Mixed-Use Building with Live-Work
New
For Sale
$685,000
510 E State Street, Rockford, IL 61104
Street-level commercial space is paired with two short-term rental apartments and an additional loft.
Property Size7,822 SF
Price / SF$87.57
Days on Market4
Property Features for 510 E State Street
General Information
Standard status
Active
Size
7,822 SF
Total Parking Spaces
2
Property subtype
Multi-Family Residential
Additional Details
Asking Price
$685,000
Amenities
large back deck
2-car detached garage
Building Details
Year Built
1900
Buildings
1
Construction
brick
Listing Agency:
Emerald Realty Group
Listed By:
Robert McCarty
(815) 243-7095
Source:
Emeraldrealtyil.idxbroker
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 3 at 2:11AM
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 Emerald Realty Group
Investment Insights
Based on property information with market context.
At 510 E State Street, this 7,822-square-foot mixed-use building dates to 1900 and has been restored and modernized. The ground floor contains open commercial space with display windows, brickwork, tin ceilings, and hardwood flooring. Above, the property includes two apartments operating as short-term rentals and a separate owners’ loft. A rear deck and detached two-car garage are also part of the property.
The building is in downtown Rockford’s Block 5 district. Its combination of commercial space, residential units, and loft living brings several uses together within one historic property.
The building is in downtown Rockford’s Block 5 district. Its combination of commercial space, residential units, and loft living brings several uses together within one historic property.
Key Highlights
- 7,822‑square‑foot mixed‑use property built in 1900
- Street‑level commercial area with open layout and display windows
- Two apartments operating as short‑term rentals, plus a separate loft
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,604
Cap Rate
6.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$892,080
$892.1K
Cap Rate 7%
$637,200
$637.2K
Cap Rate 9%
$495,600
$495.6K
Market Conditions
NOI Build-Up for 7,822 SF
Gross rent
$84.5K $10.80/SF
− Vacancy
−$3.4K −$0.43/SF
EGI
$81.1K $10.37/SF
− OpEx
−$36.5K −$4.67/SF
NOI
$44.6K $5.70/SF
Area
Rockford, IL
Vacancy
4.00%
Lease Rate
$10.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$892,080
Cap Rate 7%
$637,200
Cap Rate 9%
$495,600
Alternative Uses
Best Use
Office B
$1.52M
$1.33M – $1.77M
NOI $106,195 @ 7.0% cap · market cap 15.50%
Second Best
Mixed Use
$1.39M
$1.21M – $1.62M
NOI $97,149 @ 7.0% cap · market cap 14.18%
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,639 @ 7.0% cap · market cap 21.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,885
Businesses Nearby
Explore this area
Business Placement
Demographics for 61104, IL
17,354
Population
9,253
Households
1.9
Avg Household Size
32
Median Age
9%
College-Educated
75%
High-School Grad
4.5 sq mi
ZIP Area
3,856
Density / Sq Mi
$32,161
Median Household Income
$26,277
Median Earnings
$854
Median Rent
$83,700
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-level commercial space is paired with two short-term rental apartments and an additional loft.
Where is this mixed-use property located?
The property is located at 510 E State Street Rockford, IL.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: 7,822‑square‑foot mixed‑use property built in 1900; Street‑level commercial area with open layout and display windows; Two apartments operating as short‑term rentals, plus a separate loft
