Remodeled Duplex with 2-Car
For Sale
$199,900
135 S 8th Street, South Beloit, IL 61080
MULTIFAMILY, SOUTH BELOIT, IL
Property Size1,617 SF
Price / SF$123.62
Days on Market47
Property Features for 135 S 8th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 2, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 1
Appliances
Dishwasher, Refrigerator, Oven
Elementary school
Riverview Elementary
Middle school
South Beloit Jr High
High school
South Beloit Sr High
Elementary school district
South Beloit 320-Cnty of Winnebago
Middle school district
South Beloit 320-Cnty of Winnebago
High school district
South Beloit 320-Cnty of Winnebago
Subdivision
Winnebago County
Standard status
Active
APN
0406255010
Size
1,617 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
FISHER MILLS + GOODHUES ADD TO THE TOWN OF BELOIT S 1/2 S 1/2 LT 1 + EXC E 45 FT S 1/2 S 1/2 LOT 002 BLOCK 012
Tax Annual Amount
2248
Legal Description
FISHER MILLS + GOODHUES ADD TO THE TOWN OF BELOIT S 1/2 S 1/2 LT 1 + EXC E 45 FT S 1/2 S 1/2 LOT 002 BLOCK 012
Utilities
Heating system
Forced Air, Electric (Heating)
Building Details
Year built
1925
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
Keller Williams Realty Signature
(815) 315-1111
Listed By:
Olga Kampmeier · License #475
(815) 621-9180
Added: Jul 6
Changed: Aug 19
Last Checked: Aug 21 at 7:06AM
MLS# 202604057
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.
Remodeled duplex at 135 S 8th Street in South Beloit offers flexible living and income potential with two separate units. The main floor unit includes two bedrooms and one bathroom, a spacious living room, an updated kitchen, and a large family room with a stone fireplace. The primary bedroom has a walk-in closet, and the attached two-car garage has been converted into a studio space with sliding patio doors, with the option to convert it back to a garage. The main floor also includes a partially finished layout with a basement.
Upstairs, the second unit is a remodeled one-bedroom residence with updated finishes. Major updates include new plumbing, electrical, drywall, flooring, stairs, exterior and interior doors, furnace, water heaters, and additional interior improvements. The property is heated with electric heating and forced air, and the roof is shingle.
The unit interiors include appliances such as a dishwasher, refrigerator, and oven. Built in 1925, the property is positioned for an owner-occupant or investor looking for a duplex with multiple functional spaces.
Upstairs, the second unit is a remodeled one-bedroom residence with updated finishes. Major updates include new plumbing, electrical, drywall, flooring, stairs, exterior and interior doors, furnace, water heaters, and additional interior improvements. The property is heated with electric heating and forced air, and the roof is shingle.
The unit interiors include appliances such as a dishwasher, refrigerator, and oven. Built in 1925, the property is positioned for an owner-occupant or investor looking for a duplex with multiple functional spaces.
Key Highlights
- Remodeled duplex with two units and updated interior finishes
- Main floor: two bedrooms, one bathroom, updated kitchen, and stone fireplace family room
- Attached two‑car garage converted to a studio with sliding patio doors; option to convert back
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
$16,049
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
8.03%
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%
$320,980
$321.0K
Cap Rate 7%
$229,271
$229.3K
Cap Rate 9%
$178,322
$178.3K
Market Conditions
NOI Build-Up for 1,617 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
$24.8K $15.36/SF
− Vacancy
−$1.9K −$1.18/SF
EGI
$22.9K $14.18/SF
− OpEx
−$6.9K −$4.25/SF
NOI
$16.0K $9.93/SF
Area
Winnebago County, IL
Vacancy
7.69%
Lease Rate
$15.36 /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%
$320,980
Cap Rate 7%
$229,271
Cap Rate 9%
$178,322
Alternative Uses
Best Use
Multifamily LT 5
$229.3K
$200.6K – $267.5K
NOI $16,049 @ 7.0% cap · market cap 8.03%
Second Best
Apartment 5plus
$203.2K
$177.8K – $237.0K
NOI $14,221 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$440.7K
$385.7K – $514.2K
NOI $30,852 @ 7.0% cap · market cap 15.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
513
Businesses Nearby
Explore this area
Business Placement
Demographics for 61080, IL
11,252
Population
4,773
Households
2.4
Avg Household Size
38
Median Age
23%
College-Educated
93%
High-School Grad
25.1 sq mi
ZIP Area
448
Density / Sq Mi
$78,533
Median Household Income
$44,081
Median Earnings
$877
Median Rent
$172,300
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?
Duplex - Remodeled duplex features two units, updated systems, and an attached two-car garage converted to a studio space.
Where is this duplex located?
The property is located at 135 S 8th Street South Beloit, IL.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Remodeled duplex with two units and updated interior finishes; Main floor: two bedrooms, one bathroom, updated kitchen, and stone fireplace family room; Attached two‑car garage converted to a studio with sliding patio doors; option to convert back
