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    502 Franklin St Oregon, IL

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    Versatile 1,800+ sq ft retail/office building in downtown Oregon, IL.

    Type:RETAIL
    Property size:
    1,800 SF
    Lot size:
    0.07 Acres
    Price / SF:
    $94/SF
    Added:
    Jul 9, 2025
    Days on Market:
    296
    Last Refresh:
    Apr 5 at 8:37 pm

    Property Features for 502 Franklin St

    General Information

    Standard status
    Active
    Size
    1,800 SF
    Lot size
    0.07 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Rebecca Hazzard
    Rebecca Hazzard

    Listing agent Rebecca Hazzard License #471019445

    Listing office RE/MAX OF ROCK VALLEY

    Listing date Jul 9, 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 RE/MAX OF ROCK VALLEY

    Overview

    Downtown Retail/Office Building Opportunity

    Located in downtown Oregon, Illinois, this retail/office building offers approximately 1,800 square feet of space. The one-level property features three separate entrances and a layout suitable for individual rooms, private offices, or open workspaces. It includes two rooms with original hardwood floors, measuring 24.1' x 21.2' and 16.6' x 12.6', respectively. Additionally, there are two more spacious rooms (21.2' x 13.3' and 17.1' x 13.3'), and two smaller rooms, each 12' x 8.3'. A partially finished attic offers further potential. The property also includes two bathrooms, one of which is ADA-compliant. Custom-built ceiling beams, barn doors on storage closets, and a handcrafted front door add to the building's character. The property benefits from a new roof installed in 2023 and updated electrical systems from 2021. It is equipped with five mini-split electric heat and air units and three newer windows. The property is located within the TIF District. There is potential for re-zoning to residential use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Pearl & Sons Furniture ... Production Facility Little Blue Cottage Home Decor Store Brass Insurance Insurance Agency

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Oregon
    County
    Ogle
    State
    Illinois
    Longitude
    -89.3343
    Latitude
    42.0161

    Nearby Similar for Sale

    • $790,000

      Oregon Multifamily and Historic Residence

      Eleven-unit apartment building plus historic residence in Oregon, Illinois.
      709 Franklin, OREGON, IL 61061
      View Details
    • $390,000
      4,054 SF

      Classic 6-Unit Apartment Building

      Fully rented, historic 6-unit apartment building with steady cash flow.
      400 N 4th Street, Oregon, IL 61061
      View Details

    FAQs

    What type of property is this?
    Retail space - Versatile 1,800+ sq ft retail/office building in downtown Oregon, IL.
    Where is this retail space located?
    The property is located at 502 Franklin St Oregon, IL.
    What is the asking price?
    The asking price for this property is $169,900.
    What are key features of this property?
    This property features: Prime downtown location in Oregon; Versatile 1,800+ sq. ft. one‑level building suitable for retail, office, or residential use (potential for re‑zoning); Features **three separate entrances** and **flexible layout** for creating individual rooms or open workspaces
    (815) 509-8432 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Rebecca Hazzard
    Rebecca Hazzard
    Real Estate License ID: 471019445
    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.

    More about this property
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