Renovated 2-Unit
New
For Sale
$280,000
2228-2230 10th Street, Rockford, IL 61104
MULTIFAMILY, ROCKFORD, IL
Property Size3,564 SF
Price / SF$78.56
Days on Market1
Property Features for 2228-2230 10th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Basement, Bedroom 2, Bedroom 4, Bedroom 1
Parking
4
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
1136305007
Size
3,564 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
UNION PARK SUBD LOT 014 BLOCK 005
Tax Annual Amount
2935
Legal Description
UNION PARK SUBD LOT 014 BLOCK 005
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
eXp Realty
(888) 574-9405
Listed By:
Mirna Guzman · License #475194001
(815) 209-3024
Added: Sep 1
Last Checked: Sep 1 at 8:06PM
MLS# 202605523
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 3,564-square-foot duplex contains two fully renovated residences, each with two bedrooms, two full bathrooms, and a separate office or den. Improvements include new electrical, plumbing, furnaces, windows, flooring, kitchens, bathrooms, fixtures, and interior finishes. The units feature open living areas, original brick fireplaces, updated kitchens with white cabinetry, expanded counter space, contemporary lighting, and breakfast-bar seating. Separate utilities serve each unit, while forced-air heating, central air, and a shingle roof support the property’s core systems.
Built in 1920, the property is located at 2228-2230 10th Street in Rockford, near downtown Rockford, the Midtown/East State Street corridor, shopping, dining, schools, and UW Hospital. The two-unit layout supports an owner-occupant arrangement, extended-family use, or leasing both residences.
Built in 1920, the property is located at 2228-2230 10th Street in Rockford, near downtown Rockford, the Midtown/East State Street corridor, shopping, dining, schools, and UW Hospital. The two-unit layout supports an owner-occupant arrangement, extended-family use, or leasing both residences.
Key Highlights
- Two‑unit duplex with 3,564 square feet
- Each unit includes 2 bedrooms, 2 full bathrooms, and a separate office or den
- Extensive updates include electrical, plumbing, furnaces, windows, flooring, kitchens, and bathrooms
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
$23,328
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
8.33%
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%
$466,560
$466.6K
Cap Rate 7%
$333,257
$333.3K
Cap Rate 9%
$259,200
$259.2K
Market Conditions
NOI Build-Up for 3,564 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
$34.6K $9.72/SF
− Vacancy
−$1.3K −$0.37/SF
EGI
$33.3K $9.35/SF
− OpEx
−$10.0K −$2.81/SF
NOI
$23.3K $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%
$466,560
Cap Rate 7%
$333,257
Cap Rate 9%
$259,200
Alternative Uses
Best Use
Multifamily LT 5
$333.3K
$291.6K – $388.8K
NOI $23,328 @ 7.0% cap · market cap 8.33%
Second Best
Apartment 5plus
$290.3K
$254.0K – $338.7K
NOI $20,323 @ 7.0% cap · market cap 7.26%
Theoretical Best
Office A
$948.0K
$829.5K – $1.11M
NOI $66,359 @ 7.0% cap · market cap 23.70%
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
431
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 updated residences offer two bedrooms, two full baths, and a separate office or den apiece.
Where is this duplex located?
The property is located at 2228-2230 10th Street Rockford, IL.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: Two‑unit duplex with 3,564 square feet; Each unit includes 2 bedrooms, 2 full bathrooms, and a separate office or den; Extensive updates include electrical, plumbing, furnaces, windows, flooring, kitchens, and bathrooms
