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    Freeport Three-Unit Residential Property Title is generated by Realmo AI

    602 S West Avenue, Freeport, IL 61032

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    For Sale
    $124,900

    MULTI_FAMILY - FREEPORT, IL

    Property size:
    2,300 SF
    Price / SF:
    $54/SF
    Added:
    Jun 12, 2025
    Days on Market:
    354
    Last Refresh:
    May 31 at 7:06 am

    Property Features for 602 S West Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bedroom 3, Bathroom 1, Bathroom 3, Bathroom 2, Bedroom 1, Bedroom 4, Bedroom 2
    Appliances
    Refrigerator, Oven
    Standard status
    Active
    APN
    181336428011
    Size
    2,300 SF

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    PT LOT BLK 2 MEYER'S ADD
    Tax Annual Amount
    2384

    Utilities

    Heating system
    Electric (Heating), Natural Gas
    Cooling system
    Wall Unit(s), Window Unit(s)

    Building Details

    Year built
    1892
    Floors in Building
    2
    Number of units
    3
    Roof type
    Shingle

    We can help!

    Listing Contact
    TIM DAVENPORT

    Listing agent TIM DAVENPORT License #471002301

    Listing office CHRISTENSEN HOME TOWN, REALTORS 750 KIWANIS DRIVE Suite 200, Freeport, IL

    Listing date Jun 12, 2025

    MLS# 202503173 Listing URL

    Copyright © 2026 NorthWest Illinois Alliance of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Approved for FHA loan, ideal for owner‑occupant
    • Re‑zoned Residential Multi Family, increasing investment potential
    • Separate gas and electric for each unit
    • Remodeled lower unit, offering modern living space
    • Like‑new roof, minimizing immediate maintenance concerns
    • Includes refrigerator and oven

    Overview

    This is a three-unit residential property located in Freeport, Illinois. The property has been re-zoned as Residential Multi Family. Each unit has separate gas and electric utilities. The lower unit has been remodeled. The roof is relatively new. The property encompasses 2,300 square feet. It may be suitable for an FHA loan, allowing an owner to reside in one unit and rent out the other two.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Freeport
    County
    Stephenson
    State
    Illinois
    Longitude
    -89.632186
    Latitude
    42.293818

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    FAQs

    What type of property is this?
    Triplex - Three-unit property with separate utilities and remodeled lower unit.
    Where is this triplex located?
    The property is located at 602 S West Avenue Freeport, IL.
    What is the asking price?
    The asking price for this property is $124,900.
    What are key features of this property?
    This property features: Approved for FHA loan, ideal for owner‑occupant; Re‑zoned Residential Multi Family, increasing investment potential; Separate gas and electric for each unit
    (815) 238-5374
    We can help!
    Listing Contact
    TIM DAVENPORT
    Real Estate License ID: 471002301
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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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