502 Franklin StOregon, IL 61061

Property Details for 502 Franklin St

Lot size

0.07 AC

Property type

Office properties

APN

16-03-153-014

APU

1603153014

Description

This exceptional 1,800 square foot mixed-use building presents a remarkable opportunity in the heart of Oregon, IL. Situated on a coveted downtown lot, this single-story property boasts a flexible layout ideal for a variety of uses. The interior features three separate entrances, allowing for distinct spaces. Two stunning rooms showcase original hardwood floors (measuring 24.1' x 21.2' and 16.6' x 12.6'), while two additional spacious rooms (21.2' x 13.3' and 17.1' x 13.3') and two smaller rooms (each 12' x 8.3') offer versatility. A partially finished attic provides significant expansion potential. The property includes two bathrooms, one of which is ADA-compliant. Architectural details include custom-built ceiling beams and barn doors on storage closets, complemented by a handcrafted front door. Recent upgrades enhance its appeal: a new roof (2023), updated electrical (2021), five mini-split electric heat and air units, and three newer windows. Its location within the TIF District offers additional advantages. The property's zoning allows for potential re-zoning to residential, opening up possibilities for a unique live/work space or a charming downtown home. This is a rare chance to acquire a property with immense potential, blending historic charm with modern conveniences.

• CAP approach

  CAP return

  Valuation

  6%

  $548,186

  6.5%

  $506,018

  7%

  $469,874

• Comparable approach

  Method

  Valuation

  Relative Method

  $308,224

  Geo Method

  $395,439

• Alternative Use

  Use

  Valuation

  Residential

  $627,462

  Hospitality

  $574,752

  Educational

  $478,187

  Medical

  $494,632

  Retail

  $743,846

Location Insight

City

Oregon

County

Ogle

State

Illinois

Latitude

42.0161

Longitude

-89.3343

CBSA code

40300

CBSA name

ROCHELLE, IL MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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