10-Unit Brick Apartment
New
For Sale
$950,000
1226 17th Avenue, Rockford, IL 61104
MULTIFAMILY, ROCKFORD, IL
Property Size9,636 SF
Price / SF$98.59
Days on Market1
Property Features for 1226 17th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
14
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 14, Bathroom 5, Bedroom 12, Bedroom 2, Bedroom 1, Bedroom 6, Bedroom 3, Bedroom 10, Bedroom 5, Bedroom 9, Bedroom 13, Bathroom 1, Bedroom 11, Bathroom 6, Bedroom 7, Bathroom 2, Bedroom 8, Bathroom 4, Bedroom 4, Bathroom 3, Basement
Parking
10
Appliances
Refrigerator, Stove/Cooktop
Elementary school
Constance Lane Elementary School
Middle school
Abraham Lincoln Middle
High school
Jefferson High
Elementary school district
Rockford 205
Middle school district
Rockford 205
High school district
Rockford 205
Subdivision
Winnebago County
Standard status
Active
APN
1135234017
Size
9,636 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
SOUTH PARK SUB PT NE 1/4 SEC 35-44-1 LOT 005 BLOCK 009
Tax Annual Amount
14370
Legal Description
SOUTH PARK SUB PT NE 1/4 SEC 35-44-1 LOT 005 BLOCK 009
Utilities
Heating system
Electric (Heating), Baseboard
Amenities
coin laundry
basement storage
Building Details
Year built
1969
Floors in Building
2
Number of units
10
Roof type
Shingle
Listing Agency:
Keller Williams Realty Signature
(815) 315-1111
Listed By:
Peggy Noble · License #475164828
(815) 243-1771
Added: Sep 8
Last Checked: Sep 8 at 6:06PM
MLS# 202605681
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.
Built in 1969, this 9,636-square-foot brick apartment property contains 10 units, including eight two-bedroom residences and two three-bedroom residences. Each apartment has supplemental storage in the basement, while refrigerators and stoves/cooktops are provided. Electric baseboard heating serves the units, and the building includes coin-operated laundry facilities.
Recent work includes updates to several apartments, installation of a new parking lot and fencing, and newer shingle roofing. Occupancy has remained strong. The sale also includes the adjacent vacant lot, providing additional land connected to the offering. The property is located at 1226 17th Avenue in Rockford, Illinois, 61104.
Recent work includes updates to several apartments, installation of a new parking lot and fencing, and newer shingle roofing. Occupancy has remained strong. The sale also includes the adjacent vacant lot, providing additional land connected to the offering. The property is located at 1226 17th Avenue in Rockford, Illinois, 61104.
Key Highlights
- 10‑unit apartment building totaling 9,636 square feet
- Unit mix includes eight 2‑bedroom units and two 3‑bedroom units
- Each unit includes additional basement storage
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
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight two-bedroom and two three-bedroom residences feature basement storage, coin laundry, and recent property improvements.
Where is this apartment building located?
The property is located at 1226 17th Avenue 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‑unit apartment building totaling 9,636 square feet; Unit mix includes eight 2‑bedroom units and two 3‑bedroom units; Each unit includes additional basement storage
