Remodeled Duplex with
For Sale
$199,900
1619 Charles St, Rockford, IL 61104
Two residential units offer multi-level layouts, updated interiors, central air, and on-site parking near transportation and area amenities.
Property Size2,916 SF
Price / SF$68.55
Days on Market15
Property Features for 1619 Charles St
General Information
Standard status
Active
Size
2,916 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$1,767
Listing Agency:
Keller Williams Realty Signature
(815) 501-6623
Listed By:
Jeffrey Robertson
(815) 501-6623
Source:
Exprealty
Added: Aug 11
Changed: Aug 24
Last Checked: Aug 22 at 11:12AM
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 Keller Williams Realty Signature
Investment Insights
Based on property information with market context.
Built in 1910 and substantially renovated, this duplex contains approximately 2900 square feet across 3 finished floors plus a full basement. The lower unit includes 3 bedrooms, a living room, dining room, and full bath. The upper residence spans two levels and provides 4 bedrooms, separate living and dining rooms, and a full bath, with two bedrooms located on the third floor. New central air and on-site parking add practical functionality for both occupants.
The property is located on Charles Street in Rockford, near public transportation, Swedish American Hospital, retail stores, restaurants, and downtown events. Its two-unit configuration and distinct interior layouts support continued residential use, including owner occupancy or leasing both units.
The property is located on Charles Street in Rockford, near public transportation, Swedish American Hospital, retail stores, restaurants, and downtown events. Its two-unit configuration and distinct interior layouts support continued residential use, including owner occupancy or leasing both units.
Key Highlights
- Approximately 2900 square feet with 3 finished floors and a full basement
- Two‑unit duplex with 3 bedrooms in one unit and 4 bedrooms in the other
- Upper unit spans two stories, including 2 bedrooms on the third floor
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
$16,628
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
8.32%
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%
$332,560
$332.6K
Cap Rate 7%
$237,543
$237.5K
Cap Rate 9%
$184,756
$184.8K
Market Conditions
NOI Build-Up for 2,916 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
$31.5K $10.80/SF
− Vacancy
−$1.3K −$0.43/SF
EGI
$30.2K $10.37/SF
− OpEx
−$13.6K −$4.67/SF
NOI
$16.6K $5.70/SF
Area
Rockford, IL
Vacancy
4.00%
Lease Rate
$10.80 /SF/Yr
Expense Ratio
45.00%
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%
$332,560
Cap Rate 7%
$237,543
Cap Rate 9%
$184,756
Alternative Uses
Best Use
Multifamily LT 5
$272.7K
$238.6K – $318.1K
NOI $19,087 @ 7.0% cap · market cap 9.55%
Second Best
Apartment 5plus
$237.5K
$207.9K – $277.1K
NOI $16,628 @ 7.0% cap · market cap 8.32%
Theoretical Best
Office A
$775.6K
$678.7K – $904.9K
NOI $54,294 @ 7.0% cap · market cap 27.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,164
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 residential units offer multi-level layouts, updated interiors, central air, and on-site parking near transportation and area amenities.
Where is this duplex located?
The property is located at 1619 Charles St Rockford, 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: Approximately 2900 square feet with 3 finished floors and a full basement; Two‑unit duplex with 3 bedrooms in one unit and 4 bedrooms in the other; Upper unit spans two stories, including 2 bedrooms on the third floor
