Six-Unit Apartment
For Sale
$295,000
909-911 Ridge Avenue, Rockford, IL 61103
MULTIFAMILY, ROCKFORD, IL
Property Size3,350 SF
Price / SF$88.06
Days on Market260
Property Features for 909-911 Ridge Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 1, Bathroom 5, Bathroom 2, Basement, Bedroom 6, Bathroom 3, Bedroom 5, Bathroom 4, Bathroom 6, Bedroom 2, Bedroom 7, Bedroom 4, Bathroom 1, Bedroom 3, Bedroom 8
Appliances
Refrigerator, Oven
Elementary school
Ellis Arts Academy
Middle school
West Middle
High school
Auburn High
Elementary school district
Rockford 205
Middle school district
Rockford 205
High school district
Rockford 205
Subdivision
Winnebago County
Standard status
Active
APN
1114378018
Size
3,350 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
COUNTY CLKS 1ST PLAT OF PT GARRISONS ADD 66.75 FT ON RIDGE AVE BY 97.88 FT DEEP NW COR AS LOT B LOT 020 BLOCK 001
Tax Annual Amount
944
Legal Description
COUNTY CLKS 1ST PLAT OF PT GARRISONS ADD 66.75 FT ON RIDGE AVE BY 97.88 FT DEEP NW COR AS LOT B LOT 020 BLOCK 001
Utilities
Heating system
Electric (Heating), Natural Gas, Baseboard
Building Details
Year built
1930
Floors in Building
1
Number of units
6
Listing Agency:
Keller Williams Realty Signature
(815) 315-1111
Listed By:
Katie Giese · License #475197916
(815) 985-4478
Added: Dec 11, 2025
Changed: Aug 19
Last Checked: Aug 28 at 7:06PM
MLS# 202507527
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 3350-square-foot apartment building contains six residential units: two studios, two one-bedroom apartments, and two two-bedroom apartments. The property was built in 1930 and includes refrigerators and ovens. Heating systems include electric heat, natural gas, and baseboard components. The building and its appliances and mechanical systems are being sold as-is, with no seller repairs planned.
All units are currently rented. Residents and guests use street parking, and the property has access to the bus line. The sale must include 9XX Ridge Avenue, identified as the parcel north of the building, and the property is located at 909-911 Ridge Avenue in Rockford, Illinois.
All units are currently rented. Residents and guests use street parking, and the property has access to the bus line. The sale must include 9XX Ridge Avenue, identified as the parcel north of the building, and the property is located at 909-911 Ridge Avenue in Rockford, Illinois.
Key Highlights
- Six‑unit configuration with two studios, two 1‑bedroom units, and two 2‑bedroom units
- 3350 SF apartment building constructed in 1930
- All units are currently rented
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
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with studios and one- and two-bedroom residences.
Where is this apartment building located?
The property is located at 909-911 Ridge Avenue 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 configuration with two studios, two 1‑bedroom units, and two 2‑bedroom units; 3350 SF apartment building constructed in 1930; All units are currently rented
