Four-Unit Residential Income
For Sale
$460,000
Pending
820 Cottage Grove Avenue, Rockford, IL 61103
Well-maintained four-unit building with three leased units, two-bedroom layouts, and a detached four-car garage.
Property Size3,688 SF
Days on Market75
Property Features for 820 Cottage Grove Avenue
General Information
Standard status
Pending
Size
3,688 SF
Property subtype
Two to Four Units / 1 Story Unit/S
Taxes and HOA fees
Annual Taxes
$5,481
Amenities
Central Air
Forced Air, Natural Gas
Yes
Natural Gas
Full
Refrigerator, Stove/Cooktop
No
Shingle
Brick/Stone
Main Floor Primary
Building Details
Year Built
1956
Units
4
Listing Agency:
Gambino Realtors
Listed By:
Aimee Leon · License #475201058
(815) 282-2222
Source:
Compass
Added: Jul 1
Changed: Sep 10
Last Checked: Sep 13 at 10:42AM
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 Gambino Realtors
Investment Insights
Based on property information with market context.
This well-maintained four-unit residential income property features two-bedroom, one-bath apartments with a living room and an eat-in kitchen. Stoves and refrigerators are included in each unit. Two of the units also have in-unit laundry hookups for added convenience. Tenants are responsible for separate utilities, and units include air conditioning.
The property includes a full basement offering additional usable space. A detached four-car garage provides parking and storage flexibility. Three units are currently leased, and the property is being sold as-is.
The property includes a full basement offering additional usable space. A detached four-car garage provides parking and storage flexibility. Three units are currently leased, and the property is being sold as-is.
Key Highlights
- Four‑unit property built in 1956, with 3 units currently leased
- Each unit has 2 bedrooms, 1 full bath, a living room, and an eat‑in kitchen with stove and refrigerator included
- Two units include in‑unit laundry hookups
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
$24,140
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
5.25%
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%
$482,800
$482.8K
Cap Rate 7%
$344,857
$344.9K
Cap Rate 9%
$268,222
$268.2K
Market Conditions
NOI Build-Up for 3,688 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
$35.8K $9.72/SF
− Vacancy
−$1.4K −$0.37/SF
EGI
$34.5K $9.35/SF
− OpEx
−$10.3K −$2.81/SF
NOI
$24.1K $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%
$482,800
Cap Rate 7%
$344,857
Cap Rate 9%
$268,222
Alternative Uses
Best Use
Multifamily LT 5
$344.9K
$301.8K – $402.3K
NOI $24,140 @ 7.0% cap · market cap 5.25%
Second Best
Apartment 5plus
$300.4K
$262.9K – $350.5K
NOI $21,030 @ 7.0% cap · market cap 4.57%
Theoretical Best
Office A
$981.0K
$858.4K – $1.14M
NOI $68,668 @ 7.0% cap · market cap 14.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
267
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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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained four-unit building with three leased units, two-bedroom layouts, and a detached four-car garage.
Where is this quadplex located?
The property is located at 820 Cottage Grove Avenue Rockford, IL.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Four‑unit property built in 1956, with 3 units currently leased; Each unit has 2 bedrooms, 1 full bath, a living room, and an eat‑in kitchen with stove and refrigerator included; Two units include in‑unit laundry hookups
