Brick Duplex on Corner
For Sale
Contact for pricing
224 N Prospect Street, Rockford, IL 61107
Two residential units feature fireplaces, built-ins, bay windows, and three-season porches.
Property Size3,000 SF
Price / SF$91.67
Days on Market197
Property Features for 224 N Prospect Street
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
2
Amenities
fireplace
built-ins
bay windows
dishwasher
hardwood flooring
molding
three-season porch
central air conditioning
Building Details
Year Built
1920
Construction
all-brick
Listing Agency:
Berkshire Hathaway HomeService
Listed By:
Andrew Kordash
Source:
Crexi
Added: Feb 16
Changed: Aug 29
Last Checked: Aug 31 at 9:22AM
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 Berkshire Hathaway HomeService
Investment Insights
Based on property information with market context.
Built in 1920, this brick duplex at 224 N Prospect Street in Rockford, Illinois contains nearly 3,000 square feet across two residential units. The corner-lot property combines period detailing with practical features, including hardwood floors, classic molding, central air conditioning, and three-season porches.
Each unit includes a spacious living room with a fireplace and built-in cabinetry, along with a formal dining room accented by bay windows. Kitchens are equipped with dishwashers and generous counter space, creating a well-defined layout for everyday residential use.
Each unit includes a spacious living room with a fireplace and built-in cabinetry, along with a formal dining room accented by bay windows. Kitchens are equipped with dishwashers and generous counter space, creating a well-defined layout for everyday residential use.
Key Highlights
- Duplex at 224 N Prospect Street, Rockford, IL 61107
- Nearly 3,000 square feet of living space
- Built in 1920 with all‑brick construction
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
$19,636
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
7.14%
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%
$392,720
$392.7K
Cap Rate 7%
$280,514
$280.5K
Cap Rate 9%
$218,178
$218.2K
Market Conditions
NOI Build-Up for 3,000 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
$29.2K $9.72/SF
− Vacancy
−$1.1K −$0.37/SF
EGI
$28.1K $9.35/SF
− OpEx
−$8.4K −$2.81/SF
NOI
$19.6K $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%
$392,720
Cap Rate 7%
$280,514
Cap Rate 9%
$218,178
Alternative Uses
Best Use
Multifamily LT 5
$280.5K
$245.5K – $327.3K
NOI $19,636 @ 7.0% cap · market cap 7.14%
Second Best
Apartment 5plus
$244.4K
$213.8K – $285.1K
NOI $17,107 @ 7.0% cap · market cap 6.22%
Theoretical Best
Office A
$798.0K
$698.2K – $931.0K
NOI $55,858 @ 7.0% cap · market cap 20.31%
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
1,118
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?
Duplex - Two residential units feature fireplaces, built-ins, bay windows, and three-season porches.
Where is this duplex located?
The property is located at 224 N Prospect Street Rockford, IL.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Duplex at 224 N Prospect Street, Rockford, IL 61107; Nearly 3,000 square feet of living space; Built in 1920 with all‑brick construction
