Prime Location in Freeland. Solid businesses occupies two spaces Farmer Insurance and Chicago Title & Escrow. There is one 500 square foot office that is currently not leased. The going rate for this space is $2.00 per square foot, so if it was occupied it would add $12,000 per year in income so the cap rate would increase to 8.1%. This is a great investment property. The going rate for this space is $2.00 per square foot, so if it was occupied it would add $12,000 per year in income so the cap rate would increase to 8.1% This is a great investment.