Remodeled Quadplex With Attached
For Sale
$479,900
2942 La Salle Ave, Rockford, IL 61114
Four residential units combine private laundry, tenant storage, and below-building garage access.
Property Size3,368 SF
Price / SF$142.49
Days on Market20
Property Features for 2942 La Salle Ave
General Information
Standard status
Active
Size
3,368 SF
Total Parking Spaces
4
Property subtype
Residential Income
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,217
Amenities
in-unit laundry
storage spaces
Building Details
Year Built
1968
Year Renovated
2022
Buildings
1
Listing Agency:
DICKERSON & NIEMAN
(815) 218-3861
Listed By:
Peyton Hannah · License #475202122
(815) 218-3861
Source:
Exprealty
Added: Jul 31
Changed: Aug 16
Last Checked: Aug 19 at 11:53AM
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 DICKERSON & NIEMAN
Investment Insights
Based on property information with market context.
This four-unit residential property contains a total of 3,368 SF, with each apartment offering approximately 800 SF, two bedrooms, and one full bathroom. In-unit laundry serves every residence, while interior remodeling was completed in 2022. The building dates to 1968 and includes an attached four-car garage positioned beneath the apartments.
Tenant storage is provided through four individual spaces near the garage, with an additional storage closet available for on-site owner materials. The property is located at 2942 La Salle Ave in Rockford, Illinois.
Tenant storage is provided through four individual spaces near the garage, with an additional storage closet available for on-site owner materials. The property is located at 2942 La Salle Ave in Rockford, Illinois.
Key Highlights
- Four‑unit quadplex with approximately 800 SF per apartment
- Each unit includes 2 bedrooms, 1 full bath, and in‑unit laundry
- Interior remodeling completed in 2022
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
$22,045
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
4.59%
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%
$440,900
$440.9K
Cap Rate 7%
$314,929
$314.9K
Cap Rate 9%
$244,944
$244.9K
Market Conditions
NOI Build-Up for 3,368 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
$32.7K $9.72/SF
− Vacancy
−$1.2K −$0.37/SF
EGI
$31.5K $9.35/SF
− OpEx
−$9.4K −$2.81/SF
NOI
$22.0K $6.55/SF
Area
Rockford, IL
Vacancy
3.80%
Lease Rate
$9.72 /SF/Yr
Expense Ratio
30.00%
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%
$440,900
Cap Rate 7%
$314,929
Cap Rate 9%
$244,944
Alternative Uses
Best Use
Multifamily LT 5
$314.9K
$275.6K – $367.4K
NOI $22,045 @ 7.0% cap · market cap 4.59%
Second Best
Apartment 5plus
$274.4K
$240.1K – $320.1K
NOI $19,206 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$895.8K
$783.9K – $1.05M
NOI $62,709 @ 7.0% cap · market cap 13.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
146
Businesses Nearby
Explore this area
Business Placement
Demographics for 61114, IL
15,569
Population
6,599
Households
2.4
Avg Household Size
49
Median Age
47%
College-Educated
95%
High-School Grad
8.1 sq mi
ZIP Area
1,922
Density / Sq Mi
$83,472
Median Household Income
$47,406
Median Earnings
$1,284
Median Rent
$196,000
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?
Quadplex - Four residential units combine private laundry, tenant storage, and below-building garage access.
Where is this quadplex located?
The property is located at 2942 La Salle Ave Rockford, IL.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Four‑unit quadplex with approximately 800 SF per apartment; Each unit includes 2 bedrooms, 1 full bath, and in‑unit laundry; Interior remodeling completed in 2022
