Brick Multifamily with
For Sale
$635,000
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$152.57
Days on Market149
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+ Units
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,798
Amenities
Electric, Hot Water/Steam, Natural Gas
Yes
Gas
Full
Dryer, Refrigerator, Stove/Cooktop, Oven, Washer
No
Shingle
Brick/Stone
Additional Parking, Deck, Fenced Yard, Laundry in Building
Building Details
Year Built
1900
Units
5
Construction
brick
Tenancy
Multi
Listing Agency:
Gambino Realtors
(815) 985-9522
Listed By:
Michael Lunde · License #475129518
(815) 985-9522
Source:
Compass
Added: Mar 13
Changed: Aug 8
Last Checked: Aug 8 at 11:34AM
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 Gambino 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
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
$23,733
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
3.74%
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%
$474,660
$474.7K
Cap Rate 7%
$339,043
$339.0K
Cap Rate 9%
$263,700
$263.7K
Market Conditions
NOI Build-Up for 4,162 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
$44.9K $10.80/SF
− Vacancy
−$1.8K −$0.43/SF
EGI
$43.2K $10.37/SF
− OpEx
−$19.4K −$4.67/SF
NOI
$23.7K $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%
$474,660
Cap Rate 7%
$339,043
Cap Rate 9%
$263,700
Alternative Uses
Best Use
Apartment 5plus
$339.0K
$296.7K – $395.6K
NOI $23,733 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$968.7K – $1.29M
NOI $77,493 @ 7.0% cap · market cap 12.20%
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 $635,000.
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
