Two-Unit Duplex with
New
For Sale
$175,000
603-605 14TH Street, Rockford, IL 61104
MULTIFAMILY, ROCKFORD, IL
Property Size2,288 SF
Price / SF$76.49
Days on Market2
Property Features for 603-605 14TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bedroom 1, Basement, Bathroom 2, Bedroom 3, Bathroom 1
Parking
6
Appliances
Refrigerator, Stove/Cooktop
Elementary school
Constance Lane Elementary School
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
1125255002
Size
2,288 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
CHURCHILL PLACE IN E 1/2 SEC 25-44-1 LOT 010 BLOCK 005
Tax Annual Amount
1808
Legal Description
CHURCHILL PLACE IN E 1/2 SEC 25-44-1 LOT 010 BLOCK 005
Utilities
Heating system
Natural Gas, Forced Air
Amenities
screened porch
storage space
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
DICKERSON & NIEMAN
(815) 227-5900
Listed By:
Noah Meyer · License #475178232
(815) 978-8961
Added: Sep 3
Changed: Sep 4
Last Checked: Sep 4 at 2:06PM
MLS# 202605601
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 2,288-square-foot duplex in Rockford contains two matching residences, each arranged with two bedrooms, one bathroom, living and dining areas, a screened porch, and storage. Both units are vacant. The property includes a shared oversized two-car garage, additional driveway parking, a basement, and landscaped grounds. Appliances include refrigerators and stove/cooktops, while building systems include forced-air natural gas heat and a shingle roof. Constructed in 1920, the property is located at 603-605 14th Street in Rockford, Illinois.
The duplex is near downtown Rockford, UW hospital, parks, restaurants, and entertainment. Its two-unit configuration and separate residential layouts provide a straightforward multifamily format with both residences currently available for occupancy.
The duplex is near downtown Rockford, UW hospital, parks, restaurants, and entertainment. Its two-unit configuration and separate residential layouts provide a straightforward multifamily format with both residences currently available for occupancy.
Key Highlights
- 2,288 SF duplex with two matching units
- Each residence includes 2 bedrooms, 1 bathroom, living and dining areas, a screened porch, and storage
- Both units are vacant
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
$14,976
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
8.56%
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%
$299,520
$299.5K
Cap Rate 7%
$213,943
$213.9K
Cap Rate 9%
$166,400
$166.4K
Market Conditions
NOI Build-Up for 2,288 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
$22.2K $9.72/SF
− Vacancy
−$845 −$0.37/SF
EGI
$21.4K $9.35/SF
− OpEx
−$6.4K −$2.81/SF
NOI
$15.0K $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%
$299,520
Cap Rate 7%
$213,943
Cap Rate 9%
$166,400
Alternative Uses
Best Use
Multifamily LT 5
$213.9K
$187.2K – $249.6K
NOI $14,976 @ 7.0% cap · market cap 8.56%
Second Best
Apartment 5plus
$186.4K
$163.1K – $217.5K
NOI $13,047 @ 7.0% cap · market cap 7.46%
Theoretical Best
Office A
$608.6K
$532.5K – $710.0K
NOI $42,601 @ 7.0% cap · market cap 24.34%
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
1,149
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 - Vacant two-unit property with matching layouts, screened porches, shared garage, and additional driveway parking.
Where is this duplex located?
The property is located at 603-605 14TH Street Rockford, IL.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: 2,288 SF duplex with two matching units; Each residence includes 2 bedrooms, 1 bathroom, living and dining areas, a screened porch, and storage; Both units are vacant
