Updated 2-Unit
New
For Sale
$159,900
203 Ogilby Road, Rockford, IL 61102
MULTIFAMILY, ROCKFORD, IL
Property Size2,234 SF
Price / SF$71.58
Days on Market2
Property Features for 203 Ogilby Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 2, Bedroom 1, Bathroom 2, Basement, Bedroom 3, Bedroom 4
Parking
2
Elementary school
Julia Lathrop Elementary
Middle school
Rockford Enviromental Science Academy
High school
Jefferson High
Elementary school district
Rockford 205
Middle school district
Rockford 205
High school district
Rockford 205
Subdivision
Winnebago County
Standard status
Active
APN
1134203007
Size
2,234 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
BUSKEYS SUBD BNG A SUB OF PT OF LOTS 25-26-27 OF ASSRS PLAT OF SEC 34 + 35-44-1 LOT 004
Tax Annual Amount
2607
Legal Description
BUSKEYS SUBD BNG A SUB OF PT OF LOTS 25-26-27 OF ASSRS PLAT OF SEC 34 + 35-44-1 LOT 004
Utilities
Heating system
Forced Air
Building Details
Year built
1925
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
Key Realty, Inc
(815) 713-1100
Listed By:
Kristina Campbell · License #475126050
(815) 979-5936
Added: Aug 25
Last Checked: Aug 26 at 10:06AM
MLS# 202605355
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 2,234-square-foot duplex at 203 Ogilby Road in Rockford, Illinois, contains two units, each with two bedrooms and one bathroom. The property includes a basement, forced-air heating, and a shingle roof, and was built in 1925.
Recent property improvements include new windows, porches, and siding, along with a newer roof. Each unit is also served by a new furnace, updated electrical panel, and new water heater. The two-unit configuration provides separate residential spaces within a single multifamily property.
Recent property improvements include new windows, porches, and siding, along with a newer roof. Each unit is also served by a new furnace, updated electrical panel, and new water heater. The two-unit configuration provides separate residential spaces within a single multifamily property.
Key Highlights
- Two‑unit duplex with 2,234 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- 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
Property Profile
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
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 - Rockford income property with two two-bedroom units and extensive recent system upgrades.
Where is this duplex located?
The property is located at 203 Ogilby Road 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 2,234 square feet; Each unit includes 2 bedrooms and 1 bathroom; New windows, porches, and siding
