Brick Duplex with Covered
For Sale
$169,900
Pending
1423 7th Avenue, Rockford, IL 61104
MULTI_FAMILY - ROCKFORD, IL
Property Size2,284 SF
Days on Market90
Property Features for 1423 7th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 5, Basement, Bedroom 1, Bedroom 3, Bathroom 1
Parking
2
Appliances
Dryer, Refrigerator, Stove/Cooktop, Washer
Elementary school
Constance Lane Elementary School
Middle school
Abraham Lincoln Middle
High school
Rockford East High
Elementary school district
Rockford 205
Middle school district
Rockford 205
High school district
Rockford 205
Subdivision
Winnebago County
Standard status
Pending
APN
1125302007
Size
2,284 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Woodruffs Lot 005 Block 005
Tax Annual Amount
1249
Legal Description
Woodruffs Lot 005 Block 005
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Window Unit(s)
Amenities
covered front porch
Building Details
Year built
1910
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
Re/Max Property Source · RE/MAX International
(815) 227-9000
Listed By:
Julie Humpal · License #471020727
(815) 222-4823
Added: May 14
Changed: Aug 4
Last Checked: Aug 11 at 5:06PM
MLS# 202602779
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.
Built in 1910, this 2,284-square-foot brick duplex is currently arranged as a single-family residence while retaining features associated with its original two-family layout. Separate entrances, two kitchens, and two bathrooms provide a practical foundation for continued single-family occupancy or a return to duplex use. Interior updates include new carpeting in many rooms, fresh paint in moisture-prone areas, new kitchen flooring, additional light fixtures, and updated window treatments. Natural woodwork and some hardwood floors add character, while forced-air natural-gas heating and window-unit cooling serve the home.
The property also includes a covered front porch, a large rear yard, alley access, and a cement parking pad. A walk-up attic offers additional storage or future space, and the shingle roof and gutters are 2 years old. Appliances include a washer, dryer, refrigerator, and stove/cooktop. The property is offered AS IS.
The property also includes a covered front porch, a large rear yard, alley access, and a cement parking pad. A walk-up attic offers additional storage or future space, and the shingle roof and gutters are 2 years old. Appliances include a washer, dryer, refrigerator, and stove/cooktop. The property is offered AS IS.
Key Highlights
- 2,284‑square‑foot brick duplex built in 1910
- Originally configured as a 2‑family property; currently used as a single family
- 2 kitchens, 2 bathrooms, and separate entrances
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
$14,950
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
8.80%
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%
$299,000
$299.0K
Cap Rate 7%
$213,571
$213.6K
Cap Rate 9%
$166,111
$166.1K
Market Conditions
NOI Build-Up for 2,284 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
$22.2K $9.72/SF
− Vacancy
−$844 −$0.37/SF
EGI
$21.4K $9.35/SF
− OpEx
−$6.4K −$2.81/SF
NOI
$14.9K $6.55/SF
Area
Rockford, 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%
$299,000
Cap Rate 7%
$213,571
Cap Rate 9%
$166,111
Alternative Uses
Best Use
Multifamily LT 5
$213.6K
$186.9K – $249.2K
NOI $14,950 @ 7.0% cap · market cap 8.80%
Second Best
Apartment 5plus
$186.1K
$162.8K – $217.1K
NOI $13,024 @ 7.0% cap · market cap 7.67%
Theoretical Best
Office A
$607.5K
$531.6K – $708.8K
NOI $42,526 @ 7.0% cap · market cap 25.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,587
Businesses Nearby
Explore this area
Business Placement
Demographics for 61104, IL
17,354
Population
9,253
Households
1.9
Avg Household Size
32
Median Age
9%
College-Educated
75%
High-School Grad
4.5 sq mi
ZIP Area
3,856
Density / Sq Mi
$32,161
Median Household Income
$26,277
Median Earnings
$854
Median Rent
$83,700
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?
Duplex - Two kitchens, separate entrances, and a spacious covered porch support flexible two-family use.
Where is this duplex located?
The property is located at 1423 7th Avenue Rockford, IL.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: 2,284‑square‑foot brick duplex built in 1910; Originally configured as a 2‑family property; currently used as a single family; 2 kitchens, 2 bathrooms, and separate entrances
