Three-Unit Multifamily
For Sale
$237,000
Pending
2910 Chatham Ln, Rockford, IL 61101
A three-unit residential configuration includes both two- and three-bedroom floor plans.
Property Size3,750 SF
Days on Market89
Property Features for 2910 Chatham Ln
General Information
Standard status
Pending
Size
3,750 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$2,496
Listing Agency:
Keller Williams Realty Signature
(815) 985-5761
Listed By:
Amela Ahmetovic · License #475193492
(815) 985-5761
Source:
Exprealty
Added: Jun 5
Changed: Aug 30
Last Checked: Aug 31 at 7:49PM
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.
This 3,750-square-foot triplex contains three residential units: two offer three bedrooms and 1.5 baths, while the third includes two bedrooms and one bath. Interior updates include new flooring in two units, newer windows throughout, and a newer roof. Two units also have new water heaters.
The property includes a fully fenced shared backyard that provides common outdoor space for residents. Located at 2910 Chatham Ln in Rockford, IL, the building combines varied unit layouts with several recent property improvements.
The property includes a fully fenced shared backyard that provides common outdoor space for residents. Located at 2910 Chatham Ln in Rockford, IL, the building combines varied unit layouts with several recent property improvements.
Key Highlights
- 3,750‑square‑foot triplex with three residential units
- Two units feature 3 bedrooms and 1.5 baths; one unit has 2 bedrooms and 1 bath
- New flooring installed in two units
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
$21,384
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
9.02%
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%
$427,680
$427.7K
Cap Rate 7%
$305,486
$305.5K
Cap Rate 9%
$237,600
$237.6K
Market Conditions
NOI Build-Up for 3,750 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
$40.5K $10.80/SF
− Vacancy
−$1.6K −$0.43/SF
EGI
$38.9K $10.37/SF
− OpEx
−$17.5K −$4.67/SF
NOI
$21.4K $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%
$427,680
Cap Rate 7%
$305,486
Cap Rate 9%
$237,600
Alternative Uses
Best Use
Multifamily LT 5
$350.6K
$306.8K – $409.1K
NOI $24,545 @ 7.0% cap · market cap 10.36%
Second Best
Apartment 5plus
$305.5K
$267.3K – $356.4K
NOI $21,384 @ 7.0% cap · market cap 9.02%
Theoretical Best
Office A
$997.5K
$872.8K – $1.16M
NOI $69,822 @ 7.0% cap · market cap 29.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
220
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - A three-unit residential configuration includes both two- and three-bedroom floor plans.
Where is this triplex located?
The property is located at 2910 Chatham Ln Rockford, IL.
What is the asking price?
The asking price for this property is $237,000.
What are key features of this property?
This property features: 3,750‑square‑foot triplex with three residential units; Two units feature 3 bedrooms and 1.5 baths; one unit has 2 bedrooms and 1 bath; New flooring installed in two units
