2202 Harlem RdLoves Park, IL 61111

Property Details for 2202 Harlem Rd

Year built

1981

Property size (Sq ft)

7,576 SF

Property type

Office properties

APN

08-29-479-010

APU

829479010

Description

This exceptional two-building medical office complex in Loves Park, IL, presents a unique investment opportunity. Boasting 12,616 square feet across two stories, the property features multiple offices, conference rooms, a large cubicle area, and break rooms. Built in 1981 and renovated in 2006, the Class B building is situated on a 1.62-acre lot with ample parking (including a lot across the street) and benefits from high electrical power and an overhead door for convenient deliveries. The property includes a natural gas generator capable of powering the entire complex. Located on Harlem Road, it enjoys high visibility with over 16,000 vehicles passing daily. The permitted zoning is CR. The property's APN is 08-29-479-010, 08-29-479-008, and partial additional numbers. 2023 real estate taxes totaled $15,077. The seller will consider a sale-leaseback option for a portion of the building. This versatile property is priced at $924,000, or $94.32 per square foot, making it an attractive investment for healthcare providers or investors seeking a strong return.

• CAP approach

  CAP return

  Valuation

  6%

  $1,367,937

  6.5%

  $1,262,711

  7%

  $1,172,517

• Comparable approach

  Method

  Valuation

  Relative Method

  $769,140

  Geo Method

  $986,774

• Alternative Use

  Use

  Valuation

  Residential

  $1,565,761

  Hospitality

  $1,434,229

  Educational

  $1,193,262

  Medical

  $1,234,300

  Retail

  $1,856,185

Location Insight

City

Loves Park

County

Winnebago

State

Illinois

Latitude

42.3406

Longitude

-89.0192

CBSA code

40420

CBSA name

ROCKFORD, IL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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