1947 Lyford Rd Rockford, IL 61107-2880

Property Details for 1947 Lyford Rd

Year built

1966

Construction

WOOD

Lot size

7.36 lot acres

Property size

4,320 SF

Zone code

CG

Property type

Commercial real estate

APN

12-13-151-007

APU

1213151007

Description

This exceptional self-storage facility in Rockford, Illinois, presents a compelling investment opportunity. The property, located at 1947 N Lyford Rd, boasts 51,898 square feet of net rentable space across nine buildings, comprising 209 units. Built in 1966 with significant renovations completed in 2023, the property features a mixed-use zoning (CG) designation, allowing for diverse income streams. Currently operating with a 7.20% cap rate and a NOI of $301,179, the asking price is $4,200,000 ($82.03/sq ft). The 7.36-acre lot offers significant expansion potential, with permits already approved for four additional buildings. This presents a substantial upside for future growth. The property benefits from its location near a newly constructed Hard Rock Casino and serves a densely populated area (approximately 41,000 within a 3-mile radius) with currently undersupplied self-storage options (saturation below 8.7%). Further upside potential exists through rental increases, as current rents are 41% below market rates. The property includes three small offices and a workshop, adding to its versatility. Parking is provided at a ratio of 0.28 spaces per 1,000 square feet. The APN is 12-13-151-007

Location Insight

City

Rockford

County

Winnebago

State

Illinois

Longitude

-88.9594

Latitude

42.2926

CBSA code

40420

CBSA name

ROCKFORD, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments