6350 State St Rockford, IL 61108

Property Details for 6350 State St

Year built

1995

Lot size

4.97 lot acres

Property size

55,226 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional investment opportunity presents a 55,226 square foot shopping center in Rockford, Illinois, boasting two national tenants: Burlington and Joann. Located at 6350-6360 E State St, this property enjoys a prime location, shadow-anchored by a Schnucks supermarket, and benefits from high visibility and accessibility due to its proximity to Interstate 90. The property sits on a 4.97-acre lot and features a 10-year lease with four 5-year renewal options, ensuring long-term stability. Built in 1995 and renovated in 2024, the center benefits from a strong trade area, including the greater Rockford MSA, with over 75,000 vehicles per day passing on I-90 and over 30,000 vehicles daily on East State Street. The property's strong performance is reflected in its 7.50% cap rate and a Net Operating Income (NOI) of $749,587. The asking price is $9,994,000. The property is zoned for commercial use and enjoys the synergy of nearby major shopping centers like Forest Plaza and Rockford Township Center, further enhancing its appeal. The strong national tenants, Burlington and Joann, provide financial stability and significant income growth potential, with lease terms structured as NNN, minimizing landlord responsibilities. This combination of location, tenancy, and lease structure makes this a highly desirable retail asset in a thriving market. The area's robust demographics, including a population exceeding 141,000 within a 5-mile radius and an average household income over $90,000 within 3 miles, further supports the property's investment potential.

Location Insight

City

Rockford

County

Winnebago

State

Illinois

Longitude

-88.9941

Latitude

42.27