Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Rented Four-Family Home Title is generated by Realmo AI

    1016 S Main Street, Belvidere, IL 61008

    View on Map
    Claim this Listing
    For Sale
    $200,000

    MULTI_FAMILY - BELVIDERE, IL

    Property size:
    2,374 SF
    Price / SF:
    $84/SF
    Added:
    Apr 10, 2026
    Days on Market:
    50
    Last Refresh:
    May 29 at 2:06 pm

    Property Features for 1016 S Main Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    2
    Bathrooms
    4
    Rooms
    Bathroom 1, Bedroom 2, Bathroom 3, Bedroom 1, Bathroom 4, Bathroom 2, Basement
    Parking
    2
    Appliances
    Refrigerator, Oven
    Standard status
    Active
    APN
    0536176009
    Size
    2,374 SF

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    36-44-3 (Ex S 43.4') Lot 10 Blk 1 Rowans Addn
    Tax Annual Amount
    3444

    Utilities

    Heating system
    Natural Gas, Hot Water(Heating), Steam

    Building Details

    Year built
    1900
    Floors in Building
    2
    Number of units
    4
    Roof type
    Shingle

    We can help!

    Listing Contact
    Angie Wait

    Listing agent Angie Wait License #475148472

    Listing office Keller Williams Realty Signature 4201 Galleria Dr., Loves Park, IL

    Listing date Apr 10, 2026

    MLS# 202601984 Listing URL

    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.

    HighLights

    • Completely rented 4‑family home providing immediate rental income.
    • Separate electric meters allow tenants to pay their own electric bills.
    • Includes a 2‑car garage.
    • Two 1‑bedroom/1‑bath apartments.
    • Two studio apartments.
    • Appliances included: Refrigerator and Oven.

    Overview

    This is a fully rented four-family home featuring a couple of long-term tenants. The property includes two main floor units, each configured as a one-bedroom, one-bath apartment. Additionally, there are two studio apartments located upstairs. A two-car garage is included. The building utilizes gas hot water heat. The owner is responsible for covering the costs of heat, water, sewer, and garbage services. Each unit has a separate electric meter, allowing tenants to pay for their individual electric usage. The property is located in Belvidere, Illinois.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $23.1k $9.72
    − Vacancy −$877 −$0.37
    EGI $22.2k $9.35
    − OpEx −$6.7k −$2.81
    NOI $15.5k $6.55
    2,374 SF · lease $9.72/SF/yr · vacancy 3.80% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $222.0K
    $194.2K – $259.0K (±1% cap)
    NOI $15,539 @ 7.0% cap · market cap 7.77%
    Second Best
    Apartment 5plus
    $193.4K
    $169.2K – $225.6K (±1% cap)
    NOI $13,537 @ 7.0% cap · market cap 6.77%
    Theoretical Best
    Office A
    $631.5K
    $552.5K – $736.7K (±1% cap)
    NOI $44,202 @ 7.0% cap · market cap 22.10%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Belvidere
    County
    Boone
    State
    Illinois
    Longitude
    -88.835864
    Latitude
    42.250421

    Nearby Similar for Sale

    • $399,900
      1,761 SF

      Belvidere Victorian Multi-Unit Investment

      Six-unit Victorian near downtown Belvidere with income potential.
      601 Pearl Street, BELVIDERE, IL 61008
      View Details
    • $1,729,000
      4,179 SF

      Belvidere, IL Applebee's Investment

      High-profile Applebee's location with NNN lease and annual increases.
      2126 Gateway Center Dr, Belvidere, IL 61008
      View Details
    • $50,000
      3,111 SF

      Belvidere Retail Building For Sale

      Vacant retail building in Belvidere, Illinois, formerly a restaurant.
      1150 N State St, Belvidere, IL 61008
      View Details
    • Contact for pricing
      221,844 SF

      Modern Industrial Facility with Expansion

      Expandable industrial facility with office space near I-90 and I-39.
      675 Corporate Parkway, Belvidere, IL 61008
      View Details
    • $475,000
      4,180 SF

      Mixed-Use Investment in Downtown Belvidere

      Turnkey mixed-use property with established bar and residential lofts.
      522 South State Street, Belvidere, IL 61008
      View Details
    • $1,250,000
      7,767 SF

      Veterinary Clinic Investment Opportunity

      Profitable veterinary clinic with a strong reputation and growth potential.
      3335 Grant Hwy, Belvidere, IL
      View Details
    • $2,500,000
      3,389 SF

      Retail, Industrial

      3792 Morreim Dr, Belvidere, IL 61008
      View Details
    • Contact for pricing
      90,000 SF

      Cross-Docked Industrial Building

      90,000 SF industrial building with cross-docking and highway access.
      795 Landmark Dr, Belvidere, IL
      View Details
    • $850,000
      53,000 SF

      Redevelopment Opportunity in Belvidere, IL

      84-room hotel redevelopment opportunity with car wash and motel.
      1345 North State Street, Belvidere, IL 61008
      View Details
    • $1,250,000
      13,260 SF

      Retail Space in Belvidere Center

      High-traffic retail space available in Belvidere, Illinois shopping center.
      390 W Chrysler Dr, Belvidere, IL
      View Details
    • $2,780,000
      15,100 SF

      Fully Occupied Retail Building

      15,000 SF retail building, part of shopping center.
      342-372 W Chrysler Dr, Belvidere, IL
      View Details

    FAQs

    What type of property is this?
    Quadplex - Fully rented Belvidere four-family home with long-term tenants.
    Where is this quadplex located?
    The property is located at 1016 S Main Street Belvidere, IL.
    What is the asking price?
    The asking price for this property is $200,000.
    What are key features of this property?
    This property features: Completely rented 4‑family home providing immediate rental income.; Separate electric meters allow tenants to pay their own electric bills.; Includes a 2‑car garage.
    (815) 494-1531
    We can help!
    Listing Contact
    Angie Wait
    Real Estate License ID: 475148472
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1016 S Main Street, BELVIDERE, IL 61008
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!