Brick Duplex with Covered
For Sale
$169,900
Pending
1423 7th Ave, Rockford, IL 61104
Two-story residence includes two kitchens, two bathrooms, separate entrances, and a spacious rear yard with alley access.
Property Size2,284 SF
Days on Market111
Property Features for 1423 7th Ave
General Information
Standard status
Pending
Size
2,284 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,249
Building Details
Year Built
1910
Buildings
1
Stories
2
Construction
brick
Tenancy
Single
Listing Agency:
Re/Max Property Source
(815) 222-4823
Listed By:
Julie Humpal · License #471020727
(815) 222-4823
Source:
Exprealty
Added: May 14
Changed: Aug 28
Last Checked: Aug 30 at 11:16PM
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 Re/Max Property Source
Investment Insights
Based on property information with market context.
Built in 1910 as a two-family residence, this all-brick, two-story duplex is currently configured for single-family use. Separate entrances remain in place, along with two kitchens and two bathrooms. Interior features include natural woodwork, some hardwood flooring, new carpeting in multiple rooms, fresh paint in moisture-prone areas, updated kitchen flooring, new light fixtures, and new window treatments.
A covered front porch adds exterior character, while the rear yard provides alley access and a cement parking pad. The walk-up attic offers additional storage space. The roof and gutters are approximately two years old. The property is offered as-is.
A covered front porch adds exterior character, while the rear yard provides alley access and a cement parking pad. The walk-up attic offers additional storage space. The roof and gutters are approximately two years old. The property is offered as-is.
Key Highlights
- Built in 1910 as a two‑family residence; currently used as a single family
- All‑brick, 2‑story construction with separate entrances
- Two kitchens and two bathrooms
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
$14,950
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
8.80%
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%
$299,000
$299.0K
Cap Rate 7%
$213,571
$213.6K
Cap Rate 9%
$166,111
$166.1K
Market Conditions
NOI Build-Up for 2,284 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
$22.2K $9.72/SF
− Vacancy
−$844 −$0.37/SF
EGI
$21.4K $9.35/SF
− OpEx
−$6.4K −$2.81/SF
NOI
$14.9K $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%
$299,000
Cap Rate 7%
$213,571
Cap Rate 9%
$166,111
Alternative Uses
Best Use
Multifamily LT 5
$213.6K
$186.9K – $249.2K
NOI $14,950 @ 7.0% cap · market cap 8.80%
Second Best
Apartment 5plus
$186.1K
$162.8K – $217.1K
NOI $13,024 @ 7.0% cap · market cap 7.67%
Theoretical Best
Office A
$607.5K
$531.6K – $708.8K
NOI $42,526 @ 7.0% cap · market cap 25.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,444
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?
Duplex - Two-story residence includes two kitchens, two bathrooms, separate entrances, and a spacious rear yard with alley access.
Where is this duplex located?
The property is located at 1423 7th Ave Rockford, IL.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Built in 1910 as a two‑family residence; currently used as a single family; All‑brick, 2‑story construction with separate entrances; Two kitchens and two bathrooms
