926 22nd StRockford, IL 61108
Single-tenant brick showroom and warehouse building at the corner of 22nd St and 9th Ave in Rockford, fully leased to Reliable Parts on a triple-net lease through May 31, 2027. $249,000 asking price, a 10.9% cap rate on the lease's net rent. Zoned I-1 Light Industrial.
A 10.9% cap on a corner building on Rockford's 22nd St industrial strip, leased triple net to Reliable Parts
926 22nd St is a one-story brick showroom and warehouse building of about 7,400 SF on the northeast corner of 22nd St and 9th Ave in Rockford, offered at $249,000. The whole building is leased to Reliable Parts, Inc. on a triple-net lease at $2,266 a month ($27,192 a year) through May 31, 2027, with two one-year options at 3% increases. At the asking price, that is a 10.9% cap rate on the lease's net rent and $33.65 per square foot.
The front building is about 4,000 SF, with a storefront entrance on 22nd St leading into a retail and office area with one restroom. The warehouse behind it has 13'3" clear height and a raised box-truck door on 9th Ave. The 3,400 SF unfinished building at the rear provides storage space with an 8' x 8' drive-in door. There is room for about 12 cars to park head-in along the 9th Ave side.
The property is zoned I-1 Light Industrial by the City of Rockford, which permits by right warehousing and wholesale distribution, light manufacturing, motor vehicle repair, offices, and general retail sales up to 5,000 SF. Two tax parcels convey: the building parcel and the strip of land behind it.
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See it in motion
Property highlights
Two connected one-story buildings on one corner lot. The front building has a storefront facing 22nd St, a retail and office area and a warehouse behind it. The rear building is open, unfinished storage space. Room sizes are inside dimensions measured on site; overall building sizes are measured from aerial imagery. Buyer to verify.
Retail and office
Storefront entry on 22nd St with display windows, an open retail and office area, and one restroom.
Warehouse
Open warehouse with steel shelving in place for the tenant's inventory and a raised box-truck door on 9th Ave, about 3 feet off the ground.
Rear building
Unfinished storage building with an 8' x 8' drive-in door and a man door on 9th Ave. A rear door opens to the strip of land behind it.
Systems
Electrical service appears to be about 100 amps (buyer to verify). Unit heater in the warehouse; window air conditioning in the office. Flat roof on the front building (roof permit on file from 2013) and a pitched shingle roof on the rear building.
Site
Building parcel 12-30-307-013 (about 145 x 52 feet) plus parcel 12-30-307-015, a strip about 16 x 50 feet behind the building (Winnebago County GIS). Room for about 12 cars to park head-in along 9th Ave. FEMA flood Zone X.
Layout at a glance
Schematic; dimensions approximate; buyer to verify.
Documented income, defined upside
Pricing, lease figures and public records. Lease figures are from the executed lease and its First Amendment provided by the seller; taxes and assessment are from the Winnebago County Treasurer and Supervisor of Assessments. Buyer to verify in due diligence.
| Line Item | Annual | Under the lease |
|---|---|---|
| Base rent | $27,192 | $2,266 a month, May 9, 2026 to May 31, 2027 |
| Real estate tax reimbursement | $3,426 | 2025 bill; tenant pays monthly estimates with a yearly true-up (section 8) |
| Insurance reimbursement | Premium | Tenant reimburses the landlord's property and liability premiums (section 12) |
| Maintenance reimbursement | As billed | Routine maintenance and snow removal billed to the tenant (section 9) |
| Less real estate taxes | ($3,426) | Paid by the landlord, reimbursed above |
| Less insurance | (Premium) | Paid by the landlord, reimbursed above |
| Less routine maintenance | (As billed) | Reimbursed above |
| Utilities, including water | $0 | Paid directly by the tenant (section 11) |
| Net operating income | $27,192 | Base rent after the reimbursements and expenses shown above |
| Lease Year | Monthly | Annual | Cap at $249,000 |
|---|---|---|---|
| May 9, 2026 to May 31, 2027 | $2,266.00 | $27,192 | 10.9% |
| Option year 1 (if exercised) | $2,333.98 | $28,008 | 11.2% |
| Option year 2 (if exercised) | $2,404.00 | $28,848 | 11.6% |
| Line Item | Amount | Note |
|---|---|---|
| Price per SF (building) | $33.65 | 7,400 SF measured (7,450 SF per Winnebago County) |
| Base rent per SF | $3.67 | On 7,400 SF |
| 2025 real estate taxes | $3,426.46 | Winnebago County Treasurer; about $0.46 per SF |
| 2025 assessed value | $38,809 | County fair market value $116,440 |
| Security deposit | $2,200 | Held by the landlord under the lease |
| Asking price | $249,000 | 10.9% cap on base rent |
| Lease expiration | May 31, 2027 |
| Options | Two 1-year, 3% annual increases, 90 days' notice |
| Lease type | Triple net: tenant reimburses taxes, insurance and routine upkeep; pays utilities |
| Right to buy | None; no purchase option or right of first refusal |
Marketed on the lease's triple-net base rent. Under the lease the tenant reimburses the real estate taxes and the landlord's property and liability insurance premiums, reimburses routine maintenance including snow removal, and pays all utilities including water. The landlord remains responsible for capital repairs over $2,500 each and for replacing the roof, structure, foundation, floor slab and exterior walls. Buyer to verify.
Tenancy and lease structure
The tenant
Reliable Parts, Inc., a Washington corporation, distributes appliance parts. It acquired Automatic Appliance Parts in May 2025, including this Rockford branch, and leased the whole building from the seller the same month.
Term and options
The lease is dated May 8, 2025, with a one-year initial term; the tenant exercised its first option, extending the term to May 31, 2027. Two one-year options remain, each on written notice at least 90 days before expiration, with base rent rising 3% a year.
Tenant pays
Base rent of $2,266 a month; real estate taxes as monthly estimates at 105% of the prior year's bill with a yearly true-up; the landlord's property and liability insurance premiums; all utilities including water; routine maintenance, including snow removal billed by the landlord; and its own liability insurance.
Landlord holds
Capital repairs and replacements over $2,500 each; replacement of the roof, structure, foundation, floor slab and exterior walls; and costs to bring the building into compliance with law that are not caused by the tenant's use.
Transfers and showings
Assignment or subletting requires the landlord's consent, not to be unreasonably withheld. Consent is not required for a transfer to an affiliate or with a sale of the tenant's business. The lease grants no purchase option or right of first refusal. Showings are by appointment on two business days' notice.
Summarized from the executed lease and First Amendment provided by the seller; both are available for review in due diligence. Buyer to verify.
Ways to own it
Net-lease investor
Collect $27,192 a year of triple-net rent on a $249,000 purchase, a 10.9% going-in cap rate, with 3% increases built into each option year.
Owner-user
A showroom, warehouse and drive-in storage building on an I-1 corner suits a contractor, distributor or repair business when the lease ends or by agreement with the tenant.
Small-balance exchange
A single-tenant building under $250,000 with the lease and county record in hand is a straightforward option for a smaller 1031 exchange or a first investment property.
Ideal uses under I-1 Light Industrial
Well suited to a range of uses under I-1 Light Industrial zoning — confirm your specific use and parking with the municipality.
Check any address against the village code with the Commercial Zoning Lookup →
Location & surroundings
926 22nd St sits on the northeast corner of 22nd St and 9th Ave on Rockford's southeast side, in a block of light-industrial and service businesses. These include auto repair and body shops, a steel fabricator, roofing and door contractors and small warehouses. Houses and apartments are further east along 22nd St. The building's storefront faces 22nd St and its loading doors open onto 9th Ave.
Buyer questions
What is the lease at 926 22nd St, Rockford?+
Reliable Parts, Inc. leases the whole building at $2,266 a month ($27,192 a year) on a triple-net lease through May 31, 2027, with two one-year options at 3% annual increases. Buyer to verify in due diligence.
What is the cap rate?+
10.9% on $27,192 of base rent at the $249,000 asking price. Under the lease, the tenant reimburses real estate taxes and the landlord's insurance premiums; the landlord remains responsible for capital repairs over $2,500 and the structure.
What is the zoning at 926 22nd St?+
I-1 Light Industrial, City of Rockford. The use table permits by right warehousing and wholesale distribution, artisan, limited and general manufacturing, motor vehicle repair including body work, offices and general retail sales up to 5,000 SF. Confirm the current ordinance text with the City.
What are the real estate taxes?+
The 2025 tax bill, payable in 2026, is $3,426.46, about $0.46 per square foot, on an assessed value of $38,809 (Winnebago County Treasurer). Under the lease, the tenant pays the taxes.
How large is the building?+
About 7,400 SF measured: a 4,000 SF front building (retail, office and warehouse) and a 3,400 SF rear building. Winnebago County records 7,450 SF. Buyer to verify.
Is there parking?+
There is room for about 12 cars to park head-in along the 9th Ave side of the building.
Can I see inside without disturbing the tenant?+
Yes. A video walkthrough is on this page, under See it in motion. Showings are by appointment through Jason Bitton at (847) 858-2909, on two business days' notice to the tenant. Please do not visit the business or contact the tenant directly.
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