Updated Two-Family
New
For Sale
$162,000
229 Forest Avenue, Rockford, IL 61101
MULTI_FAMILY - ROCKFORD, IL
Property Size1,818 SF
Price / SF$89.11
Days on Market3
Property Features for 229 Forest Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 3, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 4, Basement
Parking
2
Appliances
Refrigerator, Stove/Cooktop
Elementary school
Lewis Lemon Elementary
Middle school
Kennedy Middle
High school
Auburn High
Elementary school district
Rockford 205
Middle school district
Rockford 205
High school district
Rockford 205
Subdivision
Winnebago County
Standard status
Active
APN
1122130011
Size
1,818 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
Legal Descriptions- DICKERMAN + HOPKINS SUBD PT NW 1/4 SEC 22-44-1 LOT 010 BLOCK 001
Tax Annual Amount
1187
Legal Description
Legal Descriptions- DICKERMAN + HOPKINS SUBD PT NW 1/4 SEC 22-44-1 LOT 010 BLOCK 001
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
Gambino Realtors
(815) 623-3333
Listed By:
Aimee Leon · License #475201058
(815) 516-7879
Added: Aug 6
Changed: Aug 7
Last Checked: Aug 8 at 10:06PM
MLS# 202604879
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 1,818-square-foot duplex in Rockford contains two residential units with separate entrances and living areas. The main-level apartment has three bedrooms, one full bathroom, a living room, and a kitchen. The upper apartment provides two bedrooms, one full bathroom, a living room, and a kitchen. Both units include refrigerators and stove/cooktops.
Property improvements include a shingle roof installed in 2025, updated windows, new flooring, and fresh paint. Natural gas forced-air heating serves the building, while separate gas and electric utilities support each unit. The property is currently vacant and offered as-is.
Property improvements include a shingle roof installed in 2025, updated windows, new flooring, and fresh paint. Natural gas forced-air heating serves the building, while separate gas and electric utilities support each unit. The property is currently vacant and offered as-is.
Key Highlights
- Two‑unit duplex with 1,818 square feet
- Main‑floor unit has 3 bedrooms and 1 full bath
- Upper unit includes 2 bedrooms and 1 full 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
$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
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant duplex with separate utilities, refreshed interiors, and two distinct residential units.
Where is this duplex located?
The property is located at 229 Forest Avenue 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‑unit duplex with 1,818 square feet; Main‑floor unit has 3 bedrooms and 1 full bath; Upper unit includes 2 bedrooms and 1 full bath
