Renovated Duplex with
For Sale
$185,000
321 Prospect St, Rockford, IL 61104
Two updated units offer separate gas and electric service, central air, and convenient alley access.
Property Size1,780 SF
Price / SF$103.93
Days on Market12
Property Features for 321 Prospect St
General Information
Standard status
Active
Size
1,780 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$2,140
Listing Agency:
Gambino Realtors
Listed By:
Korky Williams
(815) 494-7812
Source:
Exprealty
Added: Aug 24
Changed: Sep 3
Last Checked: Sep 3 at 2:30AM
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 Gambino Realtors
Investment Insights
Based on property information with market context.
This 1,780-square-foot duplex contains two recently renovated units, each with newer laminate flooring and central air installed in 2022. The property includes a two-car garage, alley access, and a rebuilt side porch with composite decking. The lower unit has fresh paint and appliances that are 1 year old. Separate gas and electric service supports distinct utility management for each unit.
Sidewalks around the building were completed in 2022. The property is located near a hospital and a bus line in Rockford, Illinois, providing access to nearby medical services and public transportation.
Sidewalks around the building were completed in 2022. The property is located near a hospital and a bus line in Rockford, Illinois, providing access to nearby medical services and public transportation.
Key Highlights
- 1,780‑square‑foot duplex with two residential units
- Two‑car garage plus alley access
- Both central air units installed 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
$11,651
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
6.30%
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%
$233,020
$233.0K
Cap Rate 7%
$166,443
$166.4K
Cap Rate 9%
$129,456
$129.5K
Market Conditions
NOI Build-Up for 1,780 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
$17.3K $9.72/SF
− Vacancy
−$657 −$0.37/SF
EGI
$16.6K $9.35/SF
− OpEx
−$5.0K −$2.81/SF
NOI
$11.7K $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%
$233,020
Cap Rate 7%
$166,443
Cap Rate 9%
$129,456
Alternative Uses
Best Use
Multifamily LT 5
$166.4K
$145.6K – $194.2K
NOI $11,651 @ 7.0% cap · market cap 6.30%
Second Best
Apartment 5plus
$145.0K
$126.9K – $169.2K
NOI $10,150 @ 7.0% cap · market cap 5.49%
Theoretical Best
Office A
$473.5K
$414.3K – $552.4K
NOI $33,142 @ 7.0% cap · market cap 17.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,164
Businesses Nearby
Explore this area
Business Placement
Demographics for 61104, IL
17,354
Population
9,253
Households
1.9
Avg Household Size
32
Median Age
9%
College-Educated
75%
High-School Grad
4.5 sq mi
ZIP Area
3,856
Density / Sq Mi
$32,161
Median Household Income
$26,277
Median Earnings
$854
Median Rent
$83,700
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 - Two updated units offer separate gas and electric service, central air, and convenient alley access.
Where is this duplex located?
The property is located at 321 Prospect St Rockford, IL.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: 1,780‑square‑foot duplex with two residential units; Two‑car garage plus alley access; Both central air units installed in 2022
