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    613 Harlem Rd Machesney Park, IL 61115

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    For Lease
    Contact for pricing

    Neighborhood center with multiple units available for lease.

    Type:Retail, Office
    Property size:
    54,176 SF
    Lot size:
    4.40 Acres
    Added:
    Jun 16, 2021
    Days on Market:
    1756
    Last Refresh:
    Mar 17 at 1:14 pm

    Property Features for 613 Harlem Rd

    General Information

    Standard status
    Active
    Size
    54,176 SF
    Lot size
    4.40 Acres
    Property subtype
    Retail, Office

    Building Details

    Year Built
    1984

    Spaces For Lease

    at 613 Harlem Rd Contact us

    615 $12 /Mo

    Size
    6,888 SF
    Type
    Retail, Office
    former Family Dollar. Open Concept | Private Restroom Storage Area | Signage
    Contact us

    633-100 $12 /Mo

    Size
    5,125 SF
    Type
    Retail, Office
    Open Concept | Restroom Storage Area | Drive-in Door
    Contact us

    We can help!

    Listing Contact
    Karen Kulczycki-CCIM, SIOR

    Listing agent Karen Kulczycki-CCIM, SIOR License #IL #471-020279

    Listing office SVN | Chicago Commercial

    Listing date Jun 16, 2021

    Source Crexi

    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 SVN | Chicago Commercial

    Overview

    Machesney Park Neighborhood Shopping Center

    Hamilton Shopping Center, situated at 613-633 Harlem Road in Machesney Park, Winnebago County, is a neighborhood center encompassing 54,176 square feet on 4.4 acres. The center comprises 14 units and features tenants such as Midwest Bank, Legend's Sports Bar, Family Dollar, Little Caesars Pizza, Robin's Nest Cafe, Studio 11 Dance Company, Illinois Nursing Academy, a dentist, and Game Corner. Available units range from approximately 1,975 to 6,888 square feet, suitable for various uses. Machesney Park is located in Illinois, roughly 85 miles northwest of Chicago and near the intersection of I-90 and I-39.
    Location Intelligence

    Current Use by Public Records

    Midland States Bank Bank Midland States Bank ... Atm

    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.

    Similar Places Nearby

    • mad man shell shop — 1819 Elmwood Rd, Rockford, IL 61103

    Location Insight

    • Map
    • Local Demand
    City
    Machesney Park
    County
    Winnebago
    State
    Illinois
    Longitude
    -89.05035
    Latitude
    42.339231

    Nearby Similar for Lease

    • $12/mo

      Machesney Park Retail Space Available

      Retail and office spaces available in neighborhood shopping center.
      613-633 Harlem Road, Machesney Park, IL 61115
      View Details
    • $7/mo

      Machesney Park Flex Industrial Space

      Flex industrial building with warehouse, office, and lab space.
      9934 N Alpine Rd, Machesney Park, IL
      View Details
    • $22/mo

      Retail Space Near Major Retailers

      1,075 SF retail space near Machesney Park retail corridor.
      10121 N 2nd St, Machesney Park, IL
      View Details
    • Contact for pricing

      Machesney Park Warehouse/Industrial Space

      21,912 SF building near Route 251, I-39, and I-90.
      9620 Forest Hills Rd, Machesney Park, IL 61115
      View Details
    • $12/mo

      Machesney Park Retail Space Available

      Retail space available for sublease in Machesney Park, IL.
      7507 N 2nd St, Machesney Park, IL
      View Details
    • Contact for pricing

      Retail Space Inside Meijer Store

      Prime retail space available within high-traffic Meijer stores.
      1770 West Lane Rd, Machesney Park, IL 61115
      View Details
    • Contact for pricing

      Finished Office Space Near I-90

      2,155 SF office space with kitchenette near I-90.
      6785 Weaver Rd , Machesney Park, IL
      View Details
    • Contact for pricing

      Retail Outlot with Drive-Thru Potential

      Prime retail space with drive-thru opportunity and high visibility.
      Burden Rd, Machesney Park, IL
      View Details
    • Contact for pricing

      Machesney Park Flex Space Available

      Flex space for lease in multi-tenant industrial building.
      9934 N Alpine Rd, Machesney Park, IL 61115
      View Details
    • Contact for pricing

      Retail Space in High-Traffic Area

      Retail space in Machesney Park's shopping corridor with high visibility.
      10017 N 2nd St, Machesney Park, IL 61115
      View Details

    FAQs

    What type of property is this?
    Shopping center - Neighborhood center with multiple units available for lease.
    Where is this shopping center located?
    The property is located at 613 Harlem Rd Machesney Park, IL.
    What are key features of this property?
    This property features: 54,176 SF neighborhood shopping center on 4.4 acres.; Located in Machesney Park, Winnebago County, Illinois, near Rockford.; Proximity to I‑90 and I‑39.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Karen Kulczycki-CCIM, SIOR
    Real Estate License ID: IL #471-020279
    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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