Fully Occupied Four-Tenant Retail
New
For Sale
$5,389,000
6280 E State St, Rockford, IL 61108
Outparcel to State Street Market with long-term leases and recent tenant commitments.
Property Size24,800 SF
Days on Market2
Property Features for 6280 E State St
General Information
Standard status
Active
Size
24,800 SF
Property subtype
Retail
Occupancy
100%
Building Details
Building Size
24,800 SF
Buildings
1
Tenancy
Multi
Listing Agency:
CP Partners
Listed By:
Benjamin Udell · License #IL #471.022764
(847) 345-2827
Source:
Cppcre
Added: Sep 16
Last Checked: Sep 16 at 2:24PM
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 CP Partners
Investment Insights
Based on property information with market context.
This four-tenant retail center is fully occupied, with approximately 7 years of WALT across its lease roster. Three tenants executed leases since 2024, providing recent leasing activity within the property. The center functions as an outparcel to State Street Market and is positioned along the primary east-west commercial thoroughfare in the trade area.
The property is surrounded by major retail destinations, including the adjacent 300K SF Target-anchored Rockford Crossings and the 435K SF Kohl’s-anchored Forest Plaza across the street. The nearby 193K SF shopping center anchored by Schnucks, Burlington, and PetSmart adds further retail concentration to the surrounding commercial environment. The property is located at 6280 E State St in Rockford, Illinois.
The property is surrounded by major retail destinations, including the adjacent 300K SF Target-anchored Rockford Crossings and the 435K SF Kohl’s-anchored Forest Plaza across the street. The nearby 193K SF shopping center anchored by Schnucks, Burlington, and PetSmart adds further retail concentration to the surrounding commercial environment. The property is located at 6280 E State St in Rockford, Illinois.
Key Highlights
- Fully occupied four‑tenant retail center
- Approximately 7 years of WALT across the lease roster
- Three of four tenants signed leases since 2024
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$301,543
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.60%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,030,860
$6.0M
Cap Rate 7%
$4,307,757
$4.3M
Cap Rate 9%
$3,350,478
$3.4M
Market Conditions
NOI Build-Up for 24,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$446.4K $18.00/SF
− Vacancy
−$15.6K −$0.63/SF
EGI
$430.8K $17.37/SF
− OpEx
−$129.2K −$5.21/SF
NOI
$301.5K $12.16/SF
Area
Rockford, IL
Vacancy
3.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,030,860
Cap Rate 7%
$4,307,757
Cap Rate 9%
$3,350,478
Alternative Uses
Best Use
Retail
$4.31M
$3.77M – $5.03M
NOI $301,543 @ 7.0% cap · market cap 5.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.60M
$5.77M – $7.70M
NOI $461,756 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,227
Businesses Nearby
1.2M
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 27%
Shops & Services 23%
Dining 19%
Superstores 12%
Target
Superstores
143,239 visits/mo
0.3 miles
Kohl's
Apparel
73,997 visits/mo
0.3 miles
Schnucks
Groceries
52,773 visits/mo
0.2 miles
Portillo's
Dining
52,017 visits/mo
0.2 miles
Dollar Tree
Shops & Services
50,915 visits/mo
0.1 miles
Demographics for 61108, IL
29,660
Population
12,650
Households
2.3
Avg Household Size
39
Median Age
24%
College-Educated
87%
High-School Grad
10.9 sq mi
ZIP Area
2,721
Density / Sq Mi
$63,046
Median Household Income
$34,856
Median Earnings
$986
Median Rent
$128,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Similar Off Market Nearby
- Forest Plaza — 6125 E State St, Rockford, IL 61108
- Perryville Crossings — 731 S Perryville Rd, Rockford, IL 61108
- Marketplace of Rockford — 5830 E State St, Rockford, IL 61108
- Mulford Village Mall — 6116 Mulford Village Dr, Rockford, IL 61107
- State Street Market — 6380 E State St, Rockford, IL 61108
Frequently Asked Questions
What type of property is this?
Shopping center - Outparcel to State Street Market with long-term leases and recent tenant commitments.
Where is this shopping center located?
The property is located at 6280 E State St Rockford, IL.
What is the asking price?
The asking price for this property is $5,389,000.
What are key features of this property?
This property features: Fully occupied four‑tenant retail center; Approximately 7 years of WALT across the lease roster; Three of four tenants signed leases since 2024
