Renovated Duplex With
New
For Sale
$185,000
321 S Prospect Street, Rockford, IL 61104
MULTIFAMILY, ROCKFORD, IL
Property Size1,780 SF
Price / SF$103.93
Days on Market2
Property Features for 321 S Prospect Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Basement, Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 3
Parking
4
Appliances
Refrigerator, Stove/Cooktop
Elementary school
C Henry Bloom Elementary
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
Active
APN
1125130018
Size
1,780 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
SWANLUND + PETERSONS SUBD PT NW1/4 SEC 25-44-1 N 38FT LOT 003 BLOCK 002
Tax Annual Amount
2140
Legal Description
SWANLUND + PETERSONS SUBD PT NW1/4 SEC 25-44-1 N 38FT LOT 003 BLOCK 002
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
Gambino Realtors
(815) 282-2222
Listed By:
Korky Williams
(815) 494-7812
Added: Aug 24
Last Checked: Aug 25 at 12:06AM
MLS# 202605311
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 1,780-square-foot duplex contains two residential units, each with newer laminate flooring and central air installed in 2022. The lower apartment has fresh paint and appliances that are one year old. Both units include refrigerator and stove/cooktop appliances, while forced-air heating serves the building. The property also includes a basement and a two-car garage.
Exterior improvements include siding completed in 2013, a shingle roof from 2012, and sidewalks updated in 2022. The side porch has been rebuilt with a composite floor, and alley access supports the property. Separate gas and electric service is in place for the two-unit configuration. The building is near a hospital and a bus line.
Exterior improvements include siding completed in 2013, a shingle roof from 2012, and sidewalks updated in 2022. The side porch has been rebuilt with a composite floor, and alley access supports the property. Separate gas and electric service is in place for the two-unit configuration. The building is near a hospital and a bus line.
Key Highlights
- Two‑unit duplex with 1,780 square feet of building area
- Two‑car garage with alley access
- Both central air units installed 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
$11,651
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
6.30%
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%
$233,020
$233.0K
Cap Rate 7%
$166,443
$166.4K
Cap Rate 9%
$129,456
$129.5K
Market Conditions
NOI Build-Up for 1,780 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
$17.3K $9.72/SF
− Vacancy
−$657 −$0.37/SF
EGI
$16.6K $9.35/SF
− OpEx
−$5.0K −$2.81/SF
NOI
$11.7K $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%
$233,020
Cap Rate 7%
$166,443
Cap Rate 9%
$129,456
Alternative Uses
Best Use
Multifamily LT 5
$166.4K
$145.6K – $194.2K
NOI $11,651 @ 7.0% cap · market cap 6.30%
Second Best
Apartment 5plus
$145.0K
$126.9K – $169.2K
NOI $10,150 @ 7.0% cap · market cap 5.49%
Theoretical Best
Office A
$473.5K
$414.3K – $552.4K
NOI $33,142 @ 7.0% cap · market cap 17.91%
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
1,164
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer separate gas and electric service, central air, and convenient access to bus transportation.
Where is this duplex located?
The property is located at 321 S Prospect Street Rockford, IL.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,780 square feet of building area; Two‑car garage with alley access; Both central air units installed in 2022
