Mixed-Use Downtown
For Sale
$450,000
522 S State Street, Belvidere, IL 61008
MULTI_FAMILY - BELVIDERE, IL
Property Size4,180 SF
Price / SF$107.66
Days on Market69
Property Features for 522 S State Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 4, Bedroom 1, Basement, Bedroom 5, Bedroom 2, Bathroom 2, Bathroom 5, Bathroom 1, Bathroom 4, Bathroom 3, Bedroom 3
Parking
20
Appliances
Microwave, Refrigerator, Stove/Cooktop, Oven
Elementary school
Seth Whitman Elem
Middle school
Belvidere Central Middle
High school
Belvidere North
Elementary school district
Belvidere 100
Middle school district
Belvidere 100
High school district
Belvidere 100
Subdivision
Boone County
Standard status
Active
APN
0525360007
Size
4,180 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
25-44-3 SLY 18' & WLY 35' OF SLY 38' OF LOT 19 & ALL OF LOTS 13 & 14 ASSRS SUR OF BLK 7 IN AARON WHITNEY'S ADD (EX ELY 20 FT X 38 FT OF LOTS 13 & 14). 522 S STATE ST
Tax Annual Amount
5732
Legal Description
25-44-3 SLY 18' & WLY 35' OF SLY 38' OF LOT 19 & ALL OF LOTS 13 & 14 ASSRS SUR OF BLK 7 IN AARON WHITNEY'S ADD (EX ELY 20 FT X 38 FT OF LOTS 13 & 14). 522 S STATE ST
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Amenities
central air conditioning
Building Details
Year built
1889
Floors in Building
2
Number of units
5
Roof type
Metal
Listing Agency:
Keller Williams Realty Signature
(815) 315-1111
Listed By:
Fidel Batres · License #475133262
(815) 290-0333
Added: Jun 5
Changed: Aug 5
Last Checked: Aug 12 at 1:06AM
MLS# 202603280
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 mixed-use downtown building includes a main-level bar with a full kitchen, 5 gaming machines, and 3 pool tables. The second level features five fully occupied residential lofts, each equipped with a stove, refrigerator, and microwave. The property is described as well maintained and offers central air conditioning throughout.
The building is located at 522 S State Street in Belvidere, Illinois, in downtown. The public remarks note it is “just minutes” from a planned Metra station expected in 2027.
The offering is presented as a fully occupied, income-producing asset with long-term tenants in the residential lofts.
The building is located at 522 S State Street in Belvidere, Illinois, in downtown. The public remarks note it is “just minutes” from a planned Metra station expected in 2027.
The offering is presented as a fully occupied, income-producing asset with long-term tenants in the residential lofts.
Key Highlights
- Mixed‑use building with an established bar on the main level, plus five residential lofts upstairs
- Bar includes a full kitchen, 5 gaming machines, and 3 pool tables
- All five residential lofts are occupied by long‑term tenants and include a stove, refrigerator, and microwave
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
$23,836
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
5.30%
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%
$476,720
$476.7K
Cap Rate 7%
$340,514
$340.5K
Cap Rate 9%
$264,844
$264.8K
Market Conditions
NOI Build-Up for 4,180 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
$45.1K $10.80/SF
− Vacancy
−$1.8K −$0.43/SF
EGI
$43.3K $10.37/SF
− OpEx
−$19.5K −$4.67/SF
NOI
$23.8K $5.70/SF
Area
Boone County, IL
Vacancy
4.00%
Lease Rate
$10.80 /SF/Yr
Expense Ratio
45.00%
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%
$476,720
Cap Rate 7%
$340,514
Cap Rate 9%
$264,844
Alternative Uses
Best Use
Specialty Retail
$834.1K
$729.8K – $973.1K
NOI $58,386 @ 7.0% cap · market cap 12.97%
Second Best
Apartment 5plus
$340.5K
$298.0K – $397.3K
NOI $23,836 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$1.11M
$972.9K – $1.30M
NOI $77,828 @ 7.0% cap · market cap 17.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
580
Businesses Nearby
Explore this area
Business Placement
Demographics for 61008, IL
33,747
Population
13,406
Households
2.5
Avg Household Size
40
Median Age
21%
College-Educated
83%
High-School Grad
84.3 sq mi
ZIP Area
400
Density / Sq Mi
$75,833
Median Household Income
$38,509
Median Earnings
$953
Median Rent
$185,200
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?
Apartment building - Mixed-use building with a main-level bar and five occupied residential lofts, with central air throughout.
Where is this apartment building located?
The property is located at 522 S State Street Belvidere, IL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Mixed‑use building with an established bar on the main level, plus five residential lofts upstairs; Bar includes a full kitchen, 5 gaming machines, and 3 pool tables; All five residential lofts are occupied by long‑term tenants and include a stove, refrigerator, and microwave
