Single-Tenant Medical
For Sale
Contact for pricing
3475 S Alpine Rd, Rockford, IL 61114
Urgent care facility with an absolute net lease and operations seven days a week.
Property Size10,400 SF
Price / SF$303.37
Days on Market14
Property Features for 3475 S Alpine Rd
General Information
Standard status
Active
Size
10,400 SF
Property subtype
Office
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$189,297
Building Details
Year Built
1993
Buildings
1
Units
1
Tenancy
Single
Listing Agency:
Colliers - Tulsa, Oklahoma
Listed By:
Colin Cornell · License #OK 171700
Source:
Crexi
Added: Aug 19
Changed: Aug 31
Last Checked: Aug 31 at 9:23AM
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 Colliers - Tulsa, Oklahoma
Investment Insights
Based on property information with market context.
This single-tenant medical center in Rockford, Illinois, contains approximately 10,400 square feet on 1.54 acres. Built in 1993, the facility operates as an urgent care location and serves patients seven days a week. The property is leased on an absolute NNN basis, with approximately 7.5 years remaining and annual rent increases of 2.50%.
The facility is positioned at 3475 S Alpine Rd along South Alpine Road, a commercial corridor in Rockford. Its setting includes surrounding retail, healthcare, and residential uses, with access and visibility from the roadway. The operating brand, Physicians Immediate Care, is part of WellNow Urgent Care and has a strategic partnership with OSF HealthCare.
The facility is positioned at 3475 S Alpine Rd along South Alpine Road, a commercial corridor in Rockford. Its setting includes surrounding retail, healthcare, and residential uses, with access and visibility from the roadway. The operating brand, Physicians Immediate Care, is part of WellNow Urgent Care and has a strategic partnership with OSF HealthCare.
Key Highlights
- Single‑tenant urgent care medical center
- Approximately 10,400 square feet on 1.54 acres
- 100% absolute net lease structure
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
$141,196
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
4.48%
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%
$2,823,920
$2.8M
Cap Rate 7%
$2,017,086
$2.0M
Cap Rate 9%
$1,568,844
$1.6M
Market Conditions
NOI Build-Up for 10,400 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
$218.4K $21.00/SF
− Vacancy
−$30.1K −$2.90/SF
EGI
$188.3K $18.10/SF
− OpEx
−$47.1K −$4.53/SF
NOI
$141.2K $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%
$2,823,920
Cap Rate 7%
$2,017,086
Cap Rate 9%
$1,568,844
Alternative Uses
Best Use
Office B
$2.02M
$1.76M – $2.35M
NOI $141,196 @ 7.0% cap · market cap 4.48%
Second Best
Healthcare Medical
$1.96M
$1.71M – $2.28M
NOI $137,030 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$2.77M
$2.42M – $3.23M
NOI $193,640 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
236
Businesses Nearby
Explore this area
Business Placement
Demographics for 61114, IL
15,569
Population
6,599
Households
2.4
Avg Household Size
49
Median Age
47%
College-Educated
95%
High-School Grad
8.1 sq mi
ZIP Area
1,922
Density / Sq Mi
$83,472
Median Household Income
$47,406
Median Earnings
$1,284
Median Rent
$196,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical center - Urgent care facility with an absolute net lease and operations seven days a week.
Where is this medical center located?
The property is located at 3475 S Alpine Rd Rockford, IL.
What is the asking price?
The asking price for this property is $3,155,000.
What are key features of this property?
This property features: Single‑tenant urgent care medical center; Approximately 10,400 square feet on 1.54 acres; 100% absolute net lease structure
