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Property profile & analytics
OFF-MARKET
Estimated value
$1,220,000
Office Spaces
600 State St Belvidere, IL 61008-4331
Individually Owned
5-yr Hold
Free & Clear
Property ID
US28-2922514
Property summary
AI-generated overview
This exceptional three-story Class B office building, located at 600 S. State St., Belvidere, IL 61008, offers 29,120 square feet of professional office space. The building features a striking three-story atrium elevator lobby and continuous windows, creating a bright and modern atmosphere. Multiple tenancy options are available, with spaces ranging from a minimum of 739 square feet to a maximum contiguous space of 3,302 square feet. Currently, 12,643 square feet of space is vacant and ready for immediate occupancy. Amenities include a shared conference room and a break room/dining area, both offered at no additional cost to tenants. Ample parking is provided, with 115 spaces (a 4.0/1,000 SF ratio). The building's convenient location at the intersection of S. State St. and Logan Ave. offers easy access to I-90/Business 20 (Genoa Rd.) interchange, less than five minutes away. This well-constructed building presents a fantastic opportunity for businesses seeking high-quality, flexible office space in a desirable Belvidere location. Contact us today to learn more about leasing options and to schedule a viewing.
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1991
Total area
25,461 SF
Lot
1.84 ac (80,150 SF)
APN
05-36-104-023
UPID
US28-2922514
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
-
Maville Karla M Law Firm
-
John H. Maville Law Offices Law Firm
-
Smith Tricia L Law Firm
-
Hursh James P Law Firm
-
Boone County Community Foundation Charitable Organization Social Service Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.52M
Blend (final)
Blend
$1.22M
Owner & transaction history
Robert M Petersen · 5 yrs held
Robert M Petersen
since 2021
3 recorded transactions
Zoning & alternative use
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 Belvidere submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Belvidere 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$1.22M
Range $1.10M – $1.34M · ±10%
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
$48 / 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
$34,609
Tax year 2023
Assessed value
$370,218
Assessed 2023
Previous assessed
$422,147
-12.3% YoY
Effective rate
9.35%
On assessed value
Assessed land
$104,503
Assessed improvement
$265,715
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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
Off-Market
Year built
1991
Stories
3
Total area
25,461 SF
Lot
1.84 ac (80,150 SF)
APN
05-36-104-023
UPID
US28-2922514
Jurisdiction
BOONE
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Year built
1991
Stories
3
Lot
1.84 ac
Current owner
From public records · entity-resolved
Robert M Petersen
Individual
Free & Clear · 5 yrs held
Mailing address
1021 NETWORK CTR DR, EFFINGHAM, IL 62401
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 10, 2021
—
Robert M Petersen
M John Petersen
Intrafamily Transfer
related
—
Jan 5, 2011
$120,000
Billy D Toft
Associated Bank NA
Quit Claim Deed
related
—
Oct 18, 2010
—
Associated Bank NA
Boone County Sheriff
Sheriffs Deed
related
—
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.
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