Two-Unit Multifamily
For Sale
$125,000
Pending
928 8th Avenue, Rockford, IL 61104
MULTI_FAMILY - ROCKFORD, IL
Property Size1,788 SF
Days on Market65
Property Features for 928 8th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R3
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 2, Basement, Bathroom 1
Appliances
Refrigerator, Stove/Cooktop
Elementary school
Constance Lane Elementary School
Middle school
Abraham Lincoln Middle
High school
Rockford East High
Elementary school district
Rockford 205
Middle school district
Rockford 205
High school district
Rockford 205
Subdivision
Winnebago County
Standard status
Pending
APN
1126407012
Size
1,788 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
GREGORY + GIDDINGS SUBD BLKS 24+25 + ADDN TO CITY OF RKFD E 55 FT S 69 FT LOT 00 BLOCK 17
Tax Annual Amount
1748
Legal Description
GREGORY + GIDDINGS SUBD BLKS 24+25 + ADDN TO CITY OF RKFD E 55 FT S 69 FT LOT 00 BLOCK 17
Utilities
Heating system
Forced Air
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
Keller Williams Realty Signature
(815) 315-1111
Listed By:
Katie Giese · License #475197916
(815) 985-4478
Added: Jun 9
Changed: Jul 9
Last Checked: Aug 12 at 6:06PM
MLS# 202603372
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 fully occupied two-unit multifamily property is configured as a main-level unit and an upper unit. Both units include 2 bedrooms and 1 bathroom, with a comfortable living area and a practical kitchen layout.
The main-level unit is month-to-month. The upper unit is leased through 11/6/2026 with an automatic roll into month-to-month.
The owner currently pays for water and sewer, while tenants pay for gas and electric. Showings require 24 hours’ notice, with 48 hours preferred to accommodate occupants.
The main-level unit is month-to-month. The upper unit is leased through 11/6/2026 with an automatic roll into month-to-month.
The owner currently pays for water and sewer, while tenants pay for gas and electric. Showings require 24 hours’ notice, with 48 hours preferred to accommodate occupants.
Key Highlights
- Fully occupied 2‑unit multifamily with each unit offering 2 bedrooms and 1 bathroom
- Unit 1 rent: $800/month on MTM; owner currently covers water and sewer (tenants pay gas and electric)
- Unit 2 rent: $950/month with lease until 11/6/2026, then automatic roll into MTM
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
$10,196
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
8.16%
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%
$203,920
$203.9K
Cap Rate 7%
$145,657
$145.7K
Cap Rate 9%
$113,289
$113.3K
Market Conditions
NOI Build-Up for 1,788 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
$19.3K $10.80/SF
− Vacancy
−$772 −$0.43/SF
EGI
$18.5K $10.37/SF
− OpEx
−$8.3K −$4.67/SF
NOI
$10.2K $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%
$203,920
Cap Rate 7%
$145,657
Cap Rate 9%
$113,289
Alternative Uses
Best Use
Multifamily LT 5
$167.2K
$146.3K – $195.1K
NOI $11,703 @ 7.0% cap · market cap 9.36%
Second Best
Apartment 5plus
$145.7K
$127.5K – $169.9K
NOI $10,196 @ 7.0% cap · market cap 8.16%
Theoretical Best
Office A
$475.6K
$416.1K – $554.9K
NOI $33,291 @ 7.0% cap · market cap 26.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,565
Businesses Nearby
Explore this area
Business Placement
Demographics for 61104, IL
17,354
Population
9,253
Households
1.9
Avg Household Size
32
Median Age
9%
College-Educated
75%
High-School Grad
4.5 sq mi
ZIP Area
3,856
Density / Sq Mi
$32,161
Median Household Income
$26,277
Median Earnings
$854
Median Rent
$83,700
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 - Fully occupied two-unit property with two 2-bedroom, 1-bath units and separate tenant utility responsibilities.
Where is this duplex located?
The property is located at 928 8th Avenue Rockford, IL.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: Fully occupied 2‑unit multifamily with each unit offering 2 bedrooms and 1 bathroom; Unit 1 rent: $800/month on MTM; owner currently covers water and sewer (tenants pay gas and electric); Unit 2 rent: $950/month with lease until 11/6/2026, then automatic roll into MTM
