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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1122 Milford Ave Rockford, IL 61109

    • Industrial properties
    • 94,472 SF
    • 4.89 lot acres
    For Lease
    View listing
    Last Sale
    Jan 13, 2021
    $4,600,000
    Value Estimations
    $4,005,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0603717
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Source Interlink Manufacturing / Music Store
    • First Student Inc. / School Bus Service
    • Meiborg Milford Warehouse / Warehouse / Distribution Service
    • Austin News Services / News Service / Newspaper Publisher
    • Beacon Building Products / Building Materials Supplier / Building Materials Market

    Property Details for 1122 Milford Ave

    Year built
    1965
    Construction
    STEEL FRAME
    Lot size
    4.89 lot acres
    Property size
    94,472 SF
    Zone code
    I3
    Property type
    Industrial properties
    APN
    15-14-426-001
    APU
    1514426001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,980,000
      ML approach
      $3,525,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,313,000
      Market price range: $1.64M - $5.27M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $3,455,000
      Current use
      COMMERCIAL (GENERAL)
      $5,115,000
      Change: +48% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Rockford
    County
    Winnebago
    State
    Illinois
    Longitude
    -89.0803
    Latitude
    42.2012
    CBSA code
    40420
    CBSA name
    ROCKFORD, IL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $88,861
    $57,278
    $798,521
    $855,799
    -
    $171,834
    $2,395,563
    $2,567,397

    Comparable in this City

    • Value Estimation by Request
      0.28 Acres

      5015 Falcon Rd

      INDUSTRIAL (GENERAL) • 0.28 Acres
      5015 Falcon Rd, Rockford, IL 61109-2907
      View Details
    • Value Estimation by Request
      26,775 SF

      1601 Grumman Dr

      INDUSTRIAL (GENERAL) • 26,775 SF
      1601 Grumman Dr, Rockford, IL 61109-2917
      View Details
    • Value Estimation by Request
      6,480 SF

      4815 Hydraulic Rd

      INDUSTRIAL (GENERAL) • 6,480 SF
      4815 Hydraulic Rd, Rockford, IL 61109-7202
      View Details
    • Value Estimation by Request
      8,050 SF

      4793 Colt Rd

      INDUSTRIAL (GENERAL) • 8,050 SF
      4793 Colt Rd, Rockford, IL 61109-2610
      View Details
    • Value Estimation by Request
      6,420 SF

      3170 Frst Vw Rd

      INDUSTRIAL (GENERAL) • 6,420 SF
      3170 Frst Vw Rd, Rockford, IL 61109-1642
      View Details
    • Value Estimation
      $9,800,000
      555,920 SF

      80 Airport Dr

      INDUSTRIAL (GENERAL) • 555,920 SF
      80 Airport Dr, Rockford, IL 61109
      View Details

    Similar Nearby for Sale

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      Linden Road Commercial Land

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      20.00 Acres

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      Prime Industrial Land, I-39 Access
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      10.00 Acres

      Rockford Industrial Land Development

      161 Acres, Build-to-Suit Options Available
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      15.00 Acres

      Rockford Industrial Land - Build-to-Suit

      15-acre industrial lot, build-to-suit options.
      4400 Logistics Pkwy, Rockford, IL 61109
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    • $300,000
      10,032 SF

      Two Buildings with Fenced Yard

      Two buildings totaling over 10,000 SF with fenced yard.
      3458 35Th St, Rockford, IL 61109
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      High-Visibility Commercial Space Available

      Versatile commercial property with office and industrial space.
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    Similar Nearby for Lease

    • Contact for pricing
      2,200 SF

      Office Space in Alpine Park

      Office space available for lease near US HWY 20 and I39.
      4699 Hydraulic Rd, Rockford, IL 61109
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    • Contact for pricing
      45,000 SF

      Rockford Warehouse Space Available

      Multiple units, 5,042 - 14,000 sq ft
      5242 28Th Ave, Rockford, IL 61109
      View Details
    • $4 SF/Yr
      8,418 SF

      Warehouse with Office/Showroom Space

      Retail building with office/showroom and warehouse space for rent.
      3250 Alpine Rd S, Rockford, IL 61109
      View Details
    • $5 SF/Yr
      16,850 SF

      Industrial Space in Rockford, IL

      16,850 SF industrial space for lease in Rockford.
      5191 27Th Ave, Rockford, IL 61109
      View Details
    • Contact for pricing
      100,000 SF

      Rockford Warehouse with Exterior Storage

      100,000 SF warehouse with flexible lease arrangements available.
      4550 Kishwaukee St, Rockford, IL 61109
      View Details
    • $4 SF/Yr
      1,075 SF

      Rockford Office/Flex Space Available

      Office and light industrial space near Bypass 20 and Interstates.
      4861 American Rd, Rockford, IL 61109
      View Details
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    1122 Milford Ave
    Rockford, IL 61109
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    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
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