Updated 3-Unit
For Sale
$237,000
Pending
2910 Chatham Ln., Rockford, IL 61101
MULTIFAMILY, ROCKFORD, IL
Property Size3,750 SF
Days on Market93
Property Features for 2910 Chatham Ln.
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 2, Bathroom 3, Bedroom 3, Bedroom 5, Bathroom 5, Bathroom 1, Bedroom 7, Bedroom 6, Bedroom 1, Bathroom 4, Bedroom 4, Bedroom 2, Bedroom 8
Parking
3
Appliances
Refrigerator, Stove/Cooktop, Oven
Elementary school
Conklin Elementary
Middle school
West Middle
High school
Auburn High
Elementary school district
Rockford 205
Middle school district
Rockford 205
High school district
Rockford 205
Subdivision
Winnebago County
Standard status
Pending
APN
1110204005
Size
3,750 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
per title
Tax Annual Amount
2496
Legal Description
per title
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Amenities
fully fenced shared backyard
Building Details
Year built
1800
Floors in Building
1
Number of units
3
Roof type
Shingle
Listing Agency:
Keller Williams Realty Signature
(815) 315-1111
Listed By:
Amela Ahmetovic · License #475193492
(815) 985-5761
Added: Jun 4
Changed: Sep 2
Last Checked: Sep 4 at 5:06PM
MLS# 202603272
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 3-unit multifamily property contains 3,750 square feet and combines two 3-bedroom/1.5-bath units with one 2-bedroom/1-bath unit. Interior updates include new flooring in two units, while newer windows serve all three residences. Two units also have new water heaters. The building has a shingle roof, natural gas heating, central air, and kitchens equipped with refrigerators, stoves/cooktops, and ovens.
A fully fenced shared backyard provides outdoor space for residents. The property is located at 2910 Chatham Ln. in Rockford, Illinois, within ZIP Code 61101.
A fully fenced shared backyard provides outdoor space for residents. The property is located at 2910 Chatham Ln. in Rockford, Illinois, within ZIP Code 61101.
Key Highlights
- 3,750‑square‑foot triplex with two 3‑bedroom/1.5‑bath units and one 2‑bedroom/1‑bath unit
- New flooring in two units and newer windows throughout all units
- New water heaters 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
Lease Details
3
Residential units
Yes
Fenced yard
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units offer refreshed interiors, newer windows, and a shared fenced backyard.
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 two 3‑bedroom/1.5‑bath units and one 2‑bedroom/1‑bath unit; New flooring in two units and newer windows throughout all units; New water heaters installed in two units
