ONLINE REAL ESTATE AUCTION
514 7th Street, Rockford, IL 61104 (Parcel # 11-26-280-002)
PREVIEWS (OPEN HOUSES):
Drive by and preview anytime
AUCTION END DATE:
September 30, 2025 (the auction starts to close at 7:37 PM)
AERIAL DRONE FOOTAGE: https://youtu.be/FSzX-QUMp50
These parking spaces are suitable for a variety of nearby commercial uses, including office, retail, and service-based businesses.
PROPERTY HIGHLIGHTS:
*Parking lot and pylon sign
*Zoning: C4 (Commercial)
*Land Area: 0.24 acres (per Rockford Assessor website)
*Buyers should verify their intended use with the local municipality prior to bidding.
*Located in the City of Rockford in Winnebago County, Illinois
*Parcel number in Winnebago County, IL – 11-26-280-002
*2024 taxes – $1,839
*Title is guaranteed free and clear at closing (with taxes and utilities paid up to the closing date)
*$250,000 minimum opening bid price
BROKER/AGENT PARTICIPATION:
Note: Participation in this auction does not require a real estate agent. Buyers may bid directly or may choose to work with a licensed agent under the following broker participation guidelines if they prefer.
Licensed real estate agents may represent buyers in this auction under specific conditions. To qualify for a co-broke commission, the agent must:
- Submit the required Broker/Agent Co-Broke Participation Acknowledgment Form at least 72 hours before the auction starts to close, and
- Ensure their client has placed at least one bid 72 hours before the auction starts to close.
BELOIT AUCTION & REALTY, INC.
608.364.1965
David Allen, CAI, AARE, AMM, BAS, CAS, CES, GPPA
Mobile: (608) 333-4586
Registered Wisconsin Auctioneer #2580 - IL #441.00296
WI Real Estate License #55947-090 - IL #471.020014
Richard Ranft, CAI, AARE, AMM, GPPA
Mobile: (608) 751-2184
Registered Wisconsin Auctioneer #237 - IL #441.001071
WI Real Estate License #51214-090 - IL #478.00010
ADDENDUM A - TERMS & CONDITIONS AGREEMENT FOR REAL ESTATE AUCTION
1. Auction Format & Registration: This is an ONLINE public real estate auction and is not a foreclosure auction. Title to the property is guaranteed to be free and clear from all liens and encumbrances, with all property taxes paid up through the date of closing. Auction is subject to prior sale. Bidder agrees to all terms and conditions of the auction set forth prior to bidding. These terms and conditions are part of the Offer to Purchase. All bidders must register online prior to bidding and are assigned a unique bidder number. All bids submitted are irrevocable and binding.
2. Disclaimer & Absence of Warranties: All properties are sold “AS IS, WHERE IS” with no contingencies for financing, inspections, appraisals, zoning, or any other matters. No expressed or implied warranties are made by the Seller or Auction Company. All marketing sketches and dimensions are approximate. Each potential bidder is solely responsible for conducting independent inspections, investigations, inquiries, and due diligence. Buyers may coordinate with the Auction Company and schedule inspections with licensed inspectors at least 72 hours before auction start time, at their own expense. Seller and Auction Company are held harmless for any and all claims relating to or arising from the property, including but not limited to roof leaks, water intrusion, asbestos, mold, electrical issues, heating system concerns, plumbing issues, or other latent or patent defects. The buyer acknowledges and accepts these risks and waives any claims against the seller post-closing. Some suites are in near-leasable condition, while others present an opportunity for updates and customization to suit specific needs. Please note that both water and power are currently off, and electrical systems and lighting may require repair or upgrades—we recommend bringing a flashlight to the open house. In some areas, ceiling tiles are missing, and floors, walls, and ceilings may need patching or repainting. There is also a small section above the third floor that appears to show signs of a roof leak.
3. Bidding Process: Auctioneer controls bidding increments and conduct of the auction. Auctioneer is not responsible for interruptions in service or software/hardware malfunctions. Sales may be voided, paused, or re-run at Auctioneer’s discretion due to technical errors. All Auction Company decisions are final.
4. Buyer’s Fee & Payment Terms: A 10% Buyer’s Fee will be added to the high bid to establish the total purchase price. The auction has a minimum opening bid of $250,000. The successful bidder must make a $9,000 non-refundable earnest money deposit by 11:00 a.m. on Wednesday, October 1, 2025, payable via cash or certified funds. Buyer will sign a standard Offer to Purchase Agreement at that time. Earnest money deposit is non-refundable if the offer is accepted by the seller and will be applied to the purchase price at the time of closing. The remaining balance is due at closing on or before Friday, October 31, 2025 (cash or certified funds). An additional extension to this closing deadline until Friday, November 14, 2025, can be made with an additional payment of $6,000 to the purchase price. Closing will be held at: Title Underwriters – Roscoe Office, 4908 Hononegah Road, Roscoe, IL 61073.
5. Financing Responsibility: If the buyer uses financing that requires property improvements (e.g., FHA), the buyer must use a licensed and insured contractor (not themselves) at their own expense. The closing deadline remains firm.
6. Property Updates & Revisions: Buyers are responsible for reviewing the property listing on the auction website prior to the auction for any updates or changes.
7. Closing Costs: Seller will provide title insurance and pay taxes to the date of closing. Buyer is responsible for all other buyer-side closing costs, including but not limited to: balance of the sale price, any buyer-hired attorney fees, deed preparation, deed recording, survey (if required), mortgage fees, or any other expenses related to completing the transaction.
8. Agency Disclosure: Beloit Auction & Realty, Inc. represents the Seller only. Potential buyers must perform their own due diligence before bidding.
9. Non-Reliance Clause: Buyers and sellers agree that there are no oral representations, inducements, or promises other than what is written in this agreement.
10. Buyer Agency Agreements: Any Buyer Agency agreement must be disclosed 72 hours prior to the auction.
11. Broker/Agent Commission: Brokers/Agents are only eligible for commission if:
• Submit the online Broker/Agent Co-Broke Participation Form at least 72 hours before the auction starts to close, and
• The buyer places at least one bid 72+ hours before the auction starts to close. No commission is paid if the agent represents themselves, affiliates, or immediate family members.
12. Bidder Default: If a successful bidder refuses or fails to complete the transaction for any reason, they forfeit all earnest money as liquidated damages and have no claim to the property. The Seller retains the right to pursue legal action including, but not limited to, specific performance or fraud. All disputes will be resolved via arbitration in Rock County, WI, and Beloit Auction & Realty, Inc. is entitled to recover all legal costs, attorney’s fees, and time as damages.
ADDENDUM A - TERMS & CONDITIONS AGREEMENT FOR REAL ESTATE AUCTION
1. Auction Format & Registration: This is an ONLINE public real estate auction and is not a foreclosure auction. Title to the property is guaranteed to be free and clear from all liens and encumbrances, with all property taxes paid up through the date of closing. Auction is subject to prior sale. Bidder agrees to all terms and conditions of the auction set forth prior to bidding. These terms and conditions are part of the Offer to Purchase. All bidders must register online prior to bidding and are assigned a unique bidder number. All bids submitted are irrevocable and binding.
2. Disclaimer & Absence of Warranties: All properties are sold “AS IS, WHERE IS” with no contingencies for financing, inspections, appraisals, zoning, or any other matters. No expressed or implied warranties are made by the Seller or Auction Company. All marketing sketches and dimensions are approximate. Each potential bidder is solely responsible for conducting independent inspections, investigations, inquiries, and due diligence. Buyers may coordinate with the Auction Company and schedule inspections with licensed inspectors at least 72 hours before auction start time, at their own expense. Seller and Auction Company are held harmless for any and all claims relating to or arising from the property, including but not limited to roof leaks, water intrusion, asbestos, mold, electrical issues, heating system concerns, plumbing issues, or other latent or patent defects. The buyer acknowledges and accepts these risks and waives any claims against the seller post-closing. Some suites are in near-leasable condition, while others present an opportunity for updates and customization to suit specific needs. Please note that both water and power are currently off, and electrical systems and lighting may require repair or upgrades—we recommend bringing a flashlight to the open house. In some areas, ceiling tiles are missing, and floors, walls, and ceilings may need patching or repainting. There is also a small section above the third floor that appears to show signs of a roof leak.
3. Bidding Process: Auctioneer controls bidding increments and conduct of the auction. Auctioneer is not responsible for interruptions in service or software/hardware malfunctions. Sales may be voided, paused, or re-run at Auctioneer’s discretion due to technical errors. All Auction Company decisions are final.
4. Buyer’s Fee & Payment Terms: A 10% Buyer’s Fee will be added to the high bid to establish the total purchase price. The auction has a minimum opening bid of $250,000. The successful bidder must make a $9,000 non-refundable earnest money deposit by 11:00 a.m. on Wednesday, October 1, 2025, payable via cash or certified funds. Buyer will sign a standard Offer to Purchase Agreement at that time. Earnest money deposit is non-refundable if the offer is accepted by the seller and will be applied to the purchase price at the time of closing. The remaining balance is due at closing on or before Friday, October 31, 2025 (cash or certified funds). An additional extension to this closing deadline until Friday, November 14, 2025, can be made with an additional payment of $6,000 to the purchase price. Closing will be held at: Title Underwriters – Roscoe Office, 4908 Hononegah Road, Roscoe, IL 61073.
5. Financing Responsibility: If the buyer uses financing that requires property improvements (e.g., FHA), the buyer must use a licensed and insured contractor (not themselves) at their own expense. The closing deadline remains firm.
6. Property Updates & Revisions: Buyers are responsible for reviewing the property listing on the auction website prior to the auction for any updates or changes.
7. Closing Costs: Seller will provide title insurance and pay taxes to the date of closing. Buyer is responsible for all other buyer-side closing costs, including but not limited to: balance of the sale price, any buyer-hired attorney fees, deed preparation, deed recording, survey (if required), mortgage fees, or any other expenses related to completing the transaction.
8. Agency Disclosure: Beloit Auction & Realty, Inc. represents the Seller only. Potential buyers must perform their own due diligence before bidding.
9. Non-Reliance Clause: Buyers and sellers agree that there are no oral representations, inducements, or promises other than what is written in this agreement.
10. Buyer Agency Agreements: Any Buyer Agency agreement must be disclosed 72 hours prior to the auction.
11. Broker/Agent Commission: Brokers/Agents are only eligible for commission if:
• Submit the online Broker/Agent Co-Broke Participation Form at least 72 hours before the auction starts to close, and
• The buyer places at least one bid 72+ hours before the auction starts to close. No commission is paid if the agent represents themselves, affiliates, or immediate family members.
12. Bidder Default: If a successful bidder refuses or fails to complete the transaction for any reason, they forfeit all earnest money as liquidated damages and have no claim to the property. The Seller retains the right to pursue legal action including, but not limited to, specific performance or fraud. All disputes will be resolved via arbitration in Rock County, WI, and Beloit Auction & Realty, Inc. is entitled to recover all legal costs, attorney’s fees, and time as damages.