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    615 Harrison Ave Rockford, IL 61104
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    Property profile & analytics

    615 Harrison Ave Rockford, IL 61104

    View on Map
    • Office Spaces
    • 5,437 SF
    • 1.52 lot acres
    For Sale
    $2,115,328
    View Listing →
    Retail and Office Investment Opportunity For Sale
    $2,115,328
    5,460 SF

    Retail and Office Investment Opportunity

    Newer construction retail and office property with limited competition.

    615 Harrison Ave, Rockford, IL 61104
    View Listing
    Property ID
    US28-3387492
    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

    • Davita Kidney Care / Medical Clinic
    • Davita Edgewater / Medical Clinic

    Property Details for 615 Harrison Ave

    Construction
    STEEL FRAME
    Lot size
    1.52 lot acres
    Property size
    5,437 SF
    Zone code
    C1
    Property type
    Office Spaces
    APN
    15-02-129-001
    APU
    1502129001

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $354,000
      Market price range: $104k - $354k
      AI Estimate
      $588,000
      Market price range: $151k - $588k

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

    Location Insight

    • Map
    • Local Demand
    City
    Rockford
    County
    Winnebago
    State
    Illinois
    Longitude
    -89.0879
    Latitude
    42.2375
    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
    $31,108
    $29,838
    $269,757
    $299,595
    -
    $89,514
    $809,271
    $898,785

    Comparable in this City

    • Value Estimation by Request
      2,838 SF

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      OFFICE (GENERAL) • 2,838 SF
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    • Value Estimation
      $665,000
      32,362 SF

      910 2nd Ave

      OFFICE (GENERAL) • 32,362 SF
      910 2nd Ave, Rockford, IL 61104-2162
      View Details
    • Value Estimation by Request
      1,474 SF

      205 7th St

      OFFICE (GENERAL) • 1,474 SF
      205 7th St, Rockford, IL 61104-1208
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    • Value Estimation by Request
      1,391 SF

      714 7th St

      OFFICE (GENERAL) • 1,391 SF
      714 7th St, Rockford, IL 61104-1306
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    • Value Estimation by Request
      5,190 SF

      2235 12th St

      OFFICE (GENERAL) • 5,190 SF
      2235 12th St, Rockford, IL 61104-7363
      View Details
    • Value Estimation by Request
      2,229 SF

      920 4th Ave

      OFFICE (GENERAL) • 2,229 SF
      920 4th Ave, Rockford, IL 61104
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,460 SF

      Retail and Office Investment Opportunity

      Newer construction retail and office property with limited competition.
      615 Harrison Ave, Rockford, IL 61104
      View Details
    • $395,000

      Mixed-Use Building with Covered Parking

      9,000+ sq ft Rockford building with office and retail potential.
      930 E State St, Rockford, IL 61104
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    • $395,000

      Versatile Building with Covered Parking

      9,000+ sq ft building with covered parking garage.
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      Office Building with Garage

      Office building with a bonus garage available for lease.
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      42,916 SF

      Commercial Property Near Medical Facility

      Commercial property suitable for various income streams near medical facility.
      1358 4Th Ave, Rockford, IL 61104
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    • $395,000

      Mixed-Use Building with Covered Parking

      9,000+ sq ft building with covered parking garage.
      930 E State St, Rockford, IL 61104
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      6,330 SF

      Downtown Rockford Office Space Available

      Second-story office suite in Rockford's historic State Street Corridor.
      1 Madison St, Rockford, IL 61104
      View Details
    • Contact for pricing

      Downtown Office Space For Rent

      Office space with access to shopping, dining, and entertainment.
      S Madison St, Rockford, IL 61104
      View Details
    • Contact for pricing

      Flexible Workspace Solutions Available

      Global network of workspaces with flexible options for various needs.
      220 E State St, Rockford, IL 61104
      View Details
    • Contact for pricing
      65,000 SF

      Industrial Space with Utilities Included

      Affordable industrial and office space for lease, utilities included.
      340 Blackhawk Park Ave, Rockford, IL 61104
      View Details
    • Contact for pricing
      8,857 SF

      Warehouse Space with Dock Door

      8,857 sqft warehouse featuring dock and drive-in doors.
      1817 18Th Ave, Rockford, IL 61104
      View Details
    • Contact for pricing

      Rockford Industrial Corridor Location

      Located in the heart of Rockford's Industrial and Manufacturing Corridor.
      711 Harrison Ave, Rockford, IL 61104
      View Details
    View Listing
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    615 Harrison Ave
    Rockford, IL 61104
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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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    615 Harrison Ave, Rockford, IL, 61104
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