Two-Unit Residential Income
For Sale
$169,999
Pending
2706 School Street, Rockford, IL 61101
Well-maintained two-family residence with two 2-bed, 1-bath units, hardwood floors, and separately metered utilities.
Property Size2,240 SF
Days on Market52
Property Features for 2706 School Street
General Information
Standard status
Pending
Size
2,240 SF
Total Parking Spaces
2
Property subtype
Multi Family / 2 Units
Additional Details
Multifamily Units
2
Building Details
Year Built
1958
Listing Agency:
Smart Home Realty
(815) 900-9575
Listed By:
Jeanette Solis · License #471022788
(815) 900-9575
Source:
Compass
Added: Jun 9
Changed: Jul 21
Last Checked: Jul 30 at 1:37PM
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 Smart Home Realty
Investment Insights
Based on property information with market context.
This well-maintained two-family residence offers two separate living units, each with a 2-bedroom, 1-bath layout. Both units feature hardwood flooring and abundant natural light. The property includes a generous yard and a shared two-car garage, with separately metered gas and electric utilities for each unit. Recent improvements include new water heaters installed in 2024.
The building is located at 2706 School Street in Rockford, IL 61101.
From a configuration standpoint, the home is set up as a true two-unit residential income property with individual metering and a shared garage, supporting straightforward separation between the two units.
The building is located at 2706 School Street in Rockford, IL 61101.
From a configuration standpoint, the home is set up as a true two-unit residential income property with individual metering and a shared garage, supporting straightforward separation between the two units.
Key Highlights
- Two‑family residence built in 1958 with two 2‑bedroom, 1‑bath units
- Each unit features hardwood flooring and abundant natural light
- Full basement and forced‑air heating with natural gas
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $21.8k | $9.72 |
| − Vacancy | −$827 | −$0.37 |
| EGI | $20.9k | $9.35 |
| − OpEx | −$6.3k | −$2.81 |
| NOI | $14.7k | $6.55 |
2,240 SF · lease $9.72/SF/yr · vacancy 3.80% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$209.5K
$183.3K – $244.4K
NOI $14,662 @ 7.0% cap · market cap 8.62%
Second Best
Apartment 5plus
$182.5K
$159.7K – $212.9K
NOI $12,773 @ 7.0% cap · market cap 7.51%
Theoretical Best
Office A
$595.8K
$521.3K – $695.1K
NOI $41,707 @ 7.0% cap · market cap 24.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
545
Businesses Nearby
Explore this area
Business Placement
Demographics for 61101, IL
19,784
Population
9,005
Households
2.2
Avg Household Size
37
Median Age
15%
College-Educated
80%
High-School Grad
41.5 sq mi
ZIP Area
477
Density / Sq Mi
$45,260
Median Household Income
$30,061
Median Earnings
$975
Median Rent
$89,800
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?
Duplex - Well-maintained two-family residence with two 2-bed, 1-bath units, hardwood floors, and separately metered utilities.
Where is this duplex located?
The property is located at 2706 School Street Rockford, IL.
What is the asking price?
The asking price for this property is $169,999.
What are key features of this property?
This property features: Two‑family residence built in 1958 with two 2‑bedroom, 1‑bath units; Each unit features hardwood flooring and abundant natural light; Full basement and forced‑air heating with natural gas
