Six-Unit Apartment
For Sale
$295,000
909-911 Ridge Ave, Rockford, IL 61103
Fully occupied apartment property with studio, one-bedroom, and two-bedroom residences.
Property Size3,350 SF
Price / SF$88.06
Days on Market299
Property Features for 909-911 Ridge Ave
General Information
Standard status
Active
Size
3,350 SF
Property subtype
Commercial
Occupancy
100%
Units
Unit Mix
2 x studio, 2 x 1BR, 2 x 2BR
Multifamily Units
6
Additional Details
Public Transit
Yes
Building Details
Year Built
1930
Buildings
2
Listing Agency:
Keller Williams Realty Signature
Listed By:
Katie Giese · License #475197916
(815) 985-4478
Source:
Searchillinoishomesforsale
Added: Nov 18, 2025
Changed: Sep 9
Last Checked: Sep 13 at 12:07PM
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.
The 3,350-square-foot apartment property at 909-911 Ridge Ave includes six residential units: two studios, two one-bedroom apartments, and two two-bedroom apartments. Built in 1930, the building is currently rented in full. Property, appliances, and mechanical systems are offered as-is, with no repairs to be completed by the seller.
Resident and guest access includes street parking and nearby bus service. The sale is required to include the property identified as 9XX Ridge Avenue to the north. The unit mix provides a range of apartment sizes within one building, while the existing occupancy offers an established operating profile for a multifamily buyer.
Resident and guest access includes street parking and nearby bus service. The sale is required to include the property identified as 9XX Ridge Avenue to the north. The unit mix provides a range of apartment sizes within one building, while the existing occupancy offers an established operating profile for a multifamily buyer.
Key Highlights
- Six‑unit apartment property with two studios, two 1‑bedroom units, and two 2‑bedroom units
- 3,350 square feet with all units currently rented
- Built in 1930
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
$19,103
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
6.48%
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%
$382,060
$382.1K
Cap Rate 7%
$272,900
$272.9K
Cap Rate 9%
$212,256
$212.3K
Market Conditions
NOI Build-Up for 3,350 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
$36.2K $10.80/SF
− Vacancy
−$1.4K −$0.43/SF
EGI
$34.7K $10.37/SF
− OpEx
−$15.6K −$4.67/SF
NOI
$19.1K $5.70/SF
Area
Rockford, IL
Vacancy
4.00%
Lease Rate
$10.80 /SF/Yr
Expense Ratio
45.00%
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%
$382,060
Cap Rate 7%
$272,900
Cap Rate 9%
$212,256
Alternative Uses
Best Use
Apartment 5plus
$272.9K
$238.8K – $318.4K
NOI $19,103 @ 7.0% cap · market cap 6.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$891.1K
$779.7K – $1.04M
NOI $62,374 @ 7.0% cap · market cap 21.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
795
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?
Apartment building - Fully occupied apartment property with studio, one-bedroom, and two-bedroom residences.
Where is this apartment building located?
The property is located at 909-911 Ridge Ave Rockford, IL.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Six‑unit apartment property with two studios, two 1‑bedroom units, and two 2‑bedroom units; 3,350 square feet with all units currently rented; Built in 1930
