Four-Unit Quadplex with
For Sale
$275,000
Pending
524 W Harrison Street, Belvidere, IL 61008
MULTIFAMILY, BELVIDERE, IL
Property Size1,785 SF
Days on Market27
Property Features for 524 W Harrison Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Basement, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 8, Bedroom 6, Bathroom 4, Bathroom 3, Bedroom 2, Bedroom 7
Parking
4
Appliances
Refrigerator, Stove/Cooktop
Elementary school
Lincoln Elementary
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
Pending
APN
0526183012
Size
1,785 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Lot 2 S 1/2 Lot 8 Blk 13 Frys Re-Sur
Tax Annual Amount
5220
Legal Description
Lot 2 S 1/2 Lot 8 Blk 13 Frys Re-Sur
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1900
Floors in Building
2
Number of units
4
Roof type
Shingle
Listing Agency:
Keller Williams Realty Signature
(815) 315-1111
Listed By:
Angie Wait · License #475148472
(815) 494-1531
Added: Aug 4
Changed: Aug 19
Last Checked: Aug 30 at 7:06PM
MLS# 202604833
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 1,785-square-foot quadplex, built in 1900, is arranged across a front home and a rear house. The front structure contains two two-bedroom apartments, with separate basement areas for each unit. The rear structure adds two more two-bedroom apartments, including one at ground level and one upstairs. Each residence includes a refrigerator and stove or cooktop, while building systems include forced-air heating fueled by natural gas and a shingle roof.
Parking is divided by structure, with spaces positioned off the street in front of the property for the front apartments and rear parking accessed from the alley. The property also includes garages currently used by the owner for maintenance purposes.
Parking is divided by structure, with spaces positioned off the street in front of the property for the front apartments and rear parking accessed from the alley. The property also includes garages currently used by the owner for maintenance purposes.
Key Highlights
- Four two‑bedroom apartments across a front home and rear house
- 1,785 square feet; built in 1900
- Front apartments include separate basement areas
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
$11,684
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
4.25%
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%
$233,680
$233.7K
Cap Rate 7%
$166,914
$166.9K
Cap Rate 9%
$129,822
$129.8K
Market Conditions
NOI Build-Up for 1,785 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
$17.4K $9.72/SF
− Vacancy
−$659 −$0.37/SF
EGI
$16.7K $9.35/SF
− OpEx
−$5.0K −$2.81/SF
NOI
$11.7K $6.55/SF
Area
Boone County, 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%
$233,680
Cap Rate 7%
$166,914
Cap Rate 9%
$129,822
Alternative Uses
Best Use
Multifamily LT 5
$166.9K
$146.1K – $194.7K
NOI $11,684 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$145.4K
$127.2K – $169.7K
NOI $10,179 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$474.8K
$415.4K – $553.9K
NOI $33,235 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
324
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?
Quadplex - Two structures contain four two-bedroom apartments with basement access for the front units and off-street parking.
Where is this quadplex located?
The property is located at 524 W Harrison Street Belvidere, IL.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Four two‑bedroom apartments across a front home and rear house; 1,785 square feet; built in 1900; Front apartments include separate basement areas
