Remodeled Brick
New
For Sale
$188,500
2304 17th Avenue, Rockford, IL 61104
Two residential units feature updated kitchens and baths, storage areas, and off-street parking.
Property Size2,000 SF
Price / SF$94.25
Days on Market2
Property Features for 2304 17th Avenue
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
off-street parking
separate lockable storage areas
Natural Gas
Building Details
Year Built
1913
Construction
brick
Listing Agency:
Real Broker LLC
Listed By:
Christine Smith · License #475152617
(815) 978-6519
Source:
Kw
Added: Sep 6
Last Checked: Sep 6 at 2:46PM
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 Real Broker LLC
Investment Insights
Based on property information with market context.
This two-family brick property contains 2,000 SF of residential space and was built in 1913. Interior improvements include renovated kitchens and bathrooms, mostly replaced windows, substantial concrete work, and a sump pump installation. An enclosed rear staircase improves circulation, while the lower level provides separate lockable storage for each unit along with shared common space.
The property includes off-street parking and additional street parking. Natural gas service is present, and the layout supports separate residential units with dedicated storage areas. Located at 2304 17th Avenue in Rockford, the building offers a combination of updated interiors, functional lower-level space, and parking accommodations.
The property includes off-street parking and additional street parking. Natural gas service is present, and the layout supports separate residential units with dedicated storage areas. Located at 2304 17th Avenue in Rockford, the building offers a combination of updated interiors, functional lower-level space, and parking accommodations.
Key Highlights
- 2,000 SF brick duplex built in 1913
- Renovated kitchens and bathrooms in both residential units
- Mostly new windows, major concrete work, and sump pump installation
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
$13,091
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
6.94%
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%
$261,820
$261.8K
Cap Rate 7%
$187,014
$187.0K
Cap Rate 9%
$145,456
$145.5K
Market Conditions
NOI Build-Up for 2,000 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
$19.4K $9.72/SF
− Vacancy
−$739 −$0.37/SF
EGI
$18.7K $9.35/SF
− OpEx
−$5.6K −$2.81/SF
NOI
$13.1K $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%
$261,820
Cap Rate 7%
$187,014
Cap Rate 9%
$145,456
Alternative Uses
Best Use
Multifamily LT 5
$187.0K
$163.6K – $218.2K
NOI $13,091 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$162.9K
$142.6K – $190.1K
NOI $11,405 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$532.0K
$465.5K – $620.6K
NOI $37,238 @ 7.0% cap · market cap 19.75%
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
361
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature updated kitchens and baths, storage areas, and off-street parking.
Where is this duplex located?
The property is located at 2304 17th Avenue Rockford, IL.
What is the asking price?
The asking price for this property is $188,500.
What are key features of this property?
This property features: 2,000 SF brick duplex built in 1913; Renovated kitchens and bathrooms in both residential units; Mostly new windows, major concrete work, and sump pump installation
