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Property profile & analytics
FOR LEASE
Office Spaces
401 West State St, Rockford, IL 61101
Entity Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US28-2042047
For Lease
1 / 2
$2,020,000
401 West State St, Rockford, IL 61101
View Listing →
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1930
Construction
FRAME
Total area
39,058 SF
Lot
0.52 ac (22,651 SF)
Zoning code
C4
APN
11-23-303-007
UPID
US28-2042047
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · 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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.08M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.02M
Owner & transaction history
Spark Penn LLC · 1 yrs held
Spark Penn LLC
since 2025
Last sale
$2.0M
7 recorded transactions
Zoning & alternative use
C4 · Rockford, IL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Rockford submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Rockford submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$2,000,000
ML approach
$2,080,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$2.02M
Range $1.82M – $2.22M · ±10% · vs last sale $2.00M (Jan 27 2025)
Last sale anchor
$2.00M
Jan 27 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$52 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$45,011
Tax year 2023
Assessed value
$433,494
Assessed 2023
Previous assessed
$387,463
+11.9% YoY
Effective rate
10.38%
On assessed value
Assessed land
$38,495
Assessed improvement
$394,999
Land market value
$115,485
Improvement market value
$1,184,997
Total market value
$1,300,482
Applied tax rate
422.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Status
For Lease
Year built
1930
Construction
FRAME
Heating
NONE
Cooling
CENTRAL
Stories
8
Units
1
Total area
39,058 SF
Lot
0.52 ac (22,651 SF)
Zoning code
C4
APN
11-23-303-007
UPID
US28-2042047
Jurisdiction
WINNEBAGO
Zoning & alternative use
C4 · Rockford, IL
Zoning C4 · permitted uses
C4 · Rockford, IL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Rockford. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1930
Construction
FRAME
Heating
NONE
Cooling
Yes
Stories
8
Units
1
Lot
0.52 ac
Current owner
From public records · entity-resolved
Spark Penn LLC
Entity
Free & Clear · 1 yrs held
Mailing address
1111 S ALPINE RD #101, ROCKFORD, IL 61108-3940
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 4, 2025
—
Spark Penn LLC
—
Deed
related
$8,853,000 · Foresight Bank
Jan 27, 2025
$2,000,000
Spark Penn LLC
Fridh Corp
Deed
—
Nov 15, 2022
—
Maccabee Capital LLC
—
Deed
related
$181,000 · Byron Bank
Mar 14, 2022
—
Maccabee Capital LLC
—
Deed
related
$1,835,000 · Byron Bank
Jul 13, 2020
—
Fridh Corp
—
Deed
related
—
Apr 6, 2018
—
Maccabee Capital LLC
—
Grant Deed
related
$1,600,000 · Byron Bk-pg
May 3, 2017
—
Maccabee Capital LLC
—
Deed
related
$389,057 · Byron Bk
—
—
Fridh Corp
—
Deed Of Trust
related
$797,891 · Associated Bank
—
—
Fridh Corp
—
Loan Modification
related
—
—
—
Fridh Corp
—
Deed Of Trust
related
$700,000 · Associated Bank Illinois NA
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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