Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Rockford Redevelopment Opportunity on 11th Title is generated by Realmo AI

    3218 11th St, Rockford, IL 61109

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Historic 3.06-acre site with redevelopment potential in Rockford, Illinois.

    Type:Retail, Special Purpose
    Property size:
    58,070 SF
    Lot size:
    3.06 Acres
    Price / SF:
    $10/SF
    Added:
    Aug 22, 2024
    Days on Market:
    646
    Last Refresh:
    May 12 at 9:42 pm

    Property Features for 3218 11th St

    General Information

    Standard status
    Active
    Size
    58,070 SF
    Lot size
    3.06 Acres
    Property subtype
    Retail, Special Purpose

    Building Details

    Year Built
    1923

    We can help!

    Listing Contact
    Tom Ewing

    Listing agent Tom Ewing License #471001821

    Listing office Gambino Realtors

    Listing date Aug 22, 2024

    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 Gambino Realtors

    HighLights

    • Large 3.06‑acre lot (133,294 sq ft) with 316 feet of frontage on high‑traffic 11th Street (22,000 vehicles daily).
    • Exempt from real estate taxes.
    • Strategic location: 5.5 miles from Chicago Rockford International Airport and less than 0.5 miles from Business 20 Bypass.
    • Redevelopment opportunity with versatile potential: residential, office, or community‑driven destination.
    • Historically significant property originally built in 1923 as a school.
    • Potential for rezoning by the City of Rockford to enhance development options.

    Overview

    This property presents a redevelopment opportunity, originally constructed in 1923 as a school. The property is situated on a 3.06-acre site with 316 feet of frontage along 11th Street, which experiences approximately 22,000 vehicles passing daily. The location is 5.5 miles from Chicago Rockford International Airport and less than half a mile from the Business 20 Bypass, providing access and connectivity. The existing structure offers potential for residential conversions, office space, or a community destination. Currently zoned R1, the City of Rockford may consider rezoning. The property is exempt from real estate taxes. The site, offered as-is and inclusive of all existing fixtures, allows for reimagining the historic structure or new construction. The lot measures 133,294 square feet and offers a visible location. The property is intended for redevelopment.
    Property Profile Location Intelligence

    Current Use by Public Records

    Blackhawk Carving Club General Contractor Morris Kennedy School High School

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Rockford
    County
    Winnebago
    State
    Illinois
    Longitude
    -89.071241
    Latitude
    42.2260348

    Nearby Similar for Sale

    • $3,200,000

      Rockford Commercial Corner Opportunity

      High-visibility commercial corner lot near interstate and airport.
      3442 Merchandise Drive, Rockford, IL 61109
      View Details
    • $3,200,000

      Rockford Commercial Corner Opportunity

      High-visibility commercial corner lot near interstate and airport.
      3442 Merchandise Drive, Rockford, IL 61109
      View Details
    • $1,415,000
      21,796 SF

      Versatile Commercial Property with Recent Upgrades

      21,796 SF commercial building on 1+ acre for sale.
      727 1st Avenue, Rockford, IL 61104
      View Details
    • $240,000
      3,068 SF

      Rockford Duplex in Churchill Grove

      All-brick duplex in historic Churchill Grove neighborhood with over 3,000sqft.
      1206 Harlem Boulevard, ROCKFORD, IL 61103
      View Details
    • $224,900

      Rockford Commercial Property with Storage

      Commercial property with storage, overhead doors, and customization potential.
      2111 11TH Street, Rockford, IL 61104
      View Details
    • $345,000
      3,567 SF

      Fully Rented Multifamily Property

      All brick 4-unit property with strong rental history in Rockford.
      1819 Logan Street, ROCKFORD, IL 61103
      View Details
    • $360,000

      Rockford Commercial Property For Sale

      Commercial property with high visibility in a bustling Rockford area.
      721 E State Street, Rockford, IL 61104
      View Details
    • $3,500,000
      59,506 SF

      Multi-Tenant Office Building Investment

      Two-story office building with interstate visibility and income potential.
      527 Colman Center Dr, Rockford, IL 61108
      View Details
    • $725,000

      Equestrian Dream Property in Rockford

      Turnkey horse property with arena, barn, and modern amenities.
      5382 GUILFORD Road, ROCKFORD, IL 61107
      View Details
    • $99,800

      Commercial Land with Repurpose Potential

      1.92 acres of commercial land with repurpose opportunities.
      2520 N Main Street, Rockford, IL 61107
      View Details
    • $129,900
      2,561 SF

      Mixed-Use Property in Rockford, IL

      Versatile mixed-use property with business and residential units.
      1539 Clifton Avenue, ROCKFORD, IL 61102
      View Details
    • $220,000
      5,880 SF

      Rockford Multifamily Property For Sale

      Four-unit residential building with garage and fenced yard in Rockford.
      904 17th Avenue, ROCKFORD, IL 61104
      View Details

    FAQs

    What type of property is this?
    School - Historic 3.06-acre site with redevelopment potential in Rockford, Illinois.
    Where is this school located?
    The property is located at 3218 11th St Rockford, IL.
    What is the asking price?
    The asking price for this property is $590,000.
    What are key features of this property?
    This property features: Large 3.06‑acre lot (133,294 sq ft) with **316 feet of frontage on high‑traffic 11th Street (22,000 vehicles daily).**; Exempt from real estate taxes.; Strategic location: 5.5 miles from Chicago Rockford International Airport and less than 0.5 miles from Business 20 Bypass.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Tom Ewing
    Real Estate License ID: 471001821
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    3218 11th St, Rockford, IL 61109
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!