Mixed-Use Building with Salon
New
For Sale
$214,900
115 Fairview Avenue, Rockford, IL 61108
MULTIFAMILY, ROCKFORD, IL
Property Size1,639 SF
Price / SF$131.12
Days on Market3
Property Features for 115 Fairview Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R1
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 2, Basement
Parking
7
Appliances
Refrigerator, Oven
Elementary school
District 205-RFD
Middle school
District 205-RFD
High school
District 205-RFD
Elementary school district
Rockford 205
Middle school district
Rockford 205
High school district
Rockford 205
Subdivision
Winnebago County
Standard status
Active
APN
1230207014
Size
1,639 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
WOODLAND PK RE-SUB PT FAIRVIEW ACRES BNG A SUB PT NE 1/4 SEC 30-44-2 E 50 FT S 40 FT LOT 174 and 182
Tax Annual Amount
2757
Legal Description
WOODLAND PK RE-SUB PT FAIRVIEW ACRES BNG A SUB PT NE 1/4 SEC 30-44-2 E 50 FT S 40 FT LOT 174 and 182
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
deck
Building Details
Year built
1947
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
DICKERSON & NIEMAN
(815) 227-5900
Listed By:
Larry Holen · License #471007097
(815) 308-0128
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 4 at 5:06AM
MLS# 202605580
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 1,639-square-foot mixed-use building, constructed in 1947, combines an approved beauty salon setup with residential accommodations. The salon includes 5 stations and a reception area, while the apartment provides 2 bedrooms and 1 bathroom. Forced-air heat, central air conditioning, a shingle roof, a refrigerator, and an oven are included.
Located at 115 Fairview Avenue in Rockford, the property also includes an adjacent parking lot for salon customers. Outdoor space is provided by a large deck with steps leading to the first floor, adding a distinct exterior component to the building’s live-work configuration.
Located at 115 Fairview Avenue in Rockford, the property also includes an adjacent parking lot for salon customers. Outdoor space is provided by a large deck with steps leading to the first floor, adding a distinct exterior component to the building’s live-work configuration.
Key Highlights
- 1,639‑square‑foot mixed‑use building constructed in 1947
- Special use permit for a beauty salon with 5 stations
- Salon includes a reception area for customer arrivals
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
$10,728
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
4.99%
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%
$214,560
$214.6K
Cap Rate 7%
$153,257
$153.3K
Cap Rate 9%
$119,200
$119.2K
Market Conditions
NOI Build-Up for 1,639 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
$15.9K $9.72/SF
− Vacancy
−$605 −$0.37/SF
EGI
$15.3K $9.35/SF
− OpEx
−$4.6K −$2.81/SF
NOI
$10.7K $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%
$214,560
Cap Rate 7%
$153,257
Cap Rate 9%
$119,200
Alternative Uses
Best Use
Office B
$317.9K
$278.2K – $370.9K
NOI $22,252 @ 7.0% cap · market cap 10.35%
Second Best
Mixed Use
$290.8K
$254.5K – $339.3K
NOI $20,356 @ 7.0% cap · market cap 9.47%
Theoretical Best
Office A
$436.0K
$381.5K – $508.6K
NOI $30,517 @ 7.0% cap · market cap 14.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
475
Businesses Nearby
Explore this area
Business Placement
Demographics for 61108, IL
29,660
Population
12,650
Households
2.3
Avg Household Size
39
Median Age
24%
College-Educated
87%
High-School Grad
10.9 sq mi
ZIP Area
2,721
Density / Sq Mi
$63,046
Median Household Income
$34,856
Median Earnings
$986
Median Rent
$128,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Permitted salon area and a two-bedroom apartment support combined work and residential use.
Where is this mixed-use property located?
The property is located at 115 Fairview Avenue Rockford, IL.
What is the asking price?
The asking price for this property is $214,900.
What are key features of this property?
This property features: 1,639‑square‑foot mixed‑use building constructed in 1947; Special use permit for a beauty salon with 5 stations; Salon includes a reception area for customer arrivals
