Renovated Duplex with Finished
New
For Sale
$199,900
1619 Charles Street, Rockford, IL 61104
MULTI_FAMILY - ROCKFORD, IL
Property Size2,916 SF
Price / SF$68.55
Days on Market1
Property Features for 1619 Charles Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 6, Bedroom 5, Bedroom 7, Basement, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 4
Parking
4
Appliances
Refrigerator
Elementary school
District 205-RFD
Middle school
District 205-RFD
High school
District 205-RFD
Elementary school district
Rockford 205
Middle school district
Rockford 205
High school district
Rockford 205
Subdivision
Winnebago County
Standard status
Active
APN
1125177004
Size
2,916 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
W T ROBERTSONS ADDN W 22 FT LOT 1 E 22 FT LOT 2 + W 22 FT N 38 1/2 FT LT 8 + E 22 FT N 32 FT LOT 007 BLOCK 001
Tax Annual Amount
1767
Legal Description
W T ROBERTSONS ADDN W 22 FT LOT 1 E 22 FT LOT 2 + W 22 FT N 38 1/2 FT LT 8 + E 22 FT N 32 FT LOT 007 BLOCK 001
Utilities
Heating system
Forced Air, Natural Gas
Amenities
central air
Building Details
Year built
1910
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
Keller Williams Realty Signature
(815) 315-1111
Listed By:
Jeffrey Robertson · License #475132450
(815) 501-6623
Added: Aug 11
Last Checked: Aug 11 at 3:06PM
MLS# 202604991
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 2,916 square feet across 3 finished floors and a full basement. The first unit includes 3 bedrooms, a living room, dining room, and full bathroom. The second residence spans 2 levels and provides 4 bedrooms, a living room, dining room, and full bathroom, including 2 bedrooms on the third floor. The property was completely renovated and includes new central air conditioning, forced-air natural-gas heat, a shingle roof, and a refrigerator. Built in 1910, the building offers on-site parking and can accommodate an owner-occupant arrangement or leasing of both units.
The property is near public transportation, Swedish American Hospital, stores, restaurants, and downtown events. Its two-unit configuration and separate residential layouts provide flexibility for residential income use or combined occupancy.
The property is near public transportation, Swedish American Hospital, stores, restaurants, and downtown events. Its two-unit configuration and separate residential layouts provide flexibility for residential income use or combined occupancy.
Key Highlights
- 2,916‑square‑foot duplex with 3 finished floors and a full basement
- Renovated two‑unit property with 7 bedrooms and 2 full bathrooms
- Second unit spans 2 stories, with 2 bedrooms located 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
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,867
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-unit residential income property with flexible living arrangements, updated systems, and on-site parking.
Where is this duplex located?
The property is located at 1619 Charles Street 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: 2,916‑square‑foot duplex with 3 finished floors and a full basement; Renovated two‑unit property with 7 bedrooms and 2 full bathrooms; Second unit spans 2 stories, with 2 bedrooms located on the third floor
