Updated Two-Unit
For Sale
$162,000
229 Forest Ave, Rockford, IL 61101
Vacant two-family property with refreshed interiors and separately metered gas and electric utilities.
Property Size1,818 SF
Price / SF$89.11
Days on Market8
Property Features for 229 Forest Ave
General Information
Standard status
Active
Size
1,818 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$1,187
Listing Agency:
Gambino Realtors
(815) 516-7879
Listed By:
Aimee Leon · License #475201058
(815) 516-7879
Source:
Exprealty
Added: Aug 6
Changed: Aug 13
Last Checked: Aug 13 at 3:38AM
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 Gambino Realtors
Investment Insights
Based on property information with market context.
This two-unit residential income property contains a main-floor residence with three bedrooms, one full bathroom, a living room, and a kitchen. The upper residence provides two bedrooms, one full bathroom, a living room, and a kitchen. Total property size is 1,818, with both units currently vacant and ready for occupancy.
Recent improvements include a roof installed in 2025, new flooring, fresh paint, and updated windows throughout. Separate gas and electric utilities serve the property. The property is being sold AS IS.
Recent improvements include a roof installed in 2025, new flooring, fresh paint, and updated windows throughout. Separate gas and electric utilities serve the property. The property is being sold AS IS.
Key Highlights
- Two‑family property with 3‑bedroom main‑floor unit and 2‑bedroom upper unit
- 1,818 total property size
- New roof installed in 2025
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
$11,900
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
7.35%
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%
$238,000
$238.0K
Cap Rate 7%
$170,000
$170.0K
Cap Rate 9%
$132,222
$132.2K
Market Conditions
NOI Build-Up for 1,818 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
$17.7K $9.72/SF
− Vacancy
−$671 −$0.37/SF
EGI
$17.0K $9.35/SF
− OpEx
−$5.1K −$2.81/SF
NOI
$11.9K $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%
$238,000
Cap Rate 7%
$170,000
Cap Rate 9%
$132,222
Alternative Uses
Best Use
Multifamily LT 5
$170.0K
$148.8K – $198.3K
NOI $11,900 @ 7.0% cap · market cap 7.35%
Second Best
Apartment 5plus
$148.1K
$129.6K – $172.8K
NOI $10,367 @ 7.0% cap · market cap 6.40%
Theoretical Best
Office A
$483.6K
$423.1K – $564.2K
NOI $33,850 @ 7.0% cap · market cap 20.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
475
Businesses Nearby
Explore this area
Business Placement
Demographics for 61101, IL
19,784
Population
9,005
Households
2.2
Avg Household Size
37
Median Age
15%
College-Educated
80%
High-School Grad
41.5 sq mi
ZIP Area
477
Density / Sq Mi
$45,260
Median Household Income
$30,061
Median Earnings
$975
Median Rent
$89,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Vacant two-family property with refreshed interiors and separately metered gas and electric utilities.
Where is this duplex located?
The property is located at 229 Forest Ave Rockford, IL.
What is the asking price?
The asking price for this property is $162,000.
What are key features of this property?
This property features: Two‑family property with 3‑bedroom main‑floor unit and 2‑bedroom upper unit; 1,818 total property size; New roof installed in 2025
