Renovated Duplex with
For Sale
$179,900
Pending
321 S Prospect Street, Rockford, IL 61104
MULTIFAMILY, ROCKFORD, IL
Property Size1,780 SF
Days on Market49
Property Features for 321 S Prospect Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 1, Bedroom 4, Basement, Bathroom 2
Parking
4
Appliances
Refrigerator, Stove/Cooktop
Elementary school
C Henry Bloom Elementary
Middle school
Abraham Lincoln Middle
High school
Rockford East High
Elementary school district
Rockford 205
Middle school district
Rockford 205
High school district
Rockford 205
Subdivision
Winnebago County
Standard status
Pending
APN
1125130018
Size
1,780 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
SWANLUND + PETERSONS SUBD PT NW1/4 SEC 25-44-1 N 38FT LOT 003 BLOCK 002
Tax Annual Amount
2140
Legal Description
SWANLUND + PETERSONS SUBD PT NW1/4 SEC 25-44-1 N 38FT LOT 003 BLOCK 002
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
garage
central air
side porch
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
Gambino Realtors
(815) 282-2222
Listed By:
Korky Williams
(815) 494-7812
Added: Aug 24
Changed: Oct 10
Last Checked: Oct 11 at 1:06PM
MLS# 202605311
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 1,780-square-foot duplex, built in 1900, includes two renovated units and a two-car garage. Interior improvements include newer laminate flooring in both units, fresh paint in the lower unit, and appliances that are one year old in the lower unit. Each residence has central air installed in 2022, while forced-air heating serves the property.
Exterior updates include a rebuilt side porch with composite flooring and sidewalks completed in 2022. Separate gas and electric service supports independent utility management for the two units. The property also provides alley access and is located near a hospital and bus line.
Exterior updates include a rebuilt side porch with composite flooring and sidewalks completed in 2022. Separate gas and electric service supports independent utility management for the two units. The property also provides alley access and is located near a hospital and bus line.
Key Highlights
- 1,780‑square‑foot duplex with two renovated units
- Two‑car garage and alley access
- 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.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family property with updated interiors, separate utilities, central air, and convenient alley access.
Where is this duplex located?
The property is located at 321 S Prospect Street 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 renovated units; Two‑car garage and alley access; Central air units installed in 2022
