Restaurant Outparcel
For Sale
$1,500,000
6904 Argus Dr, Rockford, IL 61107
Restaurant outparcel building formerly occupied by Hooters, available for sale or lease near a Home Depot.
Property Size4,886 SF
Price / SF$306
Days on Market88
Property Features for 6904 Argus Dr
General Information
Standard status
Active
Size
4,886 SF
Property subtype
Retail
Zoning
C2
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
(248) 579-5042
Source:
Cpix.resimplifi
Added: Jun 9
Changed: Aug 23
Last Checked: Sep 4 at 2:09AM
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 APEX Commercial Real Estate Advisors
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.
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 = 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
$68,248
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
4.55%
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%
$1,364,960
$1.4M
Cap Rate 7%
$974,971
$975.0K
Cap Rate 9%
$758,311
$758.3K
Market Conditions
NOI Build-Up for 4,886 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
$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 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%
$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
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
NOI $90,973 @ 7.0% cap · market cap 6.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
