximately 5,407 square feet. The total property size is 6,485 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Young Funeral Home ... Social Service Agency Young Funeral Home ... Social Service Agency

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rockford
    County
    Winnebago
    State
    Illinois
    Longitude
    -89.0836
    Latitude
    42.2645

    Nearby Similar for Sale

    • $320,000

      Turnkey Furnished Rental Portfolio

      Fully occupied 6-unit rental property with proven income.
      712 Seminary, ROCKFORD, IL 61104
      View Details
    • $320,000

      Turnkey Furnished Rental Portfolio

      Fully occupied 6-unit rental property with proven income.
      722 Seminary, ROCKFORD, IL 61104
      View Details
    • $320,000

      Turnkey Furnished Rental Portfolio

      Fully occupied 6-unit furnished rental property with proven income.
      718 Seminary, ROCKFORD, IL 61104
      View Details
    • $395,000

      Downtown Rockford Mixed-Use Investment

      Mixed-use property with immediate income and value-add potential.
      308-310 E State, ROCKFORD, IL 61104
      View Details
    • $3,200,000

      Rockford Commercial Property for Sale

      Commercial property available in Rockford, Illinois.
      3442 Merchandise Drive, Rockford, IL 61109
      View Details
    • $725,000

      Equestrian Property with Covered Arena

      Turnkey horse property with arena, stalls, and modern amenities.
      5382 GUILFORD, ROCKFORD, IL 61107
      View Details
    • $324,900
      3,350 SF

      Six-Unit Multifamily Investment Opportunity

      Six-unit multifamily property with rental potential in Rockford, Illinois.
      909-911 Ridge, ROCKFORD, IL 61103
      View Details
    • $699,000
      3,100 SF

      ROCKFORD Multifamily Investment Opportunity

      Five-unit property in Rockford, Illinois with immediate cash flow.
      3420 Harrison Ave, ROCKFORD, IL 61108
      View Details
    • $120,000
      3,500 SF

      ROCKFORD Four-Unit Income Property

      Four-unit property in Rockford, Illinois, with income potential.
      3207 Kishwaukee, ROCKFORD, IL 61109
      View Details
    • $425,000

      ROCKFORD Multifamily Investment Opportunity

      Updated four-unit property with income potential in Rockford, Illinois.
      5870 GARRETT, ROCKFORD, IL 61107
      View Details
    • $350,000
      2,633 SF

      Rockford Multifamily Investment Opportunity

      Well-maintained 4-unit property near downtown Rockford.
      2123 Douglas, ROCKFORD, IL 61103
      View Details
    • $150,000

      Side-by-Side Duplex in Rockford, IL

      Bi-level duplex with spacious layout and large fenced backyard.
      1722-1724 LYRAN, ROCKFORD, IL 61109
      View Details

    FAQs

    What type of property is this?
    Office building - Two-story office building with parking and garages available for purchase.
    Where is this office building located?
    The property is located at 304 N 5th Street Rockford, IL.
    What is the asking price?
    The asking price for this property is $299,900.
    What are key features of this property?
    This property features: High‑traffic location with excellent visibility at the corner of 6th Street and E. Jefferson Street; Substantial parking with 40 spaces and two garages; Two buildings on the property: a remodeled 2‑story office (approx. 1,078 sf) and a 2‑story building (approx. 5,407 sf)
    (815) 979-4926 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Tracy Eastman, CCIM
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!