5-Unit Townhouse-Style Apartment
New
For Sale
$685,000
2311 23rd Street, Rockford, IL 61108
MULTIFAMILY, ROCKFORD, IL
Property Size6,400 SF
Price / SF$107.03
Days on Market2
Property Features for 2311 23rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
15
Bathrooms
10
Full bathrooms
10
Rooms
Bedroom 5, Bathroom 2, Bathroom 4, Bedroom 11, Bedroom 2, Bedroom 14, Bathroom 8, Bathroom 6, Bedroom 9, Bathroom 3, Bathroom 5, Bedroom 8, Bedroom 10, Bedroom 7, Bathroom 10, Bedroom 3, Bedroom 13, Bedroom 15, Basement, Bedroom 6, Bathroom 7, Bedroom 1, Bedroom 4, Bedroom 12, Bathroom 1, Bathroom 9
Parking
5
Appliances
Refrigerator, Stove/Cooktop
Elementary school
Whitehead Elementary
Middle school
Bernard W Flinn Middle
High school
Rockford East High
Elementary school district
Rockford 205
Middle school district
Rockford 205
High school district
Rockford 205
Subdivision
Winnebago County
Standard status
Active
APN
1231302027
Size
6,400 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
S 100 FT N 722.75 FT E 222.2 FT PT W1/2 SW1/4 SEC: 31 TWP: 044 RANGE: 002 ACRES: 0.50
Tax Annual Amount
10543
Legal Description
S 100 FT N 722.75 FT E 222.2 FT PT W1/2 SW1/4 SEC: 31 TWP: 044 RANGE: 002 ACRES: 0.50
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Year built
1966
Floors in Building
2
Number of units
5
Roof type
Shingle
Listing Agency:
Keller Williams Realty Signature
(815) 315-1111
Listed By:
Milena Cojkic · License #475183591
(630) 936-7057
Added: Aug 25
Changed: Aug 26
Last Checked: Aug 26 at 9:06AM
MLS# 202605345
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 5-unit apartment property contains 6,400 square feet in a townhouse-style configuration. Each residence includes 3 bedrooms, 1.5 bathrooms, a private basement with laundry hookups, and a fenced patio. Two units are currently vacant. Onsite parking serves the property, while refrigerators and stove/cooktops are included in the unit improvements.
Building systems include forced-air natural-gas heating and central air conditioning. Recent updates include newer HVAC systems, central air units, and some newer water heaters. Electrical service is equipped with circuit breakers, and the building has a shingle roof. Constructed in 1966, the property is located at 2311 23rd Street in Rockford, near shopping, everyday amenities, and highway access.
Building systems include forced-air natural-gas heating and central air conditioning. Recent updates include newer HVAC systems, central air units, and some newer water heaters. Electrical service is equipped with circuit breakers, and the building has a shingle roof. Constructed in 1966, the property is located at 2311 23rd Street in Rockford, near shopping, everyday amenities, and highway access.
Key Highlights
- 5‑unit apartment property with 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 = 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
$36,495
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
5.33%
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%
$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
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
$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 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%
$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 5.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.70M
$1.49M – $1.99M
NOI $119,163 @ 7.0% cap · market cap 17.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with private basements, fenced patios, onsite parking, and two vacant units.
Where is this apartment building located?
The property is located at 2311 23rd Street Rockford, IL.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: 5‑unit apartment property with 6,400 square feet; Each unit offers 3 bedrooms and 1.5 bathrooms; Private basement with laundry hookups in every unit
