Four-Unit Quadplex with
For Sale
$209,900
Pending
954 North Church Street, Rockford, IL 61103
Income-producing residential property with varied unit layouts, individual parking, and one currently vacant residence.
Property Size2,687 SF
Days on Market171
Property Features for 954 North Church Street
General Information
Standard status
Pending
Size
2,687 SF
Property subtype
Multi Family / 3 - 4 Units
Taxes and HOA fees
Annual Taxes
$2,024
Amenities
Forced Air, Natural Gas
Yes
Gas
Refrigerator, Stove/Cooktop
No
Shingle
Siding, Vinyl
Building Details
Year Built
1900
Units
4
Listing Agency:
Smart Home Realty
Listed By:
Dimas Trujillo · License #475182208
(815) 556-2272
Source:
Compass
Added: Mar 16
Changed: Sep 2
Last Checked: Aug 31 at 10:27PM
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 Smart Home Realty
Investment Insights
Based on property information with market context.
This quadplex contains four separate residential units with dedicated parking spaces. The unit mix includes one two-bedroom, one-bath residence with a living room, while the remaining three apartments each offer one bedroom and one bathroom. Interior features include forced-air heating, natural gas, gas service, and refrigerators and stove/cooktops. One unit is vacant.
The property is located at 954 North Church Street in Rockford, near downtown and within convenient reach of shopping, dining, and local amenities. Built in 1900, the building has vinyl siding and a shingle roof.
The property is located at 954 North Church Street in Rockford, near downtown and within convenient reach of shopping, dining, and local amenities. Built in 1900, the building has vinyl siding and a shingle roof.
Key Highlights
- Four individual residential units with dedicated parking spaces
- Unit mix includes one 2‑bedroom, 1‑bath unit and three 1‑bedroom, 1‑bath units
- One unit is currently vacant
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
$17,588
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
8.38%
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%
$351,760
$351.8K
Cap Rate 7%
$251,257
$251.3K
Cap Rate 9%
$195,422
$195.4K
Market Conditions
NOI Build-Up for 2,687 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
$26.1K $9.72/SF
− Vacancy
−$992 −$0.37/SF
EGI
$25.1K $9.35/SF
− OpEx
−$7.5K −$2.81/SF
NOI
$17.6K $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%
$351,760
Cap Rate 7%
$251,257
Cap Rate 9%
$195,422
Alternative Uses
Best Use
Multifamily LT 5
$251.3K
$219.9K – $293.1K
NOI $17,588 @ 7.0% cap · market cap 8.38%
Second Best
Apartment 5plus
$218.9K
$191.5K – $255.4K
NOI $15,322 @ 7.0% cap · market cap 7.30%
Theoretical Best
Office A
$714.7K
$625.4K – $833.8K
NOI $50,030 @ 7.0% cap · market cap 23.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
725
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 - Income-producing residential property with varied unit layouts, individual parking, and one currently vacant residence.
Where is this quadplex located?
The property is located at 954 North Church Street Rockford, IL.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: Four individual residential units with dedicated parking spaces; Unit mix includes one 2‑bedroom, 1‑bath unit and three 1‑bedroom, 1‑bath units; One unit is currently vacant
