5-Unit Townhouse-Style Apartment
2311 23rd Street, Rockford, IL 61108
For Sale
$625,000
Pending
MULTIFAMILY, ROCKFORD, IL
Property Size6,400 SF
Days on Market80
Property Features for 2311 23rd Street
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Appliances
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Subdivision
Standard status
APN
Size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Heating system
Cooling system
Amenities
private basement with laundry hookups
fenced-in patio area
onsite parking
central air
Building Details
Year built
Floors in Building
Number of units
Roof type
Listing Agency:
Keller Williams Realty Signature
(815) 315-1111
Listed By:
Milena Cojkic · License IL #475183591
(630) 936-7057
Added: Aug 25
Changed: Oct 27
Last Checked: Nov 12 at 7:06PM
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.
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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 / 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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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
$128,300
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Winnebago County, IL
Properties on Market for Apartment buildings in Winnebago County
Vacancy Rate% for Multifamily in Midwest region
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 $625,000.
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
