Rockford Multifamily Investment
For Sale
$699,000
Pending
3420 Harrison Ave, Rockford, IL 61108
MULTIFAMILY, ROCKFORD, IL
Property Size6,200 SF
Days on Market151
Property Features for 3420 Harrison Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
15
Bathrooms
10
Full bathrooms
10
Rooms
Bedroom 3, Bathroom 6, Bedroom 6, Bedroom 13, Bedroom 2, Bedroom 14, Bedroom 7, Bathroom 7, Bedroom 15, Bathroom 2, Bathroom 9, Bathroom 4, Bathroom 3, Bathroom 10, Bedroom 9, Bedroom 11, Bathroom 8, Bedroom 4, Basement, Bedroom 10, Bedroom 8, Bathroom 5, Bathroom 1, Bedroom 1, Bedroom 5, Bedroom 12
Parking
5
Appliances
Refrigerator, Oven
Elementary school
District 205-RFD
Middle school
District 205-RFD
High school
District 205-RFD
Elementary school district
Rockford 205
Middle school district
Rockford 205
High school district
Rockford 205
Subdivision
Winnebago County
Standard status
Pending
APN
1231478015
Size
6,200 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
INC S40FT TO RDWY ALL W40 FT E756FT S190FT PT SE1/4 SEC: 31 TWP: 044 RANGE: 002 ACRES: 0.31
Tax Annual Amount
8937
Legal Description
INC S40FT TO RDWY ALL W40 FT E756FT S190FT PT SE1/4 SEC: 31 TWP: 044 RANGE: 002 ACRES: 0.31
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1965
Floors in Building
2
Number of units
5
Roof type
Shingle
Listing Agency:
Keller Williams Realty Signature
(815) 315-1111
Listed By:
Ken Redeker · License #471012969
(815) 520-3995
Added: Mar 23
Changed: Aug 19
Last Checked: Aug 20 at 8:06PM
MLS# 202601574
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 multifamily property in Rockford, Illinois, features five units. Each unit is configured with three bedrooms and one and a half bathrooms. The property has a total size of 6,200 square feet. Currently, the property is at 100% occupancy, with four tenants on month-to-month leases. This presents an opportunity for immediate cash flow and potential repositioning.
Key Highlights
- 5‑unit property, with each unit configured as 3 bedrooms and 1.5 bathrooms
- 100% occupancy with 4 month‑to‑month tenants
- Forced air heating; window unit(s) cooling
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
$35,355
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
5.06%
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%
$707,100
$707.1K
Cap Rate 7%
$505,071
$505.1K
Cap Rate 9%
$392,833
$392.8K
Market Conditions
NOI Build-Up for 6,200 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
$67.0K $10.80/SF
− Vacancy
−$2.7K −$0.43/SF
EGI
$64.3K $10.37/SF
− OpEx
−$28.9K −$4.67/SF
NOI
$35.4K $5.70/SF
Area
Rockford, IL
Vacancy
4.00%
Lease Rate
$10.80 /SF/Yr
Expense Ratio
45.00%
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%
$707,100
Cap Rate 7%
$505,071
Cap Rate 9%
$392,833
Alternative Uses
Best Use
Apartment 5plus
$505.1K
$441.9K – $589.3K
NOI $35,355 @ 7.0% cap · market cap 5.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.65M
$1.44M – $1.92M
NOI $115,439 @ 7.0% cap · market cap 16.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
155
Businesses Nearby
Explore this area
Business Placement
Demographics for 61108, IL
29,660
Population
12,650
Households
2.3
Avg Household Size
39
Median Age
24%
College-Educated
87%
High-School Grad
10.9 sq mi
ZIP Area
2,721
Density / Sq Mi
$63,046
Median Household Income
$34,856
Median Earnings
$986
Median Rent
$128,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit property in Rockford with immediate cash flow.
Where is this apartment building located?
The property is located at 3420 Harrison Ave Rockford, IL.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 5‑unit property, with each unit configured as 3 bedrooms and 1.5 bathrooms; 100% occupancy with 4 month‑to‑month tenants; Forced air heating; window unit(s) cooling
