Two-Unit Duplex
New
For Sale
$160,000
720-722 Locust Street, Rockford, IL 61101
MULTIFAMILY, ROCKFORD, IL
Property Size2,184 SF
Price / SF$73.26
Days on Market1
Property Features for 720-722 Locust Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Bathroom 1, Bedroom 1, Bedroom 2, Basement, Bedroom 5, Bedroom 3
Appliances
Refrigerator, Stove/Cooktop
Elementary school
District 205-RFD
Middle school
District 205-RFD
High school
District 205-RFD
Elementary school district
Rockford 205
Middle school district
Rockford 205
High school district
Rockford 205
Subdivision
Winnebago County
Standard status
Active
APN
1122235003
Size
2,184 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
RESUB OF LOTS 7-8-9 + PT LOT 6 OF PLT OF SUB OF BLK 65 MORGAN + HORSMANS ADDN LOT 003
Tax Annual Amount
2038
Legal Description
RESUB OF LOTS 7-8-9 + PT LOT 6 OF PLT OF SUB OF BLK 65 MORGAN + HORSMANS ADDN LOT 003
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1910
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
Stateline Real Estate LLC
(815) 398-8899
Listed By:
Ricky Davis · License #471013255
(815) 690-5288
Added: Aug 28
Last Checked: Aug 28 at 7:06PM
MLS# 202605439
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 2,184-square-foot duplex, built in 1910, includes two separate residences. The upper unit has three bedrooms and one bathroom, while the lower unit has two bedrooms and one bathroom. Both units include a bathroom, and the property also provides a basement, shingle roofing, a refrigerator, and a stove/cooktop. Heating is supplied by natural gas and forced air.
The upper residence is occupied, while the lower residence is vacant. Street parking is available at the property, located at 720-722 Locust Street in Rockford, Illinois. The two-unit configuration supports continued rental use or an owner-occupancy arrangement for the vacant unit, subject to applicable requirements.
The upper residence is occupied, while the lower residence is vacant. Street parking is available at the property, located at 720-722 Locust Street in Rockford, Illinois. The two-unit configuration supports continued rental use or an owner-occupancy arrangement for the vacant unit, subject to applicable requirements.
Key Highlights
- 2,184‑square‑foot duplex built in 1910
- Upper unit with 3 bedrooms and 1 bathroom
- Lower unit with 2 bedrooms and 1 bathroom
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
$14,295
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
8.93%
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%
$285,900
$285.9K
Cap Rate 7%
$204,214
$204.2K
Cap Rate 9%
$158,833
$158.8K
Market Conditions
NOI Build-Up for 2,184 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
$21.2K $9.72/SF
− Vacancy
−$807 −$0.37/SF
EGI
$20.4K $9.35/SF
− OpEx
−$6.1K −$2.81/SF
NOI
$14.3K $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%
$285,900
Cap Rate 7%
$204,214
Cap Rate 9%
$158,833
Alternative Uses
Best Use
Multifamily LT 5
$204.2K
$178.7K – $238.3K
NOI $14,295 @ 7.0% cap · market cap 8.93%
Second Best
Apartment 5plus
$177.9K
$155.7K – $207.6K
NOI $12,454 @ 7.0% cap · market cap 7.78%
Theoretical Best
Office A
$580.9K
$508.3K – $677.7K
NOI $40,664 @ 7.0% cap · market cap 25.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,203
Businesses Nearby
Explore this area
Business Placement
Demographics for 61101, IL
19,784
Population
9,005
Households
2.2
Avg Household Size
37
Median Age
15%
College-Educated
80%
High-School Grad
41.5 sq mi
ZIP Area
477
Density / Sq Mi
$45,260
Median Household Income
$30,061
Median Earnings
$975
Median Rent
$89,800
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?
Duplex - Upper and lower residences offer separate layouts, street parking, and natural-gas forced-air heating.
Where is this duplex located?
The property is located at 720-722 Locust Street Rockford, IL.
What is the asking price?
The asking price for this property is $160,000.
What are key features of this property?
This property features: 2,184‑square‑foot duplex built in 1910; Upper unit with 3 bedrooms and 1 bathroom; Lower unit with 2 bedrooms and 1 bathroom
