This is a carousel with tiles that activate property listing cards. Use the previous and next buttons to navigate.
1/34
$155,900 -$4,000 (-2.5%) Price Reduced
This is a carousel with tiles that activate property listing cards. Use the previous and next buttons to navigate.
1/34
Property Description
Become a staple in the community by owning this transitional property that has so many possibilities for your business. Come in and explore the endless space and envision your becoming a thriving reality. Walking through the front door and step onto the original hardwood floors, ample sunlight covering two separate rooms. Room 1 (24.1' x 21.2') Room 2 (16.6' x 12.6'). From there go into two additional rooms that can be divided in many ways. Room 1 (21.2' x 13.3') Room 2 (17.1 x 13.3'). There are additional smaller rooms that are both (12 x8.3') that can be used as additional storage or office. This space has many features that add tons of value that many commercial spaces lack. Two bathrooms and one bathroom is ADA Compliant. Walk upstairs into a secluded space that could be converted into a quiet meeting space. New roof in 2023, updated electrical 2021, five mini-split electric heat and air units, three newer windows. With the growing need for Airbnb's the possibilities are endless, and the layout is perfect to be converted into a residential space. If that isn't enough this property is nestled in the TIF district, which has the possibility to enhance the new owner's ability to start their dream business.
Full Property Details
Full Property Details for 502 Franklin St
General
- Price: $155,900
- Taxes: $2,874 (2024)
- Status: Active
- Type: Commercial
- Source: MRED
- MLS ID: 12414744
- Updated: 4/7/2026
- Added to Site: 273 day(s) ago
Additional Information
- Security/Safety: Fire Extinguisher(s)
Location
- Area: Oregon
- County: Ogle
- Township: Nashua
- Driving Directions: Washington to 5th to Franklin
- Location Details: Out of Area
Heating & Cooling
- Cooling Type: Window Unit(s)
- Heating Type: Electric, Steam
Structural Information
- Construction: Cedar, Frame
- Exterior Const.: Cedar, Frame
- Foundation: Concrete Perimeter
- Roof: Composition
- Stories/Levels: 1
- Square Feet: 1,800
- Year Built: 1920
- Built Before 1978: Yes
Lot Features
- Lot Size (Sq. Ft.): 2,906
- Lot Dimensions: 46 x 66
Financial Considerations
- Security Deposit: Fire Extinguisher/s
- Assessment Year: 1920
- Tax Amount: $2,874.82
- Tax Year: 2024
- Tenant Pays: Varies by Tenant
Disclosures and Reports
- Property ID: 16031530140000
Listed by Re/Max of Rock Valley
Get Pre-Approved Today
Get a Great Insurance Rate
Schools
Schools serving 502 Franklin St
School District:Oregon Community Unit School District 220
| Name | Grades | Distance |
|---|---|---|
Oregon Elementary School 1150 Jefferson Street, Oregon, IL 61061 | PK-6 | 0.5 mi |
Oregon High School, Oregon, IL 210 South 10th Street, Oregon, IL 61061 | 9-12 | 0.5 mi |
David L Rahn Junior High School 105 West Brayton Road, Mount Morris, IL 61054 | 7-8 | 5.5 mi |
Disclaimer:
School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 502 Franklin St
Date
Details
Price
Change
Source
4/07/2026
Price Reduced
$155,900
-2.5%
MLS
12/19/2025
Price Reduced
$159,900
-5.89%
MLS
7/09/2025
Listed
$169,900
120.65%
MLS
10/01/2021
Sold
$77,000
—
Public Record
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 502 Franklin St
Year
Property Taxes
Change
Tax Assessment
Change
2024
$2,875
12%
$28,621
11%
2023
$2,568
11%
$25,767
16%
2021
$2,320
-6%
$22,253
-7%
2022
$2,459
—
$23,849
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 502 Franklin St
502 Franklin Street, Oregon, IL 61061 (MLS# 12414744) is a Commercial property. 502 Franklin Street is currently listed for $155,900 and was received on July 09, 2025. Want to learn more about 502 Franklin Street? Do you have questions about finding other Commercial real estate for sale in Oregon? You can browse all Oregon real estate or contact a Coldwell Banker agent to request more information.

