Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    531 24th St Rock Island, IL 61201-8960

    • Commercial real estate
    • 2,400 SF
    OFF-MARKET
    Last Sale
    Feb 10, 2025
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1885098
    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

    • Jim's Rib Haven / Restaurant

    Property Details for 531 24th St

    Year built
    1978
    Property size
    2,400 SF
    Zone code
    RI
    Property type
    Commercial real estate
    APN
    07-36-301-002
    APU
    736301002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Rock Island
    County
    Rock Island
    State
    Illinois
    Longitude
    -90.5661
    Latitude
    41.5073
    CBSA code
    19340
    CBSA name
    DAVENPORT-MOLINE-ROCK ISLAND, IA-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
    2022
    $10,571
    $16,528
    $75,310
    $91,838
    -
    $49,584
    $225,930
    $275,514

    Comparable in this City

    • Value Estimation by Request
      5.65 Acres

      950 31St Ave

      Land • 5.65 Acres
      950 31St Ave, Rock Island, IL 61201
      View Details
    • Value Estimation by Request
      65,330 SF

      4012 Blackhawk Rd

      Office Properties & Spaces • 65,330 SF
      4012 Blackhawk Rd, Rock Island, IL 61201
      View Details
    • Value Estimation by Request
      0.08 Acres

      Rock Island, IL 61201

      COMMERCIAL (GENERAL) • 0.08 Acres
      Rock Island, IL 61201
      View Details
    • Value Estimation by Request

      Water Tower

      COMMERCIAL (GENERAL)
      Water Tower, Rock Island, IL 61201
      View Details
    • Value Estimation by Request

      3901 14th Ave

      COMMERCIAL (GENERAL)
      3901 14th Ave, Rock Island, IL 61201
      View Details
    • Value Estimation by Request

      1010 16th St

      COMMERCIAL (GENERAL)
      1010 16th St, Rock Island, IL 61201-2555
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5.65 Acres

      Rock Island Commercial Land Opportunity

      5.65 Acres, B3 Zoning, Negotiable Price
      950 31St Ave, Rock Island, IL 61201
      View Details
    • $340,000

      Prime Rock Island Commercial Land

      Iconic Location, High Potential, $340,000
      2827 18Th Ave, Rock Island, IL 61201
      View Details
    • $400,000

      Prime Rock Island Office Building

      $400,000 - Excellent Investment Opportunity
      1728 4Th Ave, Rock Island, IL 61201
      View Details
    • Contact for pricing
      0.23 Acres

      Rock Island Commercial Land Parcel

      Prime 0.23-acre commercial lot.
      0 6Th Ave, Rock Island, IL 61201
      View Details
    • $550,000

      Historic Victorian Inn - Rock Island

      Charming Inn, 9BR/9BA, National Registry
      702 20Th Street Ct, Rock Island, IL 61201
      View Details
    • $400,000
      0.19 Acres

      Rock Island Commercial Land Opportunity

      Prime Retail Land, 22,500 SF Building
      1710 2Nd Ave, Rock Island, IL 61201
      View Details

    Similar Nearby for Lease

    • $6 SF/Yr
      3,650 SF

      Downtown Rock Island Retail Space

      Prime Retail Location, 3650 sq ft
      1704 2Nd Ave, Rock Island, IL 61201
      View Details
    • $5 SF/Yr
      2,200 SF

      Downtown Rock Island Commercial Land

      Prime Commercial Space - 2,200 sq ft
      1608 2Nd Ave, Rock Island, IL 61201
      View Details
    • $12 SF/Yr
      1,250 SF

      Rock Island Commercial Space For Lease

      High-visibility retail/office space in prime location.
      3727 Blackhawk Rd, Rock Island, IL 61201
      View Details
    • $7 SF/Yr
      65,330 SF

      Rock Island Commercial Property

      Prime Retail/Office Space Available
      4024 Blackhawk Rd, Rock Island, IL 61201
      View Details
    • $9 SF/Yr
      2,000 SF

      Regency Plaza: Rock Island Office Space

      Prime Rock Island Office Building, Ample Parking
      2525 24Th St, Rock Island, IL 61201
      View Details
    • $5 SF/Yr
      65,330 SF

      Blackhawk Road Commercial Property

      Prime Retail/Office Space Available
      4012 Blackhawk Rd, Rock Island, IL 61201
      View Details

    Property Visit Statistics

    • Visits by month
      0
    • Visitors by month
      3.8k
    • Avg Time on site
      5 min
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    531 24th St
    Rock Island, IL 61201-8960
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.