Fully Leased Rock Point Mall in Rockford, IL
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Minimum Bid/Published Reserve Price: $549,000
Buyer’s Premium: 6% ($40,000 minimum applies)
Cooperating Broker Commission: 2% of Bid Price/Offer Price (before Buyer’s Premium is added)
Lot Size: Approx. 1.02 Acres
Building Size: Approx. 6,174 SF; 6 Units (North Building)
Approx. 5,166 SF; 5 Units (South Building)
Year Built: 2001
Ceiling Height: 12′
Electrical: 200 AMPS
Parking Spaces: Approx. 91
2018 Taxes: $20,976.20
PIN #: 15-01-228-029
Zoning: C-2; Limited Commercial District
NOI: $57,688.17 (2019)
This fully leased and stabilized strip mall is being offered at an approximate 9.6% cap rate. All tenants are current and leases are in place. This property consist of two buildings with a total of 11 units. It has had annual roof and mechanical maintenance. A recent roof inspection was performed in 2019 and found to have no structural issues were found at that time. The parking lot was also sealed and re-striped this past year. The property was also surveyed within the last 8 years and passed a Phase I survey for the lender. The seller is retiring and seeking to liquidate assets. This property is a turn key investment opportunity for an investor with an attractive 9.6% cap rate.
This is a unique great opportunity for an investor looking for a safe and stable investment property. Pre-auction offers are highly encouraged!
***DO NOT DISTURB THE TENANTS***
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Total Bids Placed:
Location: 2607-2693 20th Street, Rockford, IL, 61109
How to Submit Pre-Auction Bid
Click on the Pre-Auction Offer Form button on the property page and submit your bid with proof of funds.
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BID APPROVAL PROCESS:
Review all information and due dilligence documents posted on the property listing on our website.
Read the Terms and Conditions and Purchase and Sale Agreement posted on the property listing on our website.
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There is a 6% Buyer's Premium ($40,000.00 minimum applies) in effect for this auction.
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