$ 510,000
519 E State Street Rockford, IL 61104
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In-PersonVirtual Tour
$ 510,000
Est. payment /mo
Active
519 E State Street Rockford, IL 61104
UPDATED:
10/22/2024 05:07 AM
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12190231
Year Built 1900
Annual Tax Amount $6,160
Tax Year 2022
Lot Dimensions 3485
Property Description
Prime Downtown Rockford Gem: Iconic Irish Rose Building with C4 Zoning, Ample Parking, and Unbeatable Walkability The 4100 SF structure includes two apartments above the restaurant and a basement. One apartment was previously used as an Airbnb, providing a stream of short-term rental income. The second apartment, directly above the restaurant, can easily be converted into a spacious two-bedroom unit. Both units have outdoor, separate entrances, offering privacy and flexibility. The two-bedroom unit features a large living room, kitchen, bathroom, and an additional room that can be used as a bedroom or office. Restaurant and Bar The ground-floor space is fully equipped with a kitchen line, a walk-in cooler, and a full-service bar-perfect for a new concept or revival of the restaurant. Ownership successfully operated a thriving bar and restaurant in this location for many years, a testament to the building's ability to draw crowds. It's primed for someone to capitalize on the existing infrastructure in a vibrant downtown environment. C4 Zoning The C4 zoning designation offers flexibility for various commercial uses, including restaurants, bars, retail, and mixed-use developments. This zoning makes it attractive to investors looking for opportunities in hospitality, dining, entertainment, or mixed-use commercial spaces. Prime Location on State St Positioned on a highly visible corner in downtown Rockford, this property benefits from excellent foot traffic and accessibility. The area is known for its walkability, with a mix of retail, restaurants, and businesses creating a vibrant urban atmosphere. City parking lots are conveniently located directly outside the building, with ample street and lot parking available nearby. Vibrant Downtown Area Downtown Rockford has seen significant revitalization over the past decade, making it a hub of activity for locals and visitors. The property is situated near local landmarks, thriving businesses, and cultural venues, contributing to a strong community vibe and drawing consistent traffic. The area's walkability adds to its charm, with coffee shops, restaurants, and entertainment options just steps away. Development Potential With its large square footage, excellent location, and flexible zoning, this property offers tremendous potential for a savvy investor. Whether you're interested in reopening the restaurant or exploring a new mixed-use venture, this is a unique opportunity in an up-and-coming downtown district. Why Invest in Downtown Rockford? Rockford's downtown area has undergone a renaissance in recent years, with a renewed focus on business development, arts, and entertainment. State Street serves as a key artery of the downtown district, connecting various commercial and cultural hotspots. With initiatives to further enhance the area, properties like 519 E. State St. offer investors a chance to be part of this growth. As more businesses and residents flock to the area, the demand for dining, retail, and entertainment options continues to rise. The city has prioritized pedestrian-friendly infrastructure, making it easier for foot traffic to support local businesses. Parking is plentiful with nearby city lots, further enhancing accessibility for patrons. For potential buyers looking to tap into a dynamic urban environment with historical charm, this corner building offers both an exceptional location and built-in amenities to facilitate a smooth transition to operations or redevelopment.
Location
State IL
County Winnebago
Interior
Cooling Central Air, Window Unit(s)
Fireplace N
Exterior
View Y/N true
© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Theodore Aretos • EatZ Real Estate Group LLC