Renovated Three-Unit
For Sale
$289,900
712 N Court Street, Rockford, IL 61103
MULTIFAMILY, ROCKFORD, IL
Property Size2,980 SF
Price / SF$97.28
Days on Market53
Property Features for 712 N Court Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 3, Bathroom 2, Bedroom 5, Bedroom 6, Bathroom 1, Bathroom 4, Bathroom 3, Bedroom 2, Bedroom 4
Appliances
Water Softener
Elementary school
Ellis Arts Academy
Middle school
West Middle
High school
Auburn High
Elementary school district
Rockford 205
Middle school district
Rockford 205
High school district
Rockford 205
Subdivision
Winnebago County
Standard status
Active
APN
1123107028
Size
2,980 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
ASSESSORS PLAT BLK 71 PT OF GEORGE HASKELLS 2ND ADDN N 42.61 FT E 256 FT LOT 11 BLOCK 71
Tax Annual Amount
3151
Legal Description
ASSESSORS PLAT BLK 71 PT OF GEORGE HASKELLS 2ND ADDN N 42.61 FT E 256 FT LOT 11 BLOCK 71
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Roof type
Shingle
Listing Agency:
Keller Williams Realty Signature
(815) 315-1111
Listed By:
Fidel Batres · License #475133262
(815) 290-0333
Added: Aug 3
Changed: Sep 24
Last Checked: Sep 24 at 7:06PM
MLS# 202604840
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 three-unit triplex contains 2,980 square feet and was originally built in 1900. Recent renovation work includes electrical service, ductwork, plumbing, siding, roofing, gutters, fascia, HVAC systems, central air, flooring, bathrooms, and kitchens. The property also includes forced-air heat, a shingle roof, and a water softener.
The building is directly across from the Discovery Center Museum and is near downtown Rockford, dining, entertainment, and the Rock River. Its six bedrooms and four bathrooms support the existing three-unit multifamily configuration.
The building is directly across from the Discovery Center Museum and is near downtown Rockford, dining, entertainment, and the Rock River. Its six bedrooms and four bathrooms support the existing three-unit multifamily configuration.
Key Highlights
- Three‑unit triplex with 2,980 SF
- Six bedrooms and four bathrooms
- Extensive updates to electrical, ductwork, plumbing, HVAC, kitchens, and bathrooms
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
$19,505
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
6.73%
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%
$390,100
$390.1K
Cap Rate 7%
$278,643
$278.6K
Cap Rate 9%
$216,722
$216.7K
Market Conditions
NOI Build-Up for 2,980 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
$29.0K $9.72/SF
− Vacancy
−$1.1K −$0.37/SF
EGI
$27.9K $9.35/SF
− OpEx
−$8.4K −$2.81/SF
NOI
$19.5K $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 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%
$390,100
Cap Rate 7%
$278,643
Cap Rate 9%
$216,722
Alternative Uses
Best Use
Multifamily LT 5
$278.6K
$243.8K – $325.1K
NOI $19,505 @ 7.0% cap · market cap 6.73%
Second Best
Apartment 5plus
$242.8K
$212.4K – $283.2K
NOI $16,993 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$792.6K
$693.6K – $924.8K
NOI $55,485 @ 7.0% cap · market cap 19.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,175
Businesses Nearby
Explore this area
Business Placement
Demographics for 61103, IL
23,294
Population
11,271
Households
2.1
Avg Household Size
40
Median Age
20%
College-Educated
87%
High-School Grad
16.3 sq mi
ZIP Area
1,429
Density / Sq Mi
$47,390
Median Household Income
$34,935
Median Earnings
$952
Median Rent
$114,800
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?
Triplex - Updated multifamily building with modernized building systems, kitchens, bathrooms, and interior finishes.
Where is this triplex located?
The property is located at 712 N Court Street Rockford, IL.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Three‑unit triplex with 2,980 SF; Six bedrooms and four bathrooms; Extensive updates to electrical, ductwork, plumbing, HVAC, kitchens, and bathrooms
