Vacant 2-Unit Duplex with
For Sale
$149,000
1414 16th Avenue, Rockford, IL 61104
MULTIFAMILY, ROCKFORD, IL
Property Size1,590 SF
Price / SF$93.71
Days on Market49
Property Features for 1414 16th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R2 Two-Family Residential
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Basement, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 1
Parking
2
Appliances
Oven
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
1136106011
Size
1,590 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
BUDLONGS SUBD PT NW 1/4 SEC 36-44-1 LOT 010 BLOCK 026
Tax Annual Amount
1602
Legal Description
BUDLONGS SUBD PT NW 1/4 SEC 36-44-1 LOT 010 BLOCK 026
Utilities
Heating system
Forced Air, Natural Gas
Amenities
deck
partially fenced yard
Building Details
Year built
1921
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
Keller Williams Realty Signature
(815) 315-1111
Listed By:
Bart Becker
(815) 289-4401
Added: Aug 9
Changed: Sep 24
Last Checked: Sep 26 at 12:06AM
MLS# 202604952
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.
This vacant up-and-down duplex contains 1,590 square feet across two separate units. The first unit includes a kitchen, one bedroom, dining room, and enclosed front porch, while the second has a kitchen, two bedrooms, and a living room. Both ranges remain with the property.
Each residence is served by its own high-efficiency furnace and separate gas and electric service; city water is shared. Exterior improvements include vinyl siding, newer fascia and soffits, a shingle roof replaced in 2016, a deck, and a partially fenced yard. A detached three-car garage with alley access is also included. Built in 1921, the property is being sold as-is, and both units are currently vacant.
Each residence is served by its own high-efficiency furnace and separate gas and electric service; city water is shared. Exterior improvements include vinyl siding, newer fascia and soffits, a shingle roof replaced in 2016, a deck, and a partially fenced yard. A detached three-car garage with alley access is also included. Built in 1921, the property is being sold as-is, and both units are currently vacant.
Key Highlights
- Vacant up/down duplex with 1,590 square feet
- Unit mix includes one 1‑bedroom unit and one 2‑bedroom unit
- Separate gas and electric service with shared city water
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
$10,407
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
6.98%
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%
$208,140
$208.1K
Cap Rate 7%
$148,671
$148.7K
Cap Rate 9%
$115,633
$115.6K
Market Conditions
NOI Build-Up for 1,590 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
$15.5K $9.72/SF
− Vacancy
−$587 −$0.37/SF
EGI
$14.9K $9.35/SF
− OpEx
−$4.5K −$2.81/SF
NOI
$10.4K $6.55/SF
Area
Rockford, IL
Vacancy
3.80%
Lease Rate
$9.72 /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%
$208,140
Cap Rate 7%
$148,671
Cap Rate 9%
$115,633
Alternative Uses
Best Use
Multifamily LT 5
$148.7K
$130.1K – $173.5K
NOI $10,407 @ 7.0% cap · market cap 6.98%
Second Best
Apartment 5plus
$129.5K
$113.3K – $151.1K
NOI $9,067 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$422.9K
$370.1K – $493.4K
NOI $29,605 @ 7.0% cap · market cap 19.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
691
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Up-and-down duplex with separate utilities, individual furnaces, and a detached garage providing additional storage or parking capacity.
Where is this duplex located?
The property is located at 1414 16th Avenue Rockford, IL.
What is the asking price?
The asking price for this property is $149,000.
What are key features of this property?
This property features: Vacant up/down duplex with 1,590 square feet; Unit mix includes one 1‑bedroom unit and one 2‑bedroom unit; Separate gas and electric service with shared city water
