Four-Unit Residential Income
For Sale
$460,000
Pending
820 Cottage Grove Avenue, Rockford, IL 61103
MULTIFAMILY, ROCKFORD, IL
Property Size3,690 SF
Days on Market50
Property Features for 820 Cottage Grove Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R2
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Basement, Bathroom 3, Bedroom 7, Bedroom 3, Bedroom 4, Bedroom 8, Bedroom 6, Bathroom 4, Bedroom 2
Parking
4
Appliances
Refrigerator, Stove/Cooktop
Elementary school
R K Welsh Elementary
Middle school
West Middle
High school
Guilford High
Elementary school district
Rockford 205
Middle school district
Rockford 205
High school district
Rockford 205
Subdivision
Winnebago County
Standard status
Pending
APN
1113152001
Size
3,690 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
HARLEM PARK SUBD PT N1/2 SEC 13-44-1 W1/2 LTS 15-16 17 + 018 BLOCK 022
Tax Annual Amount
5481
Legal Description
HARLEM PARK SUBD PT N1/2 SEC 13-44-1 W1/2 LTS 15-16 17 + 018 BLOCK 022
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Amenities
separate utilities
air conditioning
full basement
detached four-car garage
in-unit laundry hookups
stove and refrigerator included
Building Details
Year built
1956
Floors in Building
1
Number of units
4
Roof type
Shingle
Listing Agency:
Gambino Realtors
(815) 623-3333
Listed By:
Aimee Leon · License #475201058
(815) 516-7879
Added: Jul 2
Changed: Aug 19
Last Checked: Aug 20 at 7:06PM
MLS# 202604011
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.
Well-maintained four-unit residential income property offering four separate apartments with two bedrooms, one full bath, a living room, and an eat-in kitchen. Kitchen appliances include a stove and refrigerator. Two units include in-unit laundry hookups. Tenants pay separate utilities, and the units have air conditioning. A detached four-car garage adds on-site parking and storage flexibility, and a full basement provides additional usable space.
Three of the four units are currently leased. The property is being sold AS IS.
Each apartment’s configuration includes a living room and eat-in kitchen, supporting straightforward residential rental use. The detached garage and full basement further enhance the overall utility of the building and grounds.
Three of the four units are currently leased. The property is being sold AS IS.
Each apartment’s configuration includes a living room and eat-in kitchen, supporting straightforward residential rental use. The detached garage and full basement further enhance the overall utility of the building and grounds.
Key Highlights
- Well‑maintained four‑unit property; three units are currently leased
- Each apartment includes 2 bedrooms, 1 full bath, a living room, and an eat‑in kitchen
- Kitchen appliances included: refrigerator and stove/cooktop in each unit
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
$24,153
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%
$483,060
$483.1K
Cap Rate 7%
$345,043
$345.0K
Cap Rate 9%
$268,367
$268.4K
Market Conditions
NOI Build-Up for 3,690 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
$35.9K $9.72/SF
− Vacancy
−$1.4K −$0.37/SF
EGI
$34.5K $9.35/SF
− OpEx
−$10.4K −$2.81/SF
NOI
$24.2K $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%
$483,060
Cap Rate 7%
$345,043
Cap Rate 9%
$268,367
Alternative Uses
Best Use
Multifamily LT 5
$345.0K
$301.9K – $402.6K
NOI $24,153 @ 7.0% cap · market cap 5.25%
Second Best
Apartment 5plus
$300.6K
$263.0K – $350.7K
NOI $21,042 @ 7.0% cap · market cap 4.57%
Theoretical Best
Office A
$981.5K
$858.8K – $1.15M
NOI $68,705 @ 7.0% cap · market cap 14.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained four-unit property 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: Well‑maintained four‑unit property; three units are currently leased; Each apartment includes 2 bedrooms, 1 full bath, a living room, and an eat‑in kitchen; Kitchen appliances included: refrigerator and stove/cooktop in each unit
