Skip to main content

Office Medical

Midwest Dental

115 7th St, Rockford, IL 61104

Listing Price: $550,000

Cap Rate
9.44%
Gross SF
17,772
Rentable SF
15,841
Price/Gross SF
$30.95
Occupancy
77.2%
Year Built
1927
Lot Size
0.26 acres

Investment Overview

Market Overview Rockford, Illinois is located in the burgeoning I-90 growth corridor and is part of the 3rd largest economic corridor in the U.S. /Close enough to Chicago to feel the breeze off lake Michigan, the Rockford region offers distinct business advantages that simply cannot be had in the “big” city. Rockford is recognized as a world leader in the production of machine tools and auto parts, and increasingly becoming recognized as an important center for aerospace components. Over the years, Rockford business has become diversified and it is now home to a broader set of enterprises, including distribution centers, driven by the Rockford International Airport ease of access to I-90 traversing 3,020 miles from Boston to Seattle. Investment Overview The subject property is an 17,772 square foot, two story, masonry, multi-tenant office building located in Rockford’s Midtown District and anchored by Midwest Dental (56% GLA). The building offers potential for rent growth and lease up at 77.24% occupancy with below market rent. The property, which was built in 1927, and renovated in 2014, is situated between two corners on Charles and 7th Streets with frontage to both streets and rare off street parking. The Owner installed a new roof and boiler in 2014. The parking lot (11 Spaces) is scheduled to be seal coated and striped this year. Zoning for the property is C 4, “Pedestrian Street” Urban Mixed Use. 115 7th Street is also located within a TIF District. The Midtown District extends just north of East State Street to 9th Avenue on the south, and from Kishwaukee Street on the west to 11th Street on the east. It has many historical buildings including the old train depot and The Lantow Building which now houses the “Lantow Lofts” upscale condos. Midtown also includes larger community stakeholders: Swedish American Hospital, U.S. Bank, BMO/Harris Bank, and the headquarters for Rockford Public Schools District 205.

Investment Highlights

  • Located at the corners of Charles and 7th Street in the Mid-Town District by way of E State Street (US Business 20); Rare Off Street Parking. Zoned: C-4 Pedestrian Street Urban Mixed Use
  • Within a Few Minute Walk from the Area's Largest Employers: Swedish American Hospital, Rockford Public Schools and Rockford Municipal Offices (Dental Clientele)
  • Average Household Income within 5 Miles of Subject: $62,438 | Rockford is the 3rd Largest City in Illinois | Population 167,592 (5 Mile Radius) | Located Within I-90 Growth Corridor
  • New Membrane Roof and Boiler 2014 | Parking Lot Scheduled to be Sealed and Striped 2021 | Midwest Dental Used its Own TI Money to Buildout 8 Operatory's and Facilities on Main and Lower Level
  • MIDWEST DENTAL, was acquired by Smile Brands, Inc. in December 2020 | The Company is one of the largest Dental Service Organizations (DSO) in the country with 650 offices and 2200 Dentists/Hygienists
  • Multi Tenant Masonry Office Building (Former Bank); anchored by Midwest Dental (56% of GLA); Upside Potential for Lease Up and Rental Rate Growth; Current Occupancy 77.24% with Average Rent: $6.30 SF

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2250

    License(s) IL: 471.011175

    Illinois

Listing Price: $550,000

Cap Rate
9.44%
Gross SF
17,772
Rentable SF
15,841
Price/Gross SF
$30.95
Occupancy
77.2%
Year Built
1927
Lot Size
0.26 acres

Investment Highlights

  • Located at the corners of Charles and 7th Street in the Mid-Town District by way of E State Street (US Business 20); Rare Off Street Parking. Zoned: C-4 Pedestrian Street Urban Mixed Use
  • Within a Few Minute Walk from the Area's Largest Employers: Swedish American Hospital, Rockford Public Schools and Rockford Municipal Offices (Dental Clientele)
  • Average Household Income within 5 Miles of Subject: $62,438 | Rockford is the 3rd Largest City in Illinois | Population 167,592 (5 Mile Radius) | Located Within I-90 Growth Corridor
  • New Membrane Roof and Boiler 2014 | Parking Lot Scheduled to be Sealed and Striped 2021 | Midwest Dental Used its Own TI Money to Buildout 8 Operatory's and Facilities on Main and Lower Level
  • MIDWEST DENTAL, was acquired by Smile Brands, Inc. in December 2020 | The Company is one of the largest Dental Service Organizations (DSO) in the country with 650 offices and 2200 Dentists/Hygienists
  • Multi Tenant Masonry Office Building (Former Bank); anchored by Midwest Dental (56% of GLA); Upside Potential for Lease Up and Rental Rate Growth; Current Occupancy 77.24% with Average Rent: $6.30 SF

Investment Overview

Market Overview Rockford, Illinois is located in the burgeoning I-90 growth corridor and is part of the 3rd largest economic corridor in the U.S. /Close enough to Chicago to feel the breeze off lake Michigan, the Rockford region offers distinct business advantages that simply cannot be had in the “big” city. Rockford is recognized as a world leader in the production of machine tools and auto parts, and increasingly becoming recognized as an important center for aerospace components. Over the years, Rockford business has become diversified and it is now home to a broader set of enterprises, including distribution centers, driven by the Rockford International Airport ease of access to I-90 traversing 3,020 miles from Boston to Seattle. Investment Overview The subject property is an 17,772 square foot, two story, masonry, multi-tenant office building located in Rockford’s Midtown District and anchored by Midwest Dental (56% GLA). The building offers potential for rent growth and lease up at 77.24% occupancy with below market rent. The property, which was built in 1927, and renovated in 2014, is situated between two corners on Charles and 7th Streets with frontage to both streets and rare off street parking. The Owner installed a new roof and boiler in 2014. The parking lot (11 Spaces) is scheduled to be seal coated and striped this year. Zoning for the property is C 4, “Pedestrian Street” Urban Mixed Use. 115 7th Street is also located within a TIF District. The Midtown District extends just north of East State Street to 9th Avenue on the south, and from Kishwaukee Street on the west to 11th Street on the east. It has many historical buildings including the old train depot and The Lantow Building which now houses the “Lantow Lofts” upscale condos. Midtown also includes larger community stakeholders: Swedish American Hospital, U.S. Bank, BMO/Harris Bank, and the headquarters for Rockford Public Schools District 205.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2250

    License(s): IL: 471.011175

    Illinois

MM Texture Background
MM Textured Background Lower