4-Unit Apartment
For Sale
$180,000
Pending
1016 S Main Street, Belvidere, IL 61008
MULTIFAMILY, BELVIDERE, IL
Property Size2,374 SF
Days on Market143
Property Features for 1016 S Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
SR-6
Bedrooms
2
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 2, Basement, Bathroom 4, Bathroom 1, Bedroom 2, Bathroom 3
Parking
2
Appliances
Refrigerator, Oven
Elementary school
Meehan Elementary
Middle school
Belvidere South Middle
High school
Belvidere High
Elementary school district
Belvidere 100
Middle school district
Belvidere 100
High school district
Belvidere 100
Subdivision
Boone County
Standard status
Pending
APN
0536176009
Size
2,374 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
36-44-3 (Ex S 43.4') Lot 10 Blk 1 Rowans Addn
Tax Annual Amount
3444
Legal Description
36-44-3 (Ex S 43.4') Lot 10 Blk 1 Rowans Addn
Utilities
Heating system
Hot Water(Heating), Natural Gas, Steam
Building Details
Year built
1900
Floors in Building
2
Number of units
4
Roof type
Shingle
Listing Agency:
Keller Williams Realty Signature
(815) 315-1111
Listed By:
Angie Wait · License #475148472
(815) 494-1531
Added: Apr 10
Changed: Aug 19
Last Checked: Aug 30 at 5:06PM
MLS# 202601984
Copyright © 2026 NorthWest Illinois Alliance of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,374-square-foot quadplex contains four apartments within a building constructed in 1900. The two lower-level residences each offer one bedroom and one bathroom, while the upper floor contains two studio units. A two-car garage and basement provide additional utility for the property.
The building uses natural-gas hot-water heating, with the owner responsible for heat, water, sewer, and garbage. Individual electric meters place electricity costs with the tenants. Refrigerators and ovens are included, and the roof is shingle. All four units are currently rented, including occupancy by several longer-term residents.
The building uses natural-gas hot-water heating, with the owner responsible for heat, water, sewer, and garbage. Individual electric meters place electricity costs with the tenants. Refrigerators and ovens are included, and the roof is shingle. All four units are currently rented, including occupancy by several longer-term residents.
Key Highlights
- Four‑unit quadplex with all apartments currently rented
- 2,374 square feet; constructed in 1900
- Unit mix includes two 1‑bedroom/1‑bath apartments and two studios
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$15,539
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.63%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$310,780
$310.8K
Cap Rate 7%
$221,986
$222.0K
Cap Rate 9%
$172,656
$172.7K
Market Conditions
NOI Build-Up for 2,374 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$23.1K $9.72/SF
− Vacancy
−$877 −$0.37/SF
EGI
$22.2K $9.35/SF
− OpEx
−$6.7K −$2.81/SF
NOI
$15.5K $6.55/SF
Area
Boone County, IL
Vacancy
3.80%
Lease Rate
$9.72 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$310,780
Cap Rate 7%
$221,986
Cap Rate 9%
$172,656
Alternative Uses
Best Use
Multifamily LT 5
$222.0K
$194.2K – $259.0K
NOI $15,539 @ 7.0% cap · market cap 8.63%
Second Best
Apartment 5plus
$193.4K
$169.2K – $225.6K
NOI $13,537 @ 7.0% cap · market cap 7.52%
Theoretical Best
Office A
$631.5K
$552.5K – $736.7K
NOI $44,202 @ 7.0% cap · market cap 24.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
487
Businesses Nearby
Explore this area
Business Placement
Demographics for 61008, IL
33,747
Population
13,406
Households
2.5
Avg Household Size
40
Median Age
21%
College-Educated
83%
High-School Grad
84.3 sq mi
ZIP Area
400
Density / Sq Mi
$75,833
Median Household Income
$38,509
Median Earnings
$953
Median Rent
$185,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased residential income property with varied apartment layouts, a two-car garage, and separately metered electricity.
Where is this quadplex located?
The property is located at 1016 S Main Street Belvidere, IL.
What is the asking price?
The asking price for this property is $180,000.
What are key features of this property?
This property features: Four‑unit quadplex with all apartments currently rented; 2,374 square feet; constructed in 1900; Unit mix includes two 1‑bedroom/1‑bath apartments and two studios
