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

    304 3rd St Rockford, IL 61104-2057

    • Apartment buildings
    • 3,658 SF
    • 0.15 lot acres
    OFF-MARKET
    Last Sale
    Aug 03, 2023
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1066472
    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

    • Apartment buildings

    Property Details for 304 3rd St

    Year built
    1900
    Construction
    FRAME
    Lot size
    0.15 lot acres
    Property size
    3,658 SF
    Zone code
    R2
    Property type
    Apartment buildings
    APN
    11-26-138-001
    APU
    1126138001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Rockford
    County
    Winnebago
    State
    Illinois
    Longitude
    -89.0877
    Latitude
    42.265
    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
    $3,281
    $2,260
    $29,338
    $31,598
    -
    $6,780
    $88,014
    $94,794

    Comparable in this City

    • Value Estimation
      $690,000
      3,335 SF

      1140 2nd Ave

      APARTMENT HOUSE (5+ UNITS) • 3,335 SF
      1140 2nd Ave, Rockford, IL 61104-2216
      View Details
    • Value Estimation by Request
      2,734 SF

      1511 5th St

      APARTMENT HOUSE (5+ UNITS) • 2,734 SF
      1511 5th St, Rockford, IL 61104-4851
      View Details
    • Value Estimation by Request
      4,391 SF

      1301 Seminary St

      APARTMENT HOUSE (5+ UNITS) • 4,391 SF
      1301 Seminary St, Rockford, IL 61104-4781
      View Details
    • Value Estimation by Request
      4,662 SF

      1509 5th Ave

      APARTMENT HOUSE (5+ UNITS) • 4,662 SF
      1509 5th Ave, Rockford, IL 61104-3245
      View Details
    • Value Estimation by Request
      2,160 SF

      2334 8th Ave

      APARTMENT HOUSE (5+ UNITS) • 2,160 SF
      2334 8th Ave, Rockford, IL 61104-3473
      View Details
    • Value Estimation by Request
      3,869 SF

      1021 8th St

      APARTMENT HOUSE (5+ UNITS) • 3,869 SF
      1021 8th St, Rockford, IL 61104-4976
      View Details

    Similar Nearby for Sale

    • $220,000
      Pending

      Rockford Multifamily Investment Opportunity

      All brick four-unit building, fully rented, generating $3,290 monthly.
      1125 9Th St, Rockford, IL 61104
      View Details
    • $140,000
      Pending

      Solid Brick 2-Flat with Basement

      Classic 2-unit property with finished basement and great potential.
      2111-2113 S 4Th St, Rockford, IL 61104
      View Details
    • $155,000
      3,472 SF

      Two-Unit Multifamily Property in Rockford

      Two-unit property near Swedish American Hospital, both units currently rented.
      1607 7Th St, Rockford, IL 61104
      View Details
    • $109,000
      Pending

      ROCKFORD Duplex with Updated Features

      All-brick duplex with updated roof and windows in Rockford, IL.
      1013 7Th St, Rockford, IL 61104
      View Details
    • New
      $130,000
      1,782 SF

      Rockford Duplex with Income Potential

      Duplex in Rockford, IL with value-add potential.
      1415 5Th Ave, Rockford, IL 61104
      View Details
    • $2,500,000
      42,916 SF

      Rockford Mixed-Use Investment Opportunity

      Class A, 42,916 sq ft mixed-use building.
      1358 4Th Ave, Rockford, IL 61104
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      17,772 SF

      Rockford Executive Office Space

      17,772 sq ft Office Building, Fully Leased
      115 7Th St, Rockford, IL 61104
      View Details
    • $6 SF/Yr
      6,249 SF

      Rockford Office Space Available

      Flexible Workspaces in Downtown Rockford
      220 State St, Rockford, IL 61104
      View Details
    • Contact for pricing
      63,034 SF

      Rockford Warehouse with Fenced Yard

      63,034 SF warehouse with secure fenced yard for lease.
      1827 18Th Ave, Rockford, IL 61104
      View Details
    • $72 SF/Yr
      357,475 SF

      Rockford Industrial Warehouse Space

      357,475 SF Warehouse, 22,798 SF Available
      2020 Harrison Ave, Rockford, IL 61104
      View Details
    • Contact for pricing
      65,000 SF

      Industrial Space with Utilities Included

      Affordable industrial and office space for lease, utilities included.
      340 Blackhawk Park Ave, Rockford, IL 61104
      View Details
    • Contact for pricing
      14,489 SF

      Rockford Drive-Thru Retail Space

      14,489 SF Freestanding Building, High Traffic
      1201 State St, Rockford, IL 61104
      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.
    304 3rd St
    Rockford, IL 61104-2057
    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.