Duplex with Two Large
For Sale
$150,000
Pending
226-228 Smith Avenue, Rockford, IL 61107
MULTIFAMILY, ROCKFORD, IL
Property Size1,264 SF
Days on Market284
Property Features for 226-228 Smith Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 6, Bedroom 5, Bedroom 1, Bedroom 2, Bathroom 2
Parking
1
Appliances
Refrigerator, Stove/Cooktop
Elementary school
District 205-RFD
Middle school
District 205-RFD
High school
District 205-RFD
Elementary school district
Rockford 205
Middle school district
Rockford 205
High school district
Rockford 205
Subdivision
Winnebago County
Standard status
Pending
APN
1124378022
Size
1,264 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
Johnson + Knowles Sub PT BLK 13 Spaffords and to RFD Lot 1 + N 5 ft Lot 002 Block 002
Tax Annual Amount
2517
Legal Description
Johnson + Knowles Sub PT BLK 13 Spaffords and to RFD Lot 1 + N 5 ft Lot 002 Block 002
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
Key Realty, Inc
(815) 713-1100
Listed By:
Margaret Archer · License #471003361
(815) 988-8821
Added: Nov 13, 2025
Changed: Aug 19
Last Checked: Aug 24 at 11:06AM
MLS# 202507091
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 duplex contains two upper-level units measuring 1,264 square feet each. Both residences are configured with three bedrooms and one bathroom, and the property includes a basement. The right-hand unit is rented and described as being in good condition, while the left-hand unit is vacant and needs repair.
Property features include forced-air, natural-gas heating, a shingle roof, a refrigerator, and a stove/cooktop. Built in 1900, the building is located in Rockford, Illinois, at 226-228 Smith Avenue.
Property features include forced-air, natural-gas heating, a shingle roof, a refrigerator, and a stove/cooktop. Built in 1900, the building is located in Rockford, Illinois, at 226-228 Smith Avenue.
Key Highlights
- Two upper‑level units, each measuring 1,264 square feet
- Each unit includes 3 bedrooms and 1 bathroom
- Right unit is rented and in good shape
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
$8,273
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
5.52%
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%
$165,460
$165.5K
Cap Rate 7%
$118,186
$118.2K
Cap Rate 9%
$91,922
$91.9K
Market Conditions
NOI Build-Up for 1,264 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
$12.3K $9.72/SF
− Vacancy
−$467 −$0.37/SF
EGI
$11.8K $9.35/SF
− OpEx
−$3.5K −$2.81/SF
NOI
$8.3K $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%
$165,460
Cap Rate 7%
$118,186
Cap Rate 9%
$91,922
Alternative Uses
Best Use
Multifamily LT 5
$118.2K
$103.4K – $137.9K
NOI $8,273 @ 7.0% cap · market cap 5.52%
Second Best
Apartment 5plus
$103.0K
$90.1K – $120.1K
NOI $7,208 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$336.2K
$294.2K – $392.3K
NOI $23,535 @ 7.0% cap · market cap 15.69%
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
1,156
Businesses Nearby
Explore this area
Business Placement
Demographics for 61107, IL
30,722
Population
13,711
Households
2.2
Avg Household Size
42
Median Age
37%
College-Educated
93%
High-School Grad
14.9 sq mi
ZIP Area
2,062
Density / Sq Mi
$75,492
Median Household Income
$42,494
Median Earnings
$1,053
Median Rent
$165,200
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 upper-level residences offer three bedrooms and one bathroom each, with one unit occupied and the other requiring repairs.
Where is this duplex located?
The property is located at 226-228 Smith Avenue Rockford, IL.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: Two upper‑level units, each measuring 1,264 square feet; Each unit includes 3 bedrooms and 1 bathroom; Right unit is rented and in good shape
