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    395 W Cedarville Road Freeport, IL 61032

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    New
    For Sale
    Under Contract
    $680,000

    Office,Other,Restaurant/Supper Club,Retail - Freeport, IL

    Property size:
    2,400 SF
    Lot size:
    22.00 Acres
    Price / SF:
    $283/SF
    Added:
    May 1, 2026
    Days on Market:
    2
    Last Refresh:
    May 2 at 12:06 pm

    Property Features for 395 W Cedarville Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    A-1
    Parking
    56
    Interior features
    Public rest rooms, Private Restrooms, Residential unit(s), Inside storage
    Standard status
    Active Under Contract
    APN
    14-06-200-002
    Size
    2,400 SF
    Lot size
    22.00 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    18214

    Utilities

    Heating system
    Radiant
    Cooling system
    Central Air

    Building Details

    Year built
    2008
    Floors in Building
    2
    Number of units
    8
    Building materials
    Brick
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    David Larson
    David Larson

    Listing agent David Larson

    Listing office Keller Williams Realty Signature 4201 Galleria Dr, Loves Park, IL

    Listing date May 1, 2026

    MLS# 2013148 Listing URL

    Copyright © 2026 REALTORS® Association of South Central Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Unique Income-Generating Freeport Property

    This unique 22-acre income-generating property in Freeport, IL, is suited for use as a B&B, cafe, retreat, or premier destination wedding venue. It combines a historic brick home, a modern ADA-compliant commercial building, and an established outdoor event center. The commercial building, constructed in 2008, is a 60'x40' facility featuring a commercial licensed kitchen, a retail area, an events room, and a walk-out lower level with temperature-controlled rooms. This building incorporates green features including Passive Solar, a NuAir Heat Exchanger, and high R-value SIP construction. The outdoor event center includes the remodeled "Crib" with bar service and a stage, attached to a 2,088 sqft shelter, and has a proven track record, averaging 51 events annually. The business includes dedicated parking for up to 100 cars and separate infrastructure including its own well and septic. The residential component is a two-story brick home built in 1860, with an approximate area of 2,400 sqft. The property is zoned A-1.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bed & breakfasts

    Suggested Use

    Bar & Pub

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

    Location Insight

    • Map
    • Local Demand
    City
    Freeport
    County
    Stephenson
    State
    Illinois
    Longitude
    -89.601524
    Latitude
    42.374137

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    FAQs

    What type of property is this?
    Bed & breakfast - 22-acre property suitable for B&B, cafe, or wedding venue.
    Where is this bed & breakfast located?
    The property is located at 395 W Cedarville Road Freeport, IL.
    What is the asking price?
    The asking price for this property is $680,000.
    What are key features of this property?
    This property features: Income‑generating 22‑acre property ideal for various ventures.; Established outdoor event center with remodeled 'Crib' and a 2,088 sqft shelter, hosting 51 events annually.; Modern, ADA‑compliant 60'x40' commercial building (built 2008) featuring a commercial kitchen, retail area, events room, and temperature‑controlled lower level.
    (815) 243-9144
    We can help!
    Listing Contact
    David Larson
    David Larson
    Real Estate License ID: 475173220
    Learn More
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    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.

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    395 W Cedarville Road, Freeport, IL 61032

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