Building Details

Building Size 4,886 SF

Year Built 2001

Buildings 1

Tenancy Single Tenant

Listing Agency: APEX Commercial Real Estate Advisors

Listed By: Ayson Shammami · License #6502433307 Show Phone

Source: Cpix.resimplifi

Added: Jun 9 Changed: Oct 8 Last Checked: Oct 20 at 5:11PM

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Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This restaurant outparcel building was formerly occupied by Hooters and is offered for sale or lease. The property is a commercial real estate asset configured for restaurant use, presenting a straightforward option for operators seeking a ready-to-market footprint.

The offering is described as a Home Depot outparcel, supporting convenience for daytime and retail-oriented activity tied to the shopping center environment.

The sale/lease listing does not provide additional details on interior condition, layout, or improvements beyond the former restaurant use.

Key Highlights

• Year built: 2001
• Former Hooters restaurant building
• Restaurant outparcel building available for sale or lease near a Home Depot

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$68,248

Cap Rate

4.55%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,364,960 $1.4M

Cap Rate 7%

$974,971 $975.0K

Cap Rate 9%

$758,311 $758.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,886 SF

Gross rent

$93.8K $19.20/SF

− Vacancy

−$2.8K −$0.58/SF

EGI

$91.0K $18.62/SF

− OpEx

−$22.7K −$4.66/SF

NOI

$68.2K $13.97/SF

Area

Rockford, IL

Vacancy

3.00%

Lease Rate

$19.20 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,364,960

Cap Rate 7%

$974,971

Cap Rate 9%

$758,311

Alternative Uses

Best Use

Specialty Retail

$975.0K

$853.1K – $1.14M (±1% cap)

NOI $68,248 @ 7.0% cap · market cap 4.55%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.30M

$1.14M – $1.52M (±1% cap)

NOI $90,973 @ 7.0% cap · market cap 6.06%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Rockford Iron Fencing Metal Fabrication Plant Hooters Restaurant

Suggested Use

Top Pick Building Supply Kitchen & Bath Showroom Storage Facility HVAC Service Grocery & Convenience Store Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

869

Businesses Nearby

1M

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 31% Superstores 25% Home Improvements & Furnishings 11% Shops & Services 10%

Target Superstores

143,239 visits/mo 0.4 miles

Sam's Club Superstores

111,742 visits/mo 0.4 miles

Chick-fil-A Dining

62,911 visits/mo 0.1 miles

Schnucks Groceries

52,773 visits/mo 0.5 miles

Best Buy Electronics

46,275 visits/mo 0.0 miles

Demographics for 61107, IL

30,722

Population

13,711

Households

2.2

Avg Household Size

42

Median Age

37%

College-Educated

93%

High-School Grad

14.9 sq mi

ZIP Area

2,062

Density / Sq Mi

$75,492

Median Household Income

$42,494

Median Earnings

$1,053

Median Rent

$165,200

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - Restaurant outparcel building formerly occupied by Hooters, available for sale or lease near a Home Depot.

Where is this conventional restaurant located?

The property is located at 6904 Argus Dr Rockford, IL.

What is the asking price?

The asking price for this property is $1,500,000.

What are key features of this property?

This property features: Year built: 2001; Former Hooters restaurant building; Restaurant outparcel building available for sale or lease near a Home Depot