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    Property profile & analytics

    6838 State St Rockford, IL 61108

    • Office Properties & Spaces
    • 50,099 SF
    • 2.35 lot acres
    For Lease
    View listing
    Value Estimations
    $855,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2042045
    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

    • Gallagher Insurance, Risk Management & Consulting / Insurance Agency / Business Management Consultant
    • Midland Wealth Management: Michelle Boisvert / Investment Service / Business To Business Service
    • Midland States Bank ATM / Atm
    • Midland Trust Company / Financial Consultant / Trust Bank
    • Midland Wealth Management / Investment Service / Financial Consultant

    Property Details for 6838 State St

    Year built
    1996
    Construction
    WOOD
    Lot size
    2.35 lot acres
    Property size
    50,099 SF
    Zone code
    C2
    Property type
    Office Properties & Spaces
    APN
    12-22-476-004
    APU
    1222476004

    Description

    This exceptional three-story Class A office building, totaling 44,000 square feet, offers flexible executive office space for lease in Rockford, Illinois. Located on East State Street, just west of the main intersection of Perryville Road and East State Street, this prime location benefits from high visibility and strong daytime population. The building features an attractive open atrium lobby entrance and prominent East State Street monument signage opportunities. Suites range from a minimum of 855 square feet to a maximum contiguous space of 16,047 square feet, with 38,099 square feet currently available. The building is situated within Rockford's main retail corridor, providing excellent access to amenities and services. Its proximity to the I-90/I-39 interchange ensures convenient commuting for employees and clients. This well-constructed building is anchored by Midland States Bank, further enhancing its desirability and prestige. The property is located in Winnebago County, Illinois, with a zip code of 61108. Multiple tenancy options are available to accommodate various business needs.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $855,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Rockford
    County
    Winnebago
    State
    Illinois
    Longitude
    -88.9832
    Latitude
    42.2694
    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
    $149,972
    $297,999
    $1,146,349
    $1,444,348
    -
    $893,997
    $3,439,047
    $4,333,044

    Comparable in this City

    • Value Estimation
      $955,000
      84,569 SF

      6000 State St

      OFFICE (GENERAL) • 84,569 SF
      6000 State St, Rockford, IL 61108-2521
      View Details
    • Value Estimation
      $270,000
      6,545 SF

      2415 Broadway

      OFFICE (GENERAL) • 6,545 SF
      2415 Broadway, Rockford, IL 61108-5714
      View Details
    • Value Estimation
      $70,000
      2,994 SF

      1411 21st St

      OFFICE (GENERAL) • 2,994 SF
      1411 21st St, Rockford, IL 61108-3534
      View Details
    • Value Estimation
      $330,000
      15,479 SF

      1480 Alpine Rd

      OFFICE (GENERAL) • 15,479 SF
      1480 Alpine Rd, Rockford, IL 61108-4022
      View Details
    • Value Estimation
      $1,015,000
      10,234 SF

      1463 Bell School Rd

      OFFICE (GENERAL) • 10,234 SF
      1463 Bell School Rd, Rockford, IL 61108-1406
      View Details
    • Value Estimation
      $245,000
      5,992 SF

      5758 Elaine Dr

      OFFICE (GENERAL) • 5,992 SF
      5758 Elaine Dr, Rockford, IL 61108-3102
      View Details

    Similar Nearby for Sale

    • $449,900
      10,637 SF

      Rockford Office Building - Prime Location

      Spacious Office, High Visibility, I-90 Access
      4215 Newburg Rd, Rockford, IL 61108
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    • $169,900
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      Two-Unit Brick Office Building

      3,050 SF brick office building with two units.
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    • $553,230
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      Rockford Land for Commercial Development

      4.23-acre lot ideal for commercial, office, or multi-family development.
      4 Acres Perryville & Fincham Rd, Rockford, IL 61108
      View Details
    • $1,295,000

      Rockford Office Investment Opportunity

      Well-leased office property in East Rockford with diversified tenants.
      415 S Mulford Rd, Rockford, IL 61108
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    • $1,956,280
      14.97 Acres

      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
    • $691,000
      6.91 Acres

      Rockford Land Near Interstate

      Buildable lot with frontage along the Interstate near HardRock Casino.
      10xx Tebala Blvd, Rockford, IL 61108
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    Similar Nearby for Lease

    • Contact for pricing
      95,751 SF

      Rockford Plaza Executive Office Suite

      Prime Office Space, 1000 sq ft.
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    • Contact for pricing
      44,000 SF

      Rockford Executive Office Space

      Class A Office Suites, Rockford, IL
      6838 State St, Rockford, IL 61108
      View Details
    • $12 SF/Yr
      13,553 SF

      Prime Rockford Office Space

      13,553 SF Office Building, For Sale or Lease
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      View Details
    • Contact for pricing
      95,751 SF

      Rockford Retail Space: Charles Street

      Prime Rockford retail/office space available.
      2516 Charles St, Rockford, IL 61108
      View Details
    • $10 SF/Yr
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      Broadway Retail/Office Space Available

      9,200 SF retail/office space with high visibility and parking.
      3929 Broadway, Rockford, IL 61108
      View Details
    • $11 SF/Yr
      3,600 SF

      Remodeled Open Space for Lease

      Newly remodeled 3,600 SF space suitable for retail or office.
      4312 East State St, Rockford, IL 61108
      View Details
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    6838 State St
    Rockford, IL 61108
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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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