Two-Unit Duplex with
For Sale
$200,000
1511 8th Avenue, Rockford, IL 61104
MULTIFAMILY, ROCKFORD, IL
Property Size2,350 SF
Price / SF$85.11
Days on Market182
Property Features for 1511 8th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 1, Bedroom 4, Basement
Appliances
Refrigerator, Stove/Cooktop
Elementary school
Constance Lane Elementary School
Middle school
Abraham Lincoln Middle
High school
Rockford East High
Elementary school district
Rockford 205
Middle school district
Rockford 205
High school district
Rockford 205
Subdivision
Winnebago County
Standard status
Active
APN
1125329006
Size
2,350 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
Per title
Tax Annual Amount
2375
Legal Description
Per title
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1929
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
Keller Williams Realty Signature
(815) 315-1111
Listed By:
Ken Redeker · License #471012969
(815) 520-3995
Added: Mar 16
Changed: Sep 12
Last Checked: Sep 13 at 10:06PM
MLS# 202601428
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 duplex contains two similar residences within 2350 square feet. The property includes four bedrooms, two bathrooms, and a basement, with refrigerators and stove/cooktops provided. Central air conditioning and forced-air natural-gas heating serve the units, while the shingle roof and 1929 construction further define the improvements.
Located at 1511 8th Avenue in Rockford, the property is in ZIP code 61104. Tenants pay utilities, and the two-unit configuration offers a straightforward residential income format with similar unit layouts.
Located at 1511 8th Avenue in Rockford, the property is in ZIP code 61104. Tenants pay utilities, and the two-unit configuration offers a straightforward residential income format with similar unit layouts.
Key Highlights
- Two‑unit duplex with similar residences
- 2350 square feet
- Four bedrooms 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
$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
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
888
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
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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 - Both residences feature similar layouts, central air, and forced-air natural-gas heating.
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: Two‑unit duplex with similar residences; 2350 square feet; Four bedrooms and two bathrooms
