Fully Updated 3-Unit Investment
For Sale
$289,900
712 North Court Street, Rockford, IL 61103
Turnkey 3-unit multifamily building with extensive updates including HVAC, central air, kitchens, and bathrooms.
Property Size2,980 SF
Price / SF$97.28
Days on Market20
Property Features for 712 North Court Street
General Information
Standard status
Active
Size
2,980 SF
Property subtype
Two to Four Units / 3 - 4 Units
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,151
Amenities
Central Air
Forced Air
No
Gas
Unfinished, Full
Water Softener
Yes
Shingle
Siding
Building Details
Year Built
1900
Units
3
Tenancy
Multi
Listing Agency:
Keller Williams Realty Signature
(815) 290-0333
Listed By:
Fidel Batres · License #475133262
(815) 290-0333
Source:
Compass
Added: Jul 20
Changed: Aug 7
Last Checked: Aug 8 at 11:31AM
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 fully updated three-unit investment property has been extensively renovated, with improvements reported throughout the building. Updates include electrical, plumbing, siding, roof, gutters, fascia, flooring, bathrooms, and kitchens, along with HVAC systems and central air.
The property is located in Rockford and is described as directly across from the Discovery Center Museum and just minutes from downtown Rockford, dining, entertainment, and the Rock River.
Offered for sale as a turnkey, renovated three-unit multifamily asset, the building is positioned for straightforward ownership with major capital items already completed.
The property is located in Rockford and is described as directly across from the Discovery Center Museum and just minutes from downtown Rockford, dining, entertainment, and the Rock River.
Offered for sale as a turnkey, renovated three-unit multifamily asset, the building is positioned for straightforward ownership with major capital items already completed.
Key Highlights
- 3‑unit multifamily building with extensive updates throughout, including kitchens and bathrooms
- Central air and forced‑air heating, with HVAC systems updated
- Updates include electrical and plumbing, plus a gas water heater
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
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Turnkey 3-unit multifamily building with extensive updates including HVAC, central air, kitchens, and bathrooms.
Where is this triplex located?
The property is located at 712 North 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: 3‑unit multifamily building with extensive updates throughout, including kitchens and bathrooms; Central air and forced‑air heating, with HVAC systems updated; Updates include electrical and plumbing, plus a gas water heater
