Four-Unit Residential
New
For Sale
$275,000
524 W Harrison Street, Belvidere, IL 61008
MULTI_FAMILY - BELVIDERE, IL
Property Size1,785 SF
Price / SF$154.06
Days on Market7
Property Features for 524 W Harrison Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bedroom 1, Bedroom 4, Bedroom 5, Bathroom 2, Bedroom 7, Bathroom 4, Bedroom 8, Bathroom 3, Bathroom 1, Basement, Bedroom 3, Bedroom 2
Parking
4
Appliances
Refrigerator, Stove/Cooktop
Elementary school
Lincoln Elementary
Middle school
Belvidere Central Middle
High school
Belvidere North
Elementary school district
Belvidere 100
Middle school district
Belvidere 100
High school district
Belvidere 100
Subdivision
Boone County
Standard status
Active
APN
0526183012
Size
1,785 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Lot 2 S 1/2 Lot 8 Blk 13 Frys Re-Sur
Tax Annual Amount
5220
Legal Description
Lot 2 S 1/2 Lot 8 Blk 13 Frys Re-Sur
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1900
Floors in Building
2
Number of units
4
Roof type
Shingle
Listing Agency:
Keller Williams Realty Signature
(815) 315-1111
Listed By:
Angie Wait · License #475148472
(815) 494-1531
Added: Aug 4
Changed: Aug 8
Last Checked: Aug 10 at 2:06AM
MLS# 202604833
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 four-unit residential property is arranged across a front home and a rear house. The front structure contains two 2-bedroom apartments, with each unit having its own basement access and an off-street parking space. The rear structure adds two more 2-bedroom apartments, with parking available behind the property from the alley. Tenants have maintained long-term occupancy, and the units are described as clean and well maintained.
The property measures 1,785 square feet and was built in 1900. Improvements include forced-air heating powered by natural gas, shingle roofing, refrigerators, and stove/cooktops. Garages are used by the owner for maintenance, and the equipment and stored items associated with that use may remain with the property.
The property measures 1,785 square feet and was built in 1900. Improvements include forced-air heating powered by natural gas, shingle roofing, refrigerators, and stove/cooktops. Garages are used by the owner for maintenance, and the equipment and stored items associated with that use may remain with the property.
Key Highlights
- Four 2‑bedroom apartments arranged in a front home and rear house
- Front apartments include individual basement access and off‑street parking
- Rear apartments have parking behind the property from the alley
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
512
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - The property includes basement access, off-street parking, and established tenant occupancy.
Where is this quadplex located?
The property is located at 524 W Harrison Street 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 2‑bedroom apartments arranged in a front home and rear house; Front apartments include individual basement access and off‑street parking; Rear apartments have parking behind the property from the alley
