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    4115 Harrison Ave Rockford, IL 61108

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    Sponsored
    Picture of Apartment buildings at Harrison Ave 4115, Rockford, IL
    For Sale
    $2,449,000

    MULTI_FAMILY - Rockford, IL

    Lot size:
    1.82 Acres
    Days on Market:
    18
    Last Refresh:
    Mar 13 at 8:06 am

    Property Features for 4115 Harrison Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    MULTI
    Rooms
    Bedroom 42, Bathroom 14, Bathroom 23, Bedroom 17, Bedroom 41, Bedroom 21, Bathroom 9, Bedroom 8, Bedroom 29, Bedroom 30, Bathroom 8, Bathroom 15, Bedroom 34, Bedroom 27, Bedroom 28, Bathroom 7, Bathroom 4, Bedroom 6, Bathroom 22, Bathroom 24, Bathroom 21, Bathroom 2, Bedroom 25, Bathroom 1, Bathroom 16, Bedroom 3, Bedroom 14, Bathroom 20, Bedroom 31, Bedroom 10, Bathroom 3, Bathroom 17, Bedroom 4, Bathroom 11, Bedroom 11, Bedroom 35, Bedroom 7, Bedroom 26, Bathroom 13, Bathroom 10, Bedroom 15, Bedroom 13, Bedroom 18, Bedroom 23, Bathroom 12, Bedroom 9, Bathroom 5, Bedroom 36, Bedroom 40, Bedroom 2, Bedroom 22, Bathroom 6, Bathroom 19, Bedroom 16, Bathroom 18, Bedroom 32, Bedroom 19, Bedroom 12, Bedroom 1, Bedroom 33, Bedroom 24, Bedroom 37, Bedroom 38, Bedroom 39, Bedroom 44, Bedroom 20, Bedroom 43, Bedroom 5
    Bedrooms
    44
    APN
    1605105006
    Lot size
    1.82 Acres

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1970
    Floors in Building
    3
    Number of units
    24
    Building materials
    Brick, Steel Siding
    Roof type
    Tar/Gravel, Rubber

    We can help!

    Listing Contact
    Mohammad Fatani

    Realty One Group Excel (630) 816-5397

    Listing agent Mohammad Fatani (630) 239-7400

    Listing date Feb 23, 2026

    MLS# 12538449 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Turnkey Multifamily Building in Rockford

    This fully occupied 24-unit multifamily building is located in Rockford, Illinois. The property features 76 new windows and 16 new sliding doors. The building has new steel siding, with the cost of the siding exceeding $100,000. Many of the apartments have updated plumbing. The water heater was installed in 2018. Most units are updated or renovated, and the building is fully turnkey. The current monthly rent roll is just over $20,000, with potential for growth. The property is located approximately 5 minutes from I-39, I-90, and US-20. Proforma monthly income should be $30,000. The 1.82-acre lot is zoned MULTI. Rents should be $1200 for 2-bedroom units and $1100 for 1-bedroom units.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Burr Oaks Apartment Complex

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rockford
    County
    Winnebago
    State
    Illinois
    Longitude
    -89.034284
    Latitude
    42.237461

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    FAQs

    What type of property is this?
    Apartment building - Fully occupied 24-unit building with significant recent upgrades.
    Where is this apartment building located?
    The property is located at 4115 Harrison Ave Rockford, IL.
    What is the asking price?
    The asking price for this property is $2,449,000.
    What are key features of this property?
    This property features: - High Income Potential: Proforma income of $30k monthly with potential to increase rents.; - Fully Occupied & Turnkey: Currently generating over $20k monthly rent, ready for immediate operation.; - Significant Recent Upgrades: Features 76 new windows, 16 new sliding doors, and new steel siding (over $100k investment).
    (630) 816-5397
    Request Owner's contact information
    4115 Harrison Ave Rockford, IL 61108
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    Rockford, IL 61108
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    4115 Harrison Ave Rockford, IL 61108
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    We can help!
    Listing Contact
    Mohammad Fatani
    Real Estate License ID: 475202050
    (630) 816-5397 (630) 239-7400
    Learn more
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