Remodeled Quadplex With
For Sale
$479,900
Pending
2942 LASALLE Avenue, Rockford, IL 61114
MULTIFAMILY, ROCKFORD, IL
Property Size3,368 SF
Days on Market46
Property Features for 2942 LASALLE Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 3, Basement, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 5, Bedroom 6, Bedroom 4
Parking
4
Appliances
Dryer, Microwave, Refrigerator, Stove/Cooktop, Washer
Elementary school
Loves Park Elementary
Middle school
Harlem Jr
High school
Harlem High School
Elementary school district
Harlem 122
Middle school district
Harlem 122
High school district
Harlem 122
Subdivision
Winnebago County
Standard status
Pending
APN
1207426034
Size
3,368 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
TO FOLLOW
Tax Annual Amount
8217
Legal Description
TO FOLLOW
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Amenities
in-unit laundry
individual storage spaces
Building Details
Year built
1968
Floors in Building
1
Number of units
4
Roof type
Shingle
Listing Agency:
DICKERSON & NIEMAN
(815) 227-5900
Listed By:
Peyton Hannah · License #475202122
(815) 218-3861
Added: Jul 31
Changed: Sep 13
Last Checked: Sep 14 at 2:06AM
MLS# 202604737
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 quadplex contains four residential units, each arranged with 2 bedrooms, 1 full bath, and approximately 800 SF of living space. Interior remodeling was completed in 2022, and every unit includes in-unit laundry along with a kitchen equipped with a stove/cooktop, refrigerator, microwave, and washer and dryer. Central air and natural gas forced-air heat serve the property.
Constructed in 1968, the building includes a 4-car attached garage beneath the residences. Four individual tenant storage areas are located near the garages, along with an additional storage closet for owner-held materials. The property is located on LaSalle Avenue in Rockford, Illinois, within ZIP code 61114. A shingle roof completes the building improvements.
Constructed in 1968, the building includes a 4-car attached garage beneath the residences. Four individual tenant storage areas are located near the garages, along with an additional storage closet for owner-held materials. The property is located on LaSalle Avenue in Rockford, Illinois, within ZIP code 61114. A shingle roof completes the building improvements.
Key Highlights
- Four‑unit quadplex with 2 bedrooms and 1 full bath in each unit
- Approximately 800 SF of living space per unit
- Interior remodeling completed in 2022
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
$22,045
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
4.59%
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%
$440,900
$440.9K
Cap Rate 7%
$314,929
$314.9K
Cap Rate 9%
$244,944
$244.9K
Market Conditions
NOI Build-Up for 3,368 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
$32.7K $9.72/SF
− Vacancy
−$1.2K −$0.37/SF
EGI
$31.5K $9.35/SF
− OpEx
−$9.4K −$2.81/SF
NOI
$22.0K $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%
$440,900
Cap Rate 7%
$314,929
Cap Rate 9%
$244,944
Alternative Uses
Best Use
Multifamily LT 5
$314.9K
$275.6K – $367.4K
NOI $22,045 @ 7.0% cap · market cap 4.59%
Second Best
Apartment 5plus
$274.4K
$240.1K – $320.1K
NOI $19,206 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$895.8K
$783.9K – $1.05M
NOI $62,709 @ 7.0% cap · market cap 13.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
146
Businesses Nearby
Explore this area
Business Placement
Demographics for 61114, IL
15,569
Population
6,599
Households
2.4
Avg Household Size
49
Median Age
47%
College-Educated
95%
High-School Grad
8.1 sq mi
ZIP Area
1,922
Density / Sq Mi
$83,472
Median Household Income
$47,406
Median Earnings
$1,284
Median Rent
$196,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units include private laundry, updated interiors, and shared access to substantial on-site storage.
Where is this quadplex located?
The property is located at 2942 LASALLE Avenue Rockford, IL.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Four‑unit quadplex with 2 bedrooms and 1 full bath in each unit; Approximately 800 SF of living space per unit; Interior remodeling completed in 2022
