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    4055 Steele Dr Machesney Park, IL 61115
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    Property profile & analytics

    4055 Steele Dr Machesney Park, IL 61115

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    • Office Spaces
    • 13,090 SF
    For Sale
    $2,950,000
    View Listing →
    Machesney Park Flex/Office Asset For Sale
    $2,950,000
    30,090 SF

    Machesney Park Flex/Office Asset

    Flex/office asset in Machesney Park with income potential.

    4055 Steele Dr., Machesney Park, IL 61115
    View Listing
    Property ID
    US28-1876723
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Option Care / Home Health Care Service

    Property Details for 4055 Steele Dr

    Year built
    2003
    Property size
    13,090 SF
    Property type
    Office Spaces
    APN
    08-20-225-013
    APU
    820225013

    Description

    This exceptional 30,090 square foot flex space property, located at 4055 Steele Drive in Machesney Park, Illinois 61115, presents a unique investment opportunity. The building, constructed in 2002 and classified as Class B, offers a total of two suites, with 16,000 square feet currently vacant and ready for immediate occupancy. The property boasts ample parking with 112 spaces available. The building features 14-16 foot clear heights, ideal for a variety of uses. The zoning is designated as IG, allowing for flexibility in tenant improvements and operations. The location is highly desirable, situated north of Route 173 and within three miles of the I-90/39 interchange, providing easy access to major transportation arteries. The existing office areas are easily adaptable to flex or industrial uses, catering to a broad range of potential tenants. The 0.422-acre lot provides ample space for loading and maneuvering. The building does not include elevators. This multi-tenant property offers a significant opportunity for businesses seeking a strategic location with excellent accessibility and adaptable space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,710,000
      6.5%
      $2,500,000
      7%
      $2,325,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,289,000
      Market price range: $818k - $3.29M
      AI Estimate
      $1,696,000
      Market price range: $450k - $1.70M

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

    Location Insight

    • Map
    • Local Demand
    City
    Machesney Park
    County
    Winnebago
    State
    Illinois
    Longitude
    -89.0219
    Latitude
    42.3686
    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
    $100,182
    $84,140
    $1,061,814
    $1,145,954
    -
    $252,420
    $3,185,442
    $3,437,862

    Comparable in this City

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      1700 Hutchins Rd

      OFFICE (GENERAL) • 7,016 SF
      1700 Hutchins Rd, Machesney Park, IL 61115-8360
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    • Value Estimation
      $1,405,000
      11,864 SF

      8900 2nd St

      OFFICE (GENERAL) • 11,864 SF
      8900 2nd St, Machesney Park, IL 61115-2086
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      2,666 SF

      6815 2nd St

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      9609 Frst Hls Rd

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      2,530 SF

      7912 2nd St

      OFFICE (GENERAL) • 2,530 SF
      7912 2nd St, Machesney Park, IL 61115-2812
      View Details

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      30,090 SF

      Machesney Park Flex/Office Asset

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      4055 Steele Dr, Machesney Park, IL 61115
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      Machesney Park Showroom/Warehouse For Sale

      Showroom and warehouse with overhead doors and redevelopment potential.
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      Machesney Park Retail Development Opportunity

      One acre commercial land parcel near retail corridor for sale.
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    Similar Nearby for Lease

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      Machesney Park Flex Industrial Space

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      1,075 SF retail space near Machesney Park retail corridor.
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    • $12 SF/Yr
      6,888 SF

      Machesney Park Retail Space Available

      Retail and office spaces available in neighborhood shopping center.
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    • Contact for pricing

      Land Off IL Route 173

      Land available for rent off IL Route 173 and I-90.
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      2,400 SF

      Retail Outlot with Drive-Thru Potential

      Prime retail space with drive-thru opportunity and high visibility.
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      View Details
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      Commercial Land Lease Opportunity

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    Machesney Park, IL 61115
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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.

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