Renovated Duplex with
For Sale
$179,900
Pending
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
Days on Market57
Property Features for 321 Prospect St
General Information
Standard status
Pending
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: Oct 17
Last Checked: Oct 16 at 3:08PM
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
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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 / Yr
$11,651
Cap Rate
6.48%
Suggested Prices Based on Cap Rates
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
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 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 6.48%
Second Best
Apartment 5plus
$145.0K
$126.9K – $169.2K
NOI $10,150 @ 7.0% cap · market cap 5.64%
Theoretical Best
Office A
$473.5K
$414.3K – $552.4K
NOI $33,142 @ 7.0% cap · market cap 18.42%
Zoning and permitted uses should be independently verified with authorities.
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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 $179,900.
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
