Updated Two-Unit
For Sale
$159,900
Pending
203 Ogilby Rd, Rockford, IL 61102
Major building systems have been replaced or updated, including windows, porches, siding, furnaces, panels, and water heaters.
Property Size2,234 SF
Days on Market20
Property Features for 203 Ogilby Rd
General Information
Standard status
Pending
Size
2,234 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,607
Listing Agency:
Key Realty, Inc
Listed By:
Kristina Campbell · License #475126050
(815) 979-5936
Source:
Exprealty
Added: Aug 25
Changed: Sep 6
Last Checked: Sep 13 at 11:03AM
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 Key Realty, Inc
Investment Insights
Based on property information with market context.
Located at 203 Ogilby Rd in Rockford, this duplex contains two residential units, each with two bedrooms, one bathroom, and spacious living areas. The property’s layout supports separate occupancy while maintaining a consistent unit configuration throughout.
Recent and newer improvements include windows, porches, siding, the roof, furnaces, electrical panels, and water heaters. Each unit has its own furnace, electrical panel, and water heater, providing updated core systems across both sides of the building.
Recent and newer improvements include windows, porches, siding, the roof, furnaces, electrical panels, and water heaters. Each unit has its own furnace, electrical panel, and water heater, providing updated core systems across both sides of the building.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bath per unit
- Each unit includes generous living space
- New windows, porches, and siding
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
$14,623
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
9.15%
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%
$292,460
$292.5K
Cap Rate 7%
$208,900
$208.9K
Cap Rate 9%
$162,478
$162.5K
Market Conditions
NOI Build-Up for 2,234 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
$21.7K $9.72/SF
− Vacancy
−$825 −$0.37/SF
EGI
$20.9K $9.35/SF
− OpEx
−$6.3K −$2.81/SF
NOI
$14.6K $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%
$292,460
Cap Rate 7%
$208,900
Cap Rate 9%
$162,478
Alternative Uses
Best Use
Multifamily LT 5
$208.9K
$182.8K – $243.7K
NOI $14,623 @ 7.0% cap · market cap 9.15%
Second Best
Apartment 5plus
$182.0K
$159.2K – $212.3K
NOI $12,739 @ 7.0% cap · market cap 7.97%
Theoretical Best
Office A
$594.2K
$519.9K – $693.3K
NOI $41,595 @ 7.0% cap · market cap 26.01%
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
212
Businesses Nearby
Explore this area
Business Placement
Demographics for 61102, IL
17,281
Population
7,386
Households
2.3
Avg Household Size
36
Median Age
8%
College-Educated
78%
High-School Grad
34.1 sq mi
ZIP Area
507
Density / Sq Mi
$42,506
Median Household Income
$28,790
Median Earnings
$850
Median Rent
$95,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Major building systems have been replaced or updated, including windows, porches, siding, furnaces, panels, and water heaters.
Where is this duplex located?
The property is located at 203 Ogilby Rd Rockford, IL.
What is the asking price?
The asking price for this property is $159,900.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bath per unit; Each unit includes generous living space; New windows, porches, and siding
