Brick Triplex with Unfinished
For Sale
$235,000
221 Rome Avenue, Rockford, IL 61107
Three-unit brick multifamily property with varied unit sizes, an unfinished basement, and proximity to downtown Rockford amenities.
Property Size2,688 SF
Price / SF$87.43
Days on Market161
Property Features for 221 Rome Avenue
General Information
Standard status
Active
Size
2,688 SF
Property subtype
Multi Family / 3 - 4 Units
Units
Unit Mix
2 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,387
Amenities
Hot Water/Steam
Yes
Gas
Refrigerator, Stove/Cooktop
No
Rubber, Shingle
Brick/Stone
Building Details
Year Built
1920
Buildings
1
Units
3
Construction
colonial
Listing Agency:
Realty of America, LLC
Listed By:
Nara Dashravdan · License #475195030
Source:
Compass
Added: Mar 23
Changed: Aug 30
Last Checked: Aug 30 at 6:42AM
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 Realty of America, LLC
Investment Insights
Based on property information with market context.
Built in 1920, this 2,688-square-foot brick triplex contains two one-bedroom, one-bath units on the main level and an upper two-bedroom, one-bath unit. The upper residence is described as convertible to three bedrooms. The property also includes a full unfinished basement for storage and additional utility space. Interior features include hot water/steam heat, gas service, a refrigerator, and a stove or cooktop. The building is offered as-is.
The property is near downtown Rockford, Swedish hospitals, shopping, and restaurants. Its three-unit configuration and differing layouts provide a compact multifamily asset with established residential functionality and additional basement space.
The property is near downtown Rockford, Swedish hospitals, shopping, and restaurants. Its three-unit configuration and differing layouts provide a compact multifamily asset with established residential functionality and additional basement space.
Key Highlights
- 2,688‑square‑foot triplex built in 1920
- Two 1‑bedroom, 1‑bath main‑level units
- Upper unit includes 2 bedrooms and 1 bath
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
$17,594
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
7.49%
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%
$351,880
$351.9K
Cap Rate 7%
$251,343
$251.3K
Cap Rate 9%
$195,489
$195.5K
Market Conditions
NOI Build-Up for 2,688 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
$26.1K $9.72/SF
− Vacancy
−$993 −$0.37/SF
EGI
$25.1K $9.35/SF
− OpEx
−$7.5K −$2.81/SF
NOI
$17.6K $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%
$351,880
Cap Rate 7%
$251,343
Cap Rate 9%
$195,489
Alternative Uses
Best Use
Multifamily LT 5
$251.3K
$219.9K – $293.2K
NOI $17,594 @ 7.0% cap · market cap 7.49%
Second Best
Apartment 5plus
$219.0K
$191.6K – $255.5K
NOI $15,328 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$715.0K
$625.6K – $834.1K
NOI $50,048 @ 7.0% cap · market cap 21.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
398
Businesses Nearby
Explore this area
Business Placement
Demographics for 61107, IL
30,722
Population
13,711
Households
2.2
Avg Household Size
42
Median Age
37%
College-Educated
93%
High-School Grad
14.9 sq mi
ZIP Area
2,062
Density / Sq Mi
$75,492
Median Household Income
$42,494
Median Earnings
$1,053
Median Rent
$165,200
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?
Triplex - Three-unit brick multifamily property with varied unit sizes, an unfinished basement, and proximity to downtown Rockford amenities.
Where is this triplex located?
The property is located at 221 Rome Avenue Rockford, IL.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: 2,688‑square‑foot triplex built in 1920; Two 1‑bedroom, 1‑bath main‑level units; Upper unit includes 2 bedrooms and 1 bath
