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402 E State St
Rockford, IL 61104
Retail Property For Sale
Investment Highlights
- 12,000 SF Mixed-Use Investment Property + 4,000 SF Basement
- Downtown Rockford Mixed-Use Investment Opportunity
- Below-Market Rents Create Future Income Growth Potential
- Long-Term Occupancy History with Established Local Tenants
- Elevator-Served Building with 3-Phase Electrical Service
Executive Summary
12,000 SF mixed-use investment property plus 4,000 SF basement
Three-story elevator-served building in Downtown Rockford
Long-term occupancy history with stable in-place tenancy
Rockford Art Deli occupies first and second floors (approximately 8,000 SF)
Kariss Photo Studio occupies third floor (approximately 4,000 SF)
Tenants currently operating on month-to-month agreements, providing future leasing flexibility
Newly resealed roof as of May 2026
Updated gas and electrical infrastructure completed approximately 12 years ago
3-phase electrical service
Separate gas meters for each floor
Opportunity to increase income through future rent adjustments as current rents are below market
Located along East State Street in Downtown Rockford near restaurants, retail, entertainment, and redevelopment projects
Ideal for investors seeking stable cash flow with value-add potential
Three-story elevator-served building in Downtown Rockford
Long-term occupancy history with stable in-place tenancy
Rockford Art Deli occupies first and second floors (approximately 8,000 SF)
Kariss Photo Studio occupies third floor (approximately 4,000 SF)
Tenants currently operating on month-to-month agreements, providing future leasing flexibility
Newly resealed roof as of May 2026
Updated gas and electrical infrastructure completed approximately 12 years ago
3-phase electrical service
Separate gas meters for each floor
Opportunity to increase income through future rent adjustments as current rents are below market
Located along East State Street in Downtown Rockford near restaurants, retail, entertainment, and redevelopment projects
Ideal for investors seeking stable cash flow with value-add potential
Property Facts
Sale Type
Investment or Owner User
Property Type
Building Size
12,786 SF
Building Class
C
Year Built
1901
Price
$720,000
Price Per SF
$56.31
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
2.94
Lot Size
0.10 AC
Zoning
C-4 - Zoning: C-4 (Central Business District / Downtown Commercial)
Frontage
Amenities
- Skylights
Property Taxes
| Parcel Number | 11-23-386-010 | Improvements Assessment | $72,021 |
| Land Assessment | $7,501 | Total Assessment | $79,522 |
Property Taxes
Parcel Number
11-23-386-010
Land Assessment
$7,501
Improvements Assessment
$72,021
Total Assessment
$79,522
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