Two-Unit Duplex with Finished
For Sale
$240,000
528 King Street, Belvidere, IL 61008
Two residential units provide distinct layouts, separate utility metering, and additional finished lower-level space.
Property Size2,652 SF
Price / SF$90.50
Days on Market90
Property Features for 528 King Street
General Information
Standard status
Active
Size
2,652 SF
Property subtype
Two to Four Units / 2 Units
Units
Unit Mix
1 x 1BR, 1 x 2BR
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$4,479
Amenities
deck
Window Unit
Electric
Full
Yes
Finished, Full
Refrigerator, Stove/Cooktop
No
Shingle
Vinyl
Deck
Building Details
Year Built
1960
Units
2
Listing Agency:
Berkshire Hathaway HomeServices Starck RE
Listed By:
Dixie Kalk · License #475135902
(815) 703-5968
Source:
Compass
Added: Jun 11
Changed: Sep 8
Last Checked: Sep 8 at 7:13AM
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 Berkshire Hathaway HomeServices Starck RE
Investment Insights
Based on property information with market context.
This duplex contains two residential units with separate electric utility meters. The main-floor residence offers 1700 sqft with one bedroom, a living room, formal dining room, and large eat-in kitchen. Its finished basement includes two additional rooms, a family room, and a full bathroom, providing flexible space for office, recreation, or storage use. The upper residence contains 884 sqft, two bedrooms, an eat-in kitchen, and a deck overlooking the backyard.
The property is located at 528 King St in Belvidere, IL. All-electric systems serve both units, and tenants cover electric and garbage services. The separate metering and differing unit layouts provide clear physical separation between the residences.
The property is located at 528 King St in Belvidere, IL. All-electric systems serve both units, and tenants cover electric and garbage services. The separate metering and differing unit layouts provide clear physical separation between the residences.
Key Highlights
- Two‑unit duplex at 528 King St, Belvidere, IL
- Main‑floor unit includes 1700 sqft and 1 bedroom
- Upper unit offers 884 sqft and 2 bedrooms
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
$17,359
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
7.23%
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%
$347,180
$347.2K
Cap Rate 7%
$247,986
$248.0K
Cap Rate 9%
$192,878
$192.9K
Market Conditions
NOI Build-Up for 2,652 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
$25.8K $9.72/SF
− Vacancy
−$980 −$0.37/SF
EGI
$24.8K $9.35/SF
− OpEx
−$7.4K −$2.81/SF
NOI
$17.4K $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%
$347,180
Cap Rate 7%
$247,986
Cap Rate 9%
$192,878
Alternative Uses
Best Use
Multifamily LT 5
$248.0K
$217.0K – $289.3K
NOI $17,359 @ 7.0% cap · market cap 7.23%
Second Best
Apartment 5plus
$216.0K
$189.0K – $252.1K
NOI $15,123 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$705.4K
$617.2K – $823.0K
NOI $49,378 @ 7.0% cap · market cap 20.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
135
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?
Duplex - Two residential units provide distinct layouts, separate utility metering, and additional finished lower-level space.
Where is this duplex located?
The property is located at 528 King Street Belvidere, IL.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Two‑unit duplex at 528 King St, Belvidere, IL; Main‑floor unit includes 1700 sqft and 1 bedroom; Upper unit offers 884 sqft and 2 bedrooms
