524 Stephenson StFreeport, IL 61032

Property Details for 524 Stephenson St

Year built

1928

Lot size

3.52 AC

Property type

Office properties

APN

18-14-31-154-027

APU

181431154027

Description

This Freeport, IL office space offers 8,100 contiguous square feet on the first floor of a two-building complex, situated on 3.8 acres of land. The property, a Class B building renovated in 2015, features a total of 78,000 square feet across four stories. Currently, 9,000 square feet is available, divisible into spaces as small as 2,000 square feet. The space boasts 52 nearly new cubicles, each equipped with a desk, file cabinets, and shelving, pre-wired for electricity and data. Additional amenities include multiple conference/training rooms, private offices, a kitchen/break room, an equipment room, a storage area, key card access, and dedicated women's restroom facilities. The space is well-lit with high-quality LED lighting, high ceilings, and ample window areas. The building offers 200 parking spaces and two elevators. Located at 524 W Stephenson St, Freeport, IL 61032 (cross street: Green St), the property is zoned for business use. This versatile space is suitable for various office configurations, including traditional, coworking, creative, or medical uses. The building's multiple tenancy structure allows for flexibility in lease terms.

• CAP approach

  CAP return

  Valuation

  6%

  $27,685,732

  6.5%

  $25,556,060

  7%

  $23,730,628

• Comparable approach

  Method

  Valuation

  Relative Method

  $15,566,651

  Geo Method

  $19,971,362

• Alternative Use

  Use

  Valuation

  Residential

  $31,689,514

  Hospitality

  $29,027,426

  Educational

  $24,150,478

  Medical

  $24,981,050

  Retail

  $37,567,408

Location Insight

City

Freeport

County

Stephenson

State

Illinois

Latitude

42.297

Longitude

-89.6269

CBSA code

23300

CBSA name

FREEPORT, IL MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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