Single-Tenant Medical
3475 S Alpine Rd, Rockford, IL 61114
For Sale
Contact for pricing
An absolute net lease has approximately 7.5 years remaining, with annual rent increases of 2.50%.
Property Size10,400 SF
Lot Size1.54 Acres
Price / SF$303.37
Days on Market34
Property Features for 3475 S Alpine Rd
General Information
Standard status
Size
Lot size
Property subtype
Occupancy
Tenancy & Operations
Currently Operating
Tenant in Place
Additional Details
Property Use
Medical Specialty
Building Details
Tenancy
Listing Agency:
Colliers - Tulsa, Oklahoma
Listed By:
Colin Cornell · License OK #171700
Source:
Crexi
Added: Oct 7
Changed: Nov 9
Last Checked: Nov 9 at 2:06PM
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
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Investment Insights
Based on property information with market context.
This single-tenant urgent care facility contains approximately 10,400 square feet on a 1.54-acre site and operates seven days a week. The property is leased on an absolute net basis, with approximately 7.5 years remaining and annual rent increases of 2.50%. Physicians Immediate Care is part of WellNow Urgent Care and operates through a partnership with OSF HealthCare, which holds an A3 Moody’s rating.
The facility is located at 3475 S. Alpine Road in Rockford, along South Alpine Road, a primary commercial corridor in the city. The surrounding area includes retail, healthcare, and residential uses.
The facility is located at 3475 S. Alpine Road in Rockford, along South Alpine Road, a primary commercial corridor in the city. The surrounding area includes retail, healthcare, and residential uses.
Key Highlights
- Approximately 10,400 square feet on 1.54 acres
- Single‑tenant urgent care facility operating seven days a week
- Absolute net lease with approximately 7.5 years remaining
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$141,196
Cap Rate
4.48%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
236
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Medical center - An absolute net lease has approximately 7.5 years remaining, with annual rent increases of 2.50%.
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: Approximately 10,400 square feet on 1.54 acres; Single‑tenant urgent care facility operating seven days a week; Absolute net lease with approximately 7.5 years remaining
