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    502 Franklin St Oregon, IL 61061
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    502 Franklin St, Oregon, IL 61061

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    • Office Spaces
    • 0.07 lot acres
    For Sale
    $155,900
    View Listing →
    Downtown Retail/Office Building Opportunity For Sale
    $155,900
    1,800 SF

    Downtown Retail/Office Building Opportunity

    Versatile 1,800+ sq ft retail/office building in downtown Oregon, IL.

    502 Franklin St, Oregon, IL
    View Listing
    Property ID
    US28-0016343
    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

    • Pearl & Sons Furniture Design / Production Facility / Furniture & Home Goods
    • Little Blue Cottage / Home Decor Store / Department Store
    • Brass Insurance / Insurance Agency

    Property Details for 502 Franklin St

    Lot size
    0.07 lot acres
    Property type
    Office Spaces
    APN
    16-03-153-014
    APU
    1603153014

    Description

    This exceptional 1,800 square foot mixed-use building presents a remarkable opportunity in the heart of Oregon, IL. Situated on a coveted downtown lot, this single-story property boasts a flexible layout ideal for a variety of uses. The interior features three separate entrances, allowing for distinct spaces. Two stunning rooms showcase original hardwood floors (measuring 24.1' x 21.2' and 16.6' x 12.6'), while two additional spacious rooms (21.2' x 13.3' and 17.1' x 13.3') and two smaller rooms (each 12' x 8.3') offer versatility. A partially finished attic provides significant expansion potential. The property includes two bathrooms, one of which is ADA-compliant. Architectural details include custom-built ceiling beams and barn doors on storage closets, complemented by a handcrafted front door. Recent upgrades enhance its appeal: a new roof (2023), updated electrical (2021), five mini-split electric heat and air units, and three newer windows. Its location within the TIF District offers additional advantages. The property's zoning allows for potential re-zoning to residential, opening up possibilities for a unique live/work space or a charming downtown home. This is a rare chance to acquire a property with immense potential, blending historic charm with modern conveniences.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Oregon
    County
    Ogle
    State
    Illinois
    Longitude
    -89.3343
    Latitude
    42.0161
    CBSA code
    40300
    CBSA name
    ROCHELLE, IL MICROPOLITAN 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
    $2,568
    $3,666
    $22,101
    $25,767
    -
    $10,998
    $66,303
    $77,301

    Comparable in this City

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      7,664 SF

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      6,580 SF

      1213 Pnes Rd

      OFFICE (GENERAL)
      1213 Pnes Rd, Oregon, IL 61061-9657
      View Details
    • Value Estimation
      $565,000
      6,520 SF

      305 4th St

      OFFICE (GENERAL)
      305 4th St, Oregon, IL 61061-1434
      View Details
    • Value Estimation by Request
      3,780 SF

      209 5th St

      OFFICE (GENERAL)
      209 5th St, Oregon, IL 61061-1806
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      2,904 SF

      410 Washington St

      OFFICE (GENERAL)
      410 Washington St, Oregon, IL 61061-1623
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    • Value Estimation by Request
      5,450 SF

      1210 Pnes Rd

      MEDICAL CLINIC
      1210 Pnes Rd, Oregon, IL 61061-9603
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,800 SF

      Downtown Retail/Office Building Opportunity

      Versatile 1,800+ sq ft retail/office building in downtown Oregon, IL.
      502 Franklin St, Oregon, IL 61061
      View Details
    • $37,000
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      Buildable Lot in Svoboda Woods

      Large city lot suitable for building a dream home.
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      0.80 Acres

      Buildable Wooded Lot in Oregon

      0.80 acre wooded lot, ideal for building a dream home.
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      35.00 Acres

      35 Acre Farm Retreat

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    View Listing
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    Oregon, IL 61061
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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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