Two-Unit Duplex with Central
For Sale
$200,000
1511 8th Avenue, Rockford, IL 61104
Similar units feature central air, natural-gas forced-air heat, and tenant-paid utilities.
Property Size2,350 SF
Price / SF$85.11
Days on Market200
Property Features for 1511 8th Avenue
General Information
Standard status
Active
Size
2,350 SF
Property subtype
Multi Family / 2 Units
Additional Details
Gross Income
$10,500
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,375
Amenities
Central Air
Forced Air, Natural Gas
Yes
Natural Gas
Refrigerator, Stove/Cooktop
No
Shingle
Brick/Stone
Building Details
Year Built
1929
Units
2
Listing Agency:
Advanced Real Estate Concepts
(815) 520-3995
Listed By:
Ken L Redeker · License #471012969
(815) 520-3995
Source:
Compass
Added: Feb 12
Changed: Aug 31
Last Checked: Aug 31 at 1:28AM
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 Advanced Real Estate Concepts
Investment Insights
Based on property information with market context.
This duplex contains two closely matched units within a 2,350-square-foot property built in 1929. Both residences are equipped with central air and forced-air heating powered by natural gas. Kitchen appliances include refrigerators and stove/cooktops, providing established residential functionality. The exterior combines brick or stone elements with a shingle roof.
Utilities are paid by the tenants, supporting a straightforward operating structure. The property is located at 1511 8th Avenue in Rockford, Illinois, within ZIP code 61104.
Utilities are paid by the tenants, supporting a straightforward operating structure. The property is located at 1511 8th Avenue in Rockford, Illinois, within ZIP code 61104.
Key Highlights
- 2,350‑square‑foot duplex built in 1929
- Two similar residential units
- Central air and forced‑air natural‑gas heating
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
$15,382
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
7.69%
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%
$307,640
$307.6K
Cap Rate 7%
$219,743
$219.7K
Cap Rate 9%
$170,911
$170.9K
Market Conditions
NOI Build-Up for 2,350 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
$22.8K $9.72/SF
− Vacancy
−$868 −$0.37/SF
EGI
$22.0K $9.35/SF
− OpEx
−$6.6K −$2.81/SF
NOI
$15.4K $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%
$307,640
Cap Rate 7%
$219,743
Cap Rate 9%
$170,911
Alternative Uses
Best Use
Multifamily LT 5
$219.7K
$192.3K – $256.4K
NOI $15,382 @ 7.0% cap · market cap 7.69%
Second Best
Apartment 5plus
$191.4K
$167.5K – $223.4K
NOI $13,401 @ 7.0% cap · market cap 6.70%
Theoretical Best
Office A
$625.1K
$546.9K – $729.3K
NOI $43,755 @ 7.0% cap · market cap 21.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
846
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 - Similar units feature central air, natural-gas forced-air heat, and tenant-paid utilities.
Where is this duplex located?
The property is located at 1511 8th Avenue Rockford, IL.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: 2,350‑square‑foot duplex built in 1929; Two similar residential units; Central air and forced‑air natural‑gas heating
