Brick Multifamily with
For Sale
$294,000
129 North 2nd Street, Rockford, IL 61107
Four one-bedroom units in a classic brick building with off-street parking and a newer boiler.
Property Size4,162 SF
Price / SF$70.64
Days on Market212
Property Features for 129 North 2nd Street
General Information
Standard status
Active
Size
4,162 SF
Total Parking Spaces
4
Property subtype
Multi Family 5+ / Multi Family 5+-Other
Additional Details
Multifamily Units
4
Building Details
Year Built
1900
Construction
brick
Tenancy
Multi
Listing Agency:
Country North REALTORS
(815) 978-6519
Listed By:
Christine Smith · License #475152617
(815) 978-6519
Source:
Compass
Added: Dec 30, 2025
Changed: Jul 22
Last Checked: Jul 29 at 2:11PM
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 Country North REALTORS
Investment Insights
Based on property information with market context.
This classic brick multifamily property offers four spacious one-bedroom units. Each unit features tall ceilings and large windows that bring in natural light, along with hardwood floors, remodeled kitchens, and fresh updates throughout. The basement level is currently being transformed into an additional 3-bedroom unit.
The property also includes four dedicated off-street parking spaces and a newer boiler intended to support long-term efficiency.
Overall, the building presents a straightforward income property configuration with in-progress basement improvement for an expanded unit mix.
The property also includes four dedicated off-street parking spaces and a newer boiler intended to support long-term efficiency.
Overall, the building presents a straightforward income property configuration with in-progress basement improvement for an expanded unit mix.
Key Highlights
- Classic brick multifamily built in 1900 with four one‑bedroom units
- Each unit features tall ceilings and large windows for natural light, plus hardwood floors
- Remodeled kitchens and fresh updates throughout
Financial Insights For Apartment 5plus
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 | $44.9k | $10.80 |
| − Vacancy | −$1.8k | −$0.43 |
| EGI | $43.2k | $10.37 |
| − OpEx | −$19.4k | −$4.67 |
| NOI | $23.7k | $5.70 |
4,162 SF · lease $10.80/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$339.0K
$296.7K – $395.6K
NOI $23,733 @ 7.0% cap · market cap 8.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$968.7K – $1.29M
NOI $77,493 @ 7.0% cap · market cap 26.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
119
Businesses Nearby
Explore this area
Business Placement
Demographics for 61107, IL
30,722
Population
13,711
Households
2.2
Avg Household Size
42
Median Age
37%
College-Educated
93%
High-School Grad
14.9 sq mi
ZIP Area
2,062
Density / Sq Mi
$75,492
Median Household Income
$42,494
Median Earnings
$1,053
Median Rent
$165,200
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?
Apartment building - Four one-bedroom units in a classic brick building with off-street parking and a newer boiler.
Where is this apartment building located?
The property is located at 129 North 2nd Street Rockford, IL.
What is the asking price?
The asking price for this property is $294,000.
What are key features of this property?
This property features: Classic brick multifamily built in 1900 with four one‑bedroom units; Each unit features tall ceilings and large windows for natural light, plus hardwood floors; Remodeled kitchens and fresh updates throughout
