10-Unit Brick Apartment
For Sale
$950,000
Pending
1226 17th Ave, Rockford, IL 61104
Unit updates, basement storage, coin laundry, new paving, and perimeter fencing support day-to-day operations.
Property Size9,636 SF
Days on Market18
Property Features for 1226 17th Ave
General Information
Standard status
Pending
Size
9,636 SF
Property subtype
Residential Income
Units
Unit Mix
8 x 2BR, 2 x 3BR
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$14,370
Amenities
Coin laundry
Basement storage
Parking lot
Fencing
Building Details
Buildings
1
Construction
Brick
Listing Agency:
Keller Williams Realty Signature
Listed By:
Peggy Noble · License #475164828
(815) 243-1771
Source:
Exprealty
Added: Sep 8
Changed: Sep 17
Last Checked: Sep 24 at 4:24PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty Signature
Investment Insights
Based on property information with market context.
This 10-unit brick apartment property in Rockford includes a balanced mix of eight 2-bedroom residences and two 3-bedroom residences. Each unit includes additional storage space in the basement, and the property has coin-operated laundry facilities. Several apartments have been updated, while the building also benefits from newer shingles.
Recent site improvements include a new parking lot and fencing. The sale includes the neighboring vacant lot, adding separate land to the property. Located at 1226 17th Ave, the offering combines a 9,636-square-foot multifamily building with a varied unit mix and recently completed property improvements.
Recent site improvements include a new parking lot and fencing. The sale includes the neighboring vacant lot, adding separate land to the property. Located at 1226 17th Ave, the offering combines a 9,636-square-foot multifamily building with a varied unit mix and recently completed property improvements.
Key Highlights
- 10 units: eight 2‑bedroom apartments and two 3‑bedroom apartments
- 9,636‑square‑foot brick apartment building
- Several units have been updated
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
$54,948
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
5.78%
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%
$1,098,960
$1.1M
Cap Rate 7%
$784,971
$785.0K
Cap Rate 9%
$610,533
$610.5K
Market Conditions
NOI Build-Up for 9,636 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
$104.1K $10.80/SF
− Vacancy
−$4.2K −$0.43/SF
EGI
$99.9K $10.37/SF
− OpEx
−$45.0K −$4.67/SF
NOI
$54.9K $5.70/SF
Area
Rockford, IL
Vacancy
4.00%
Lease Rate
$10.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,098,960
Cap Rate 7%
$784,971
Cap Rate 9%
$610,533
Alternative Uses
Best Use
Apartment 5plus
$785.0K
$686.9K – $915.8K
NOI $54,948 @ 7.0% cap · market cap 5.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.56M
$2.24M – $2.99M
NOI $179,415 @ 7.0% cap · market cap 18.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
692
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
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Unit updates, basement storage, coin laundry, new paving, and perimeter fencing support day-to-day operations.
Where is this apartment building located?
The property is located at 1226 17th Ave Rockford, IL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 10 units: eight 2‑bedroom apartments and two 3‑bedroom apartments; 9,636‑square‑foot brick apartment building; Several units have been updated
