4-Unit Quadplex with Attached
For Sale
$479,900
2942 LASALLE Avenue, Rockford, IL 61114
MULTI_FAMILY - ROCKFORD, IL
Property Size3,368 SF
Price / SF$142.49
Days on Market14
Property Features for 2942 LASALLE Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Basement, Bathroom 1, Bedroom 6, Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 3
Parking
4
Appliances
Dryer, Microwave, Refrigerator, Stove/Cooktop, Washer
Elementary school
Loves Park Elementary
Middle school
Harlem Jr
High school
Harlem High School
Elementary school district
Harlem 122
Middle school district
Harlem 122
High school district
Harlem 122
Subdivision
Winnebago County
Standard status
Active
APN
1207426034
Size
3,368 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
TO FOLLOW
Tax Annual Amount
8217
Legal Description
TO FOLLOW
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Amenities
in-unit laundry
storage spaces
Building Details
Year built
1968
Floors in Building
1
Number of units
4
Roof type
Shingle
Listing Agency:
DICKERSON & NIEMAN
(815) 227-5900
Listed By:
Peyton Hannah · License #475202122
(815) 218-3861
Added: Jul 31
Last Checked: Aug 13 at 12:06AM
MLS# 202604737
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 well-maintained 4-unit quadplex offers four spacious units, each with two bedrooms and one full bath and approximately 800 SF of living space. In-unit laundry is included in each unit. The property was built in 1968 and includes central air cooling and forced-air, natural gas heating. The roof is shingled, and each unit received an interior remodel in 2022.
The quadplex includes a 4-car attached garage located underneath the building. Near the garages are four individual storage spaces for tenants, with the storage closest to the owner’s area described as a convenient onsite spot for keeping materials.
Major in-unit appliances referenced include washer, dryer, refrigerator, stove/cooktop, microwave, and built-in cooking/meal-prep support. With a total property size of 3,368 SF, this setup is designed to support both tenant convenience and practical onsite storage.
The quadplex includes a 4-car attached garage located underneath the building. Near the garages are four individual storage spaces for tenants, with the storage closest to the owner’s area described as a convenient onsite spot for keeping materials.
Major in-unit appliances referenced include washer, dryer, refrigerator, stove/cooktop, microwave, and built-in cooking/meal-prep support. With a total property size of 3,368 SF, this setup is designed to support both tenant convenience and practical onsite storage.
Key Highlights
- Four units, each with two bedrooms and one full bath, with approximately 800 SF per unit
- In‑unit laundry in all four units
- Interior remodel 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 - Well-maintained 4-unit quadplex with in-unit laundry, central air, and a 4-car attached garage underneath the building.
Where is this quadplex located?
The property is located at 2942 LASALLE Avenue 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 units, each with two bedrooms and one full bath, with approximately 800 SF per unit; In‑unit laundry in all four units; Interior remodel completed in 2022
