Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2615 Steve Ave Rockford, IL 61109

    • Specialty properties
    • 1.12 lot acres
    OFF-MARKET
    Value Estimations
    $250,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2025541
    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

    • Specialty properties

    Property Details for 2615 Steve Ave

    Lot size
    1.12 lot acres
    Zone code
    I1
    Property type
    Specialty properties
    APN
    16-06-104-005
    APU
    1606104005

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $250,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Rockford
    County
    Winnebago
    State
    Illinois
    Longitude
    -89.0534
    Latitude
    42.2365
    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
    $0.00
    $124
    $0.00
    $124
    -
    $372
    $0.00
    $372

    Comparable in this City

    • Value Estimation
      $240,000
      0.32 Acres

      3662 Olden Oak Dr

      SBE - SPECIAL ASSESSMENTS • 0.32 Acres
      3662 Olden Oak Dr, Rockford, IL 61109-3863
      View Details
    • Value Estimation
      $240,000
      0.32 Acres

      3626 Olden Oak Dr

      SBE - SPECIAL ASSESSMENTS • 0.32 Acres
      3626 Olden Oak Dr, Rockford, IL 61109-3863
      View Details
    • Value Estimation by Request

      3603 Scarlet Oak Dr

      SBE - SPECIAL ASSESSMENTS
      3603 Scarlet Oak Dr, Rockford, IL 61109-2377
      View Details
    • Value Estimation
      $245,000
      0.29 Acres

      3803 Scarlet Oak Dr

      SBE - SPECIAL ASSESSMENTS • 0.29 Acres
      3803 Scarlet Oak Dr, Rockford, IL 61109-2379
      View Details
    • Value Estimation by Request

      3737 Scarlet Oak Dr

      SBE - SPECIAL ASSESSMENTS
      3737 Scarlet Oak Dr, Rockford, IL 61109-2378
      View Details
    • Value Estimation by Request

      3565 Scarlet Oak Dr

      SBE - SPECIAL ASSESSMENTS
      3565 Scarlet Oak Dr, Rockford, IL 61109-2375
      View Details

    Similar Nearby for Sale

    • $675,000
      58,070 SF

      Rockford School Redevelopment Opportunity

      Prime 3-acre site, vacant school building
      3218 11Th St, Rockford, IL 61109
      View Details
    • $235,224
      1.80 Acres

      Linden Road Commercial Land

      1.8-Acre Development Opportunity in Rockford, IL
      4325 Linden Rd, Rockford, IL 61109
      View Details
    • Contact for pricing
      20.00 Acres

      Rockford Industrial Land Portfolio

      Prime Industrial Land, I-39 Access
      43XX Rotary Rd, Rockford, IL 61109
      View Details
    • $1,105,000
      10.15 Acres

      10-Acre Commercial Land Rockford, IL

      Prime Rockford commercial land, high traffic area.
      0 Armer Dr, Rockford, IL 61109
      View Details
    • $245,000
      4,200 SF

      Well-Maintained Industrial Zoned Building

      4,200 SF industrial building suitable for various uses.
      4563 Hydraulic Rd, Rockford, IL 61109
      View Details
    • Contact for pricing

      Rockford Land for Development

      15 acres available with utilities and potential rail access.
      4400 Logistics Pkwy, Rockford, IL 61109
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      95,209 SF

      Southgate Shopping Center Retail Space

      High-visibility retail center; five spaces available.
      1501 Sandy Hollow Rd, Rockford, IL 61109
      View Details
    • $10 SF/Yr
      1,200 SF

      Rock Point Mall Retail Opportunity

      Retail units available in Rock Point Mall, Rockford.
      2607-2693 20Th St, Rockford, IL 61109
      View Details
    • 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
      View Details
    • $15 SF/Yr
      11,525 SF

      Rockford Office Space for Lease

      Seven suites available, 675-4200 sq ft.
      3204 Alpine Rd, Rockford, IL 61109
      View Details
    • 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
    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.
    2615 Steve Ave
    Rockford, IL 61109
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.