Two-Unit Duplex with
For Sale
$134,900
2217 LATHAM Street, Rockford, IL 61103
MULTI_FAMILY - ROCKFORD, IL
Property Size1,599 SF
Price / SF$84.37
Days on Market50
Property Features for 2217 LATHAM Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Bedroom 3, Basement, Bathroom 2
Parking
4
Appliances
Refrigerator, Stove/Cooktop, Oven
Elementary school
R K Welsh Elementary
Middle school
West Middle
High school
Guilford High
Elementary school district
Rockford 205
Middle school district
Rockford 205
High school district
Rockford 205
Subdivision
Winnebago County
Standard status
Active
APN
1111483003
Size
1,599 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
E H MARSHS PK VW SUB OF PT NE1/SEC 14+ PT SE 1/4 SEC 11-44-2 LOT 010 BLOCK 015
Tax Annual Amount
1584
Legal Description
E H MARSHS PK VW SUB OF PT NE1/SEC 14+ PT SE 1/4 SEC 11-44-2 LOT 010 BLOCK 015
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Wall Unit(s)
Amenities
deck
full basement
Building Details
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
DICKERSON & NIEMAN
(815) 227-5900
Listed By:
Sarah Vinnitsky · License #475186665
(815) 494-2480
Added: Jul 1
Changed: Aug 12
Last Checked: Aug 19 at 10:06AM
MLS# 202603970
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 1,599-square-foot duplex in Rockford contains two residential units. The first-floor apartment offers two bedrooms, while the second-floor unit has one bedroom and a deck. High ceilings, updated windows, wall-unit cooling, and natural-gas forced-air heating are included. Each unit has its own furnace, and the property is supported by a full basement for storage.
The building sits on Latham Street in Rockford’s Northwest Neighborhood on a brick street. Off-street parking is available. Included appliances are refrigerators, stove/cooktops, and ovens. New sewer lines are backed by a warranty, while occupants pay their own electric and gas service.
The building sits on Latham Street in Rockford’s Northwest Neighborhood on a brick street. Off-street parking is available. Included appliances are refrigerators, stove/cooktops, and ovens. New sewer lines are backed by a warranty, while occupants pay their own electric and gas service.
Key Highlights
- 1,599‑square‑foot duplex with two residential units
- First floor has 2 bedrooms; second floor has 1 bedroom and a deck
- Separate furnace serving each unit
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
$10,466
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
7.76%
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%
$209,320
$209.3K
Cap Rate 7%
$149,514
$149.5K
Cap Rate 9%
$116,289
$116.3K
Market Conditions
NOI Build-Up for 1,599 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
$15.5K $9.72/SF
− Vacancy
−$591 −$0.37/SF
EGI
$15.0K $9.35/SF
− OpEx
−$4.5K −$2.81/SF
NOI
$10.5K $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%
$209,320
Cap Rate 7%
$149,514
Cap Rate 9%
$116,289
Alternative Uses
Best Use
Multifamily LT 5
$149.5K
$130.8K – $174.4K
NOI $10,466 @ 7.0% cap · market cap 7.76%
Second Best
Apartment 5plus
$130.3K
$114.0K – $152.0K
NOI $9,118 @ 7.0% cap · market cap 6.76%
Theoretical Best
Office A
$425.3K
$372.2K – $496.2K
NOI $29,772 @ 7.0% cap · market cap 22.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
309
Businesses Nearby
Explore this area
Business Placement
Demographics for 61103, IL
23,294
Population
11,271
Households
2.1
Avg Household Size
40
Median Age
20%
College-Educated
87%
High-School Grad
16.3 sq mi
ZIP Area
1,429
Density / Sq Mi
$47,390
Median Household Income
$34,935
Median Earnings
$952
Median Rent
$114,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units include separate furnaces, full basement storage, and tenant-paid electric and gas.
Where is this duplex located?
The property is located at 2217 LATHAM Street Rockford, IL.
What is the asking price?
The asking price for this property is $134,900.
What are key features of this property?
This property features: 1,599‑square‑foot duplex with two residential units; First floor has 2 bedrooms; second floor has 1 bedroom and a deck; Separate furnace serving each unit
