Four-Unit Residential Income
For Sale
$275,000
Pending
524 W Harrison St, Belvidere, IL 61008
Two buildings provide separately configured apartments with private basements and off-street parking arrangements.
Property Size1,785 SF
Days on Market17
Property Features for 524 W Harrison St
General Information
Standard status
Pending
Size
1,785 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$5,220
Listing Agency:
Keller Williams Realty Signature
(815) 494-1531
Listed By:
Angie Wait · License #475148472
(815) 494-1531
Source:
Exprealty
Added: Aug 4
Changed: Aug 17
Last Checked: Aug 20 at 11:50AM
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 Keller Williams Realty Signature
Investment Insights
Based on property information with market context.
This quadplex consists of two residential buildings with four total apartments. The front building contains two two-bedroom units, each with a private basement and an off-street parking space in front. One layout places the bedrooms upstairs with the bathroom on the main level, while the other has its bedrooms and bathroom upstairs. The rear building includes one lower-level two-bedroom apartment and one upper-level two-bedroom apartment.
Rear-unit parking is located off the alley. Garage space is used by the owner for maintenance activities and remains associated with the property. The asset is located at 524 W Harrison St in Belvidere, Illinois.
Rear-unit parking is located off the alley. Garage space is used by the owner for maintenance activities and remains associated with the property. The asset is located at 524 W Harrison St in Belvidere, Illinois.
Key Highlights
- Four apartments across two residential buildings
- All four units are configured as two‑bedroom apartments
- Front units include private basements and front parking spaces
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
$11,684
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
4.25%
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%
$233,680
$233.7K
Cap Rate 7%
$166,914
$166.9K
Cap Rate 9%
$129,822
$129.8K
Market Conditions
NOI Build-Up for 1,785 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
$17.4K $9.72/SF
− Vacancy
−$659 −$0.37/SF
EGI
$16.7K $9.35/SF
− OpEx
−$5.0K −$2.81/SF
NOI
$11.7K $6.55/SF
Area
Boone County, 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%
$233,680
Cap Rate 7%
$166,914
Cap Rate 9%
$129,822
Alternative Uses
Best Use
Multifamily LT 5
$166.9K
$146.1K – $194.7K
NOI $11,684 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$145.4K
$127.2K – $169.7K
NOI $10,179 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$474.8K
$415.4K – $553.9K
NOI $33,235 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
324
Businesses Nearby
Explore this area
Business Placement
Demographics for 61008, IL
33,747
Population
13,406
Households
2.5
Avg Household Size
40
Median Age
21%
College-Educated
83%
High-School Grad
84.3 sq mi
ZIP Area
400
Density / Sq Mi
$75,833
Median Household Income
$38,509
Median Earnings
$953
Median Rent
$185,200
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 - Two buildings provide separately configured apartments with private basements and off-street parking arrangements.
Where is this quadplex located?
The property is located at 524 W Harrison St Belvidere, IL.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Four apartments across two residential buildings; All four units are configured as two‑bedroom apartments; Front units include private basements and front parking spaces
