Two-Unit Property with Garage
For Sale
$239,900
Pending
807 GARFIELD Avenue, Belvidere, IL 61008
MULTIFAMILY, BELVIDERE, IL
Property Size2,096 SF
Days on Market47
Property Features for 807 GARFIELD Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Basement, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 1, Bedroom 5, Bedroom 6
Parking
2
Appliances
Refrigerator, Stove/Cooktop
Elementary school
Washington Elementary
Middle school
Belvidere South Middle
High school
Belvidere High
Elementary school district
Belvidere 100
Middle school district
Belvidere 100
High school district
Belvidere 100
Subdivision
Boone County
Standard status
Pending
APN
0536109005
Size
2,096 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
36-44-3 RDS OF LT 2 & N 1/2 OF S 2/3 OF LT 4 BLK 3 J F ALLENS ADD 807 GARFIELD
Tax Annual Amount
3352
Legal Description
36-44-3 RDS OF LT 2 & N 1/2 OF S 2/3 OF LT 4 BLK 3 J F ALLENS ADD 807 GARFIELD
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
DICKERSON & NIEMAN
(815) 227-5900
Listed By:
Christi Steines · License #471004161
(815) 509-9585
Added: Jul 24
Changed: Sep 2
Last Checked: Sep 8 at 11:06AM
MLS# 202604552
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.
Located at 807 Garfield Avenue in Belvidere, Illinois, this 2,096-square-foot duplex was built in 1900 and is offered in its current condition. The main-level residence includes three bedroom areas, with one lacking a closet and another arranged as a walk-through to the third bedroom. The upper residence includes three bedrooms and one-and-a-half bathrooms.
The upper unit has use of the garage. Property features include a basement, shingle roofing, natural-gas heat, and central air conditioning. A refrigerator and stove/cooktop are listed among the appliances. The property is identified as a two-unit residential building with separate living areas on the main and upper floors.
The upper unit has use of the garage. Property features include a basement, shingle roofing, natural-gas heat, and central air conditioning. A refrigerator and stove/cooktop are listed among the appliances. The property is identified as a two-unit residential building with separate living areas on the main and upper floors.
Key Highlights
- 2,096‑square‑foot duplex in Belvidere, IL
- Main‑level unit includes 3 bedroom areas, including one without a closet and a walk‑through bedroom arrangement
- Upper unit has 3 bedrooms and 1.5 baths
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
$13,719
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
5.72%
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%
$274,380
$274.4K
Cap Rate 7%
$195,986
$196.0K
Cap Rate 9%
$152,433
$152.4K
Market Conditions
NOI Build-Up for 2,096 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
$20.4K $9.72/SF
− Vacancy
−$774 −$0.37/SF
EGI
$19.6K $9.35/SF
− OpEx
−$5.9K −$2.81/SF
NOI
$13.7K $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%
$274,380
Cap Rate 7%
$195,986
Cap Rate 9%
$152,433
Alternative Uses
Best Use
Multifamily LT 5
$196.0K
$171.5K – $228.7K
NOI $13,719 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$170.7K
$149.4K – $199.2K
NOI $11,952 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$557.5K
$487.8K – $650.4K
NOI $39,026 @ 7.0% cap · market cap 16.27%
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
491
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?
Duplex - Two-unit residential property with distinct main- and upper-level layouts and use of a garage.
Where is this duplex located?
The property is located at 807 GARFIELD Avenue Belvidere, IL.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: 2,096‑square‑foot duplex in Belvidere, IL; Main‑level unit includes 3 bedroom areas, including one without a closet and a walk‑through bedroom arrangement; Upper unit has 3 bedrooms and 1.5 baths
