5-Unit Townhouse-Style Apartment
For Sale
$625,000
Pending
2311 23rd St, Rockford, IL 61108
Well-maintained multifamily property with private basements, patios, laundry hookups, and onsite parking.
Property Size6,400 SF
Days on Market56
Property Features for 2311 23rd St
General Information
Standard status
Pending
Size
6,400 SF
Property subtype
Residential Income
Occupancy
60%
Units
Unit Mix
5 x 3BR/1.5BA
Multifamily Units
5
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$10,543
Amenities
private basement
laundry hookups
fenced-in patio area
central air
Building Details
Construction
townhouse-style
Listing Agency:
Keller Williams Realty Signature
(815) 315-1111
Listed By:
Milena Cojkic · License #475183591
(630) 936-7057
Source:
Exprealty
Added: Aug 25
Changed: Oct 16
Last Checked: Oct 19 at 7:34AM
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 Keller Williams Realty Signature
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Investment Insights
Based on property information with market context.
Located at 2311 23rd St in Rockford, IL, this 6,400-square-foot apartment building contains five townhouse-style units. Each residence includes 3 bedrooms, 1.5 bathrooms, a private basement with laundry hookups, and a fenced-in patio area. Onsite parking serves the property, while circuit breakers are installed in every unit.
Recent property improvements include newer HVAC systems, central air units, and some newer water heaters. Preventive maintenance has been completed over time, and two units are currently vacant. The property is near shopping and everyday amenities, with convenient highway access adding to its accessibility.
Recent property improvements include newer HVAC systems, central air units, and some newer water heaters. Preventive maintenance has been completed over time, and two units are currently vacant. The property is near shopping and everyday amenities, with convenient highway access adding to its accessibility.
Key Highlights
- Five townhouse‑style apartment units totaling 6,400 square feet
- Each unit offers 3 bedrooms and 1.5 bathrooms
- Private basement with laundry hookups in every unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,495
Cap Rate
5.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$729,900
$729.9K
Cap Rate 7%
$521,357
$521.4K
Cap Rate 9%
$405,500
$405.5K
Market Conditions
NOI Build-Up for 6,400 SF
Gross rent
$69.1K $10.80/SF
− Vacancy
−$2.8K −$0.43/SF
EGI
$66.4K $10.37/SF
− OpEx
−$29.9K −$4.67/SF
NOI
$36.5K $5.70/SF
Area
Rockford, IL
Vacancy
4.00%
Lease Rate
$10.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$729,900
Cap Rate 7%
$521,357
Cap Rate 9%
$405,500
Alternative Uses
Best Use
Apartment 5plus
$521.4K
$456.2K – $608.3K
NOI $36,495 @ 7.0% cap · market cap 5.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.70M
$1.49M – $1.99M
NOI $119,163 @ 7.0% cap · market cap 19.07%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
5
Residential units
60%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
186
Businesses Nearby
Explore this area
Business Placement
Demographics for 61108, IL
29,660
Population
12,650
Households
2.3
Avg Household Size
39
Median Age
24%
College-Educated
87%
High-School Grad
10.9 sq mi
ZIP Area
2,721
Density / Sq Mi
$63,046
Median Household Income
$34,856
Median Earnings
$986
Median Rent
$128,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained multifamily property with private basements, patios, laundry hookups, and onsite parking.
Where is this apartment building located?
The property is located at 2311 23rd St Rockford, IL.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Five townhouse‑style apartment units totaling 6,400 square feet; Each unit offers 3 bedrooms and 1.5 bathrooms; Private basement with laundry hookups in every unit
