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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    4949 Harrison Ave Rockford, IL 61108-7987

    • Office Properties & Spaces
    • 233,350 SF
    • 7.78 lot acres
    OFF-MARKET
    Last Sale
    Jan 03, 2022
    $11,300,000
    Value Estimations
    $9,020,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0537695
    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

    • Happy Harrison Rehabilitation Center / Rehabilitation Center
    • Edward Jones - Financial Advisor: Jen Reisinger, ChFC®|AAMS™|CRPS™ / Finance Broker / Investment Service
    • Coinhub Bitcoin ATM Teller / Atm
    • Sean Falsey / Pharmacy
    • Nishant Thakar / Pharmacy

    Property Details for 4949 Harrison Ave

    Year built
    1987
    Lot size
    7.78 lot acres
    Property size
    233,350 SF
    Property type
    Office Properties & Spaces
    APN
    16-05-226-013
    APU
    1605226013

    Description

    This Winnebago County, Illinois office building at 4949 Harrison Ave, Rockford, IL 61109 offers 96,347 square feet of prime office space. Currently, 50,411 square feet is available for lease in multiple suites, with a minimum divisible space of 1,800 square feet and a maximum contiguous space of 20,000 square feet. The building features a sleek lobby, attractive common areas, and tenant suites with high ceilings and abundant natural light thanks to continuous window bands. Conveniently located with easy access to I-90 and Bypass 20/I-39, the property boasts an eleven-acre landscaped site with ample parking, including underground covered parking. Building amenities include a dining area, fitness center with workout equipment, racketball, ping pong, basketball and handball courts, and two outdoor patios. An EV charging station is planned for the near future. The building is situated near restaurants, shopping, and other business services. Second floor sublease space (9,000 SF) is available, and workstations and furniture may be included.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,885,000
      ML approach
      $9,070,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $12,428,000
      Market price range: $10.2M - $49.4M
      AI Estimate
      $5,621,000
      Market price range: $5.61M - $20.4M

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

    Location Insight

    • Map
    • Local Demand
    City
    Rockford
    County
    Winnebago
    State
    Illinois
    Longitude
    -89.0212
    Latitude
    42.2376
    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
    $124,264
    $2,337,468
    $2,461,732
    -
    $372,792
    $7,012,404
    $7,385,196

    Comparable in this City

    • Value Estimation
      $260,000
      5,566 SF

      7479 Tower Dr

      OFFICE (GENERAL) • 5,566 SF
      7479 Tower Dr, Rockford, IL 61108
      View Details
    • Value Estimation
      $220,000
      5,028 SF

      3020 Charles St

      OFFICE (GENERAL) • 5,028 SF
      3020 Charles St, Rockford, IL 61108-1758
      View Details
    • Value Estimation by Request
      10,305 SF

      4215 Newburg Rd

      OFFICE (GENERAL) • 10,305 SF
      4215 Newburg Rd, Rockford, IL 61108-6479
      View Details
    • Value Estimation
      $250,000
      4,800 SF

      4104 Charles St

      OFFICE (GENERAL) • 4,800 SF
      4104 Charles St, Rockford, IL 61108-6229
      View Details
    • Value Estimation
      $230,000
      8,060 SF

      4304 Charles St

      OFFICE (GENERAL) • 8,060 SF
      4304 Charles St, Rockford, IL 61108-6249
      View Details
    • Value Estimation
      $210,000
      4,560 SF

      433 Phelps Ave

      OFFICE (GENERAL) • 4,560 SF
      433 Phelps Ave, Rockford, IL 61108-2442
      View Details

    Similar Nearby for Sale

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    • $553,230
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      Rockford Land for Commercial Development

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      Rockford Office Investment Opportunity

      Well-leased office property in East Rockford with diversified tenants.
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    • $1,956,280
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      Rockford Land for Development

      14 acres of divisible land suitable for commercial or industrial development.
      14 Acres Perryville & Fincham Rd, Rockford, IL 61108
      View Details
    • $895,000

      Rockford Commercial Land Investment

      52,817 SF C2 Zoned Land
      3809 State St, Rockford, IL 61108
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    Similar Nearby for Lease

    • Contact for pricing
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    • $12 SF/Yr
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      View Details
    • Contact for pricing
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      Rockford Retail Space: Charles Street

      Prime Rockford retail/office space available.
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    • $10 SF/Yr
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      Broadway Retail/Office Space Available

      9,200 SF retail/office space with high visibility and parking.
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    • $11 SF/Yr
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      Remodeled Open Space for Lease

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      View Details
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    4949 Harrison Ave
    Rockford, IL 61108-7987
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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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