5-Unit Townhouse-Style Apartment
For Sale
$685,000
2311 23rd St, Rockford, IL 61108
Well-maintained multifamily property with private basements, patios, laundry hookups, and onsite parking.
Property Size6,400 SF
Price / SF$107.03
Days on Market9
Property Features for 2311 23rd St
General Information
Standard status
Active
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
Listed By:
Milena Cojkic · License #475183591
(630) 936-7057
Source:
Exprealty
Added: Aug 25
Changed: Sep 1
Last Checked: Sep 1 at 9:51PM
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
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 = 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
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
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 - 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 $685,000.
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
