All-Brick Duplex with Renovated
For Sale
$225,000
Pending
2212 Canary Dr, Rockford, IL 61103
One residence is occupied month to month, while the other is vacant and prepared for a new tenant.
Property Size1,617 SF
Days on Market12
Property Features for 2212 Canary Dr
General Information
Standard status
Pending
Size
1,617 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,496
Building Details
Buildings
1
Construction
brick
Listing Agency:
DICKERSON & NIEMAN
Listed By:
Noah Meyer · License #475178232
(815) 978-8961
Source:
Exprealty
Added: Sep 3
Changed: Sep 11
Last Checked: Sep 13 at 11:43AM
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 DICKERSON & NIEMAN
Investment Insights
Based on property information with market context.
This 1,617-square-foot duplex is constructed with an all-brick exterior and includes two separate residential units. The east-side residence has undergone a full renovation with luxury vinyl plank flooring, vinyl windows, granite countertops, and stainless steel appliances. The west-side unit is in good condition and is occupied under a month-to-month tenancy.
Located at 2212 Canary Dr in Rockford, Illinois, the property has been maintained over time. The vacant east unit provides a separate residential space ready for leasing, while the occupied west unit offers an existing tenancy arrangement.
Located at 2212 Canary Dr in Rockford, Illinois, the property has been maintained over time. The vacant east unit provides a separate residential space ready for leasing, while the occupied west unit offers an existing tenancy arrangement.
Key Highlights
- 1,617‑square‑foot duplex with an all‑brick exterior
- East unit renovated with LVP flooring, vinyl windows, granite counters, and stainless steel appliances
- West unit occupied by a long‑term month‑to‑month tenant
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
$10,584
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
4.70%
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%
$211,680
$211.7K
Cap Rate 7%
$151,200
$151.2K
Cap Rate 9%
$117,600
$117.6K
Market Conditions
NOI Build-Up for 1,617 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
$15.7K $9.72/SF
− Vacancy
−$597 −$0.37/SF
EGI
$15.1K $9.35/SF
− OpEx
−$4.5K −$2.81/SF
NOI
$10.6K $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%
$211,680
Cap Rate 7%
$151,200
Cap Rate 9%
$117,600
Alternative Uses
Best Use
Multifamily LT 5
$151.2K
$132.3K – $176.4K
NOI $10,584 @ 7.0% cap · market cap 4.70%
Second Best
Apartment 5plus
$131.7K
$115.3K – $153.7K
NOI $9,221 @ 7.0% cap · market cap 4.10%
Theoretical Best
Office A
$430.1K
$376.3K – $501.8K
NOI $30,107 @ 7.0% cap · market cap 13.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
126
Businesses Nearby
Explore this area
Business Placement
Demographics for 61103, IL
23,294
Population
11,271
Households
2.1
Avg Household Size
40
Median Age
20%
College-Educated
87%
High-School Grad
16.3 sq mi
ZIP Area
1,429
Density / Sq Mi
$47,390
Median Household Income
$34,935
Median Earnings
$952
Median Rent
$114,800
Median Home Value
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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 - One residence is occupied month to month, while the other is vacant and prepared for a new tenant.
Where is this duplex located?
The property is located at 2212 Canary Dr Rockford, IL.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 1,617‑square‑foot duplex with an all‑brick exterior; East unit renovated with LVP flooring, vinyl windows, granite counters, and stainless steel appliances; West unit occupied by a long‑term month‑to‑month tenant
