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    401 West State St Rockford, IL 61101
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    Property profile & analytics

    401 West State St Rockford, IL 61101

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    • Office Spaces
    • 39,058 SF
    • 0.52 lot acres
    For Lease
    $2,020,000
    View Listing →
    Downtown Rockford Office Space Available For Lease
    $2,020,000
    33,806 SF

    Downtown Rockford Office Space Available

    Office building in downtown Rockford near amenities and landmarks.

    401 West State Street, Rockford, IL
    View Listing
    Property ID
    US28-2042047
    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.
    Value Estimations
    $2,020,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Financial Wize Mortgage Lenders Rockford IL / Nursing Home / Retirement Community
    • Mateer, Goff & Honzel / Law Firm
    • Petfood Industry / Publishing House
    • Live4Lali - Rockford / Charitable Organization / Social Service Agency
    • Gregg Investigations Inc. Rockford IL / Law Firm

    Property Details for 401 West State St

    Year built
    1930
    Construction
    FRAME
    Lot size
    0.52 lot acres
    Property size
    39,058 SF
    Zone code
    C4
    Property type
    Office Spaces
    APN
    11-23-303-007
    APU
    1123303007

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,000,000
      ML approach
      $2,080,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Rockford
    County
    Winnebago
    State
    Illinois
    Longitude
    -89.0959
    Latitude
    42.2722
    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
    $45,011
    $38,495
    $394,999
    $433,494
    -
    $115,485
    $1,184,997
    $1,300,482

    Comparable in this City

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      $625,000
      6,050 SF

      2447 Central Ave

      OFFICE (GENERAL) • 6,050 SF
      2447 Central Ave, Rockford, IL 61101-2351
      View Details
    • Value Estimation
      $1,355,000
      12,642 SF

      2523 Meridian Rd

      OFFICE (GENERAL) • 12,642 SF
      2523 Meridian Rd, Rockford, IL 61101-2237
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    • Value Estimation by Request
      2,976 SF

      1003 Arthur Ave

      OFFICE (GENERAL) • 2,976 SF
      1003 Arthur Ave, Rockford, IL 61101-5838
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    • Value Estimation by Request
      0.64 Acres

      211 Elm St

      OFFICE (GENERAL) • 0.64 Acres
      211 Elm St, Rockford, IL 61101-1264
      View Details
    • Value Estimation by Request
      3,910 SF

      2721 Glenwood Ct

      OFFICE (GENERAL) • 3,910 SF
      2721 Glenwood Ct, Rockford, IL 61101-3507
      View Details
    • Value Estimation
      $7,985,000
      77,936 SF

      124 Wyman St

      OFFICE (GENERAL) • 77,936 SF
      124 Wyman St, Rockford, IL 61101
      View Details

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      High-traffic location with stable tenant base in Rockford, Illinois.
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    • $359,900
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      Well-Maintained Four-Unit Townhouses

      Fully rented four-unit property with full basements and ample parking.
      3108 Prial Ave, Rockford, IL 61101
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      Commercial land zoned C-3, eight minutes from downtown Rockford.
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    Similar Nearby for Lease

    • Contact for pricing
      33,806 SF

      Downtown Rockford Office Space Available

      Office building in downtown Rockford near amenities and landmarks.
      401 West State St, Rockford, IL 61101
      View Details
    • Contact for pricing

      Downtown Multi-Use Retail & Office

      Bustling downtown location with high visibility and traffic.
      320-326 W Jefferson St, Rockford, IL 61101
      View Details
    • $18 SF/Yr
      23,000 SF

      Downtown Rockford Office Space Available

      Eight-story highrise with panoramic views and flexible office spaces.
      303 N Main St, Rockford, IL 61101
      View Details
    • Contact for pricing
      91,687 SF

      Downtown Rockford Office Space Available

      Prime office space in downtown Rockford near amenities.
      308 W State St, Rockford, IL 61101
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      210,980 SF

      Rockford Industrial Space with Cranes

      Industrial space with cranes and convenient access to major routes.
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      View Details
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      248,735 SF

      Warehouse Space with Expansion Potential

      Warehouse space featuring docks, drive-ins, office space, and expansion land.
      4000 Auburn St, Rockford, IL 61101
      View Details
    View Listing
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    Rockford, IL 61101
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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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