- List Price $875,000
- Price / Unit $79,545
- Property Type Multifamily
- Units 11
- Current Rents $116,700
- Pro Forma Rents $171,600
- In Place NOI $62,733
- Projected NOI $113,892
- Target CAP Rate 7.2%
- Market CAP Rate 6.5%
- Today's Market Value $965,000
- Value w/Market Rents $1,583,657
*Today’s Market Value & Value w/Market Rents is a theoretical value calculation derived by NOI and CAP rate. It does not take any other property factors into account.
- 33
- 16.5
- 9834
- 1968
- 82%
- 22
- 2
- Boiler Heat
- Window Units
- Common, Paid
33
16.5
9834
- 1968
- 82%
- 33
- 2
- Boiler Heat
- Boiler Heat
- Common, Paid
About the property
Presenting a Solid investment opportunity in the heart of Rockord, IL. This brick 11-unit property, nestled next door to the Forest Hills Country Club, consists of eleven spacious 3 bedroom 1.5 bathroom apartment units. This building has the potential to be a solid Cash Cow, but does require TLC to un-earth this gem! Hence the reasoning behind the lowered price!
The building’s exterior facade is in good shape. However, a full roof replacement will be needed soon. There are 15 parking spots on site as well as eight 2-car garages that are not being rented or utilized to their potential. 9 of the 11 interior units are occupied, spacious with nice layouts. 2 units are demoed and require full turnover. Boiler system is in good condition and is serviced annually. The building also has common area coin-laundry on site and plenty of storage units that can be rented out. The building cash flows currently with 83% occupancy with under-rented units. With completing turnover on the 2 remaining units and increasing rents to current market average, this building will be a Great investment for your portfolio.
About the neighbourhood
- Rockford, Illinois, situated in Winnebago County, is a vibrant city known for its industrial heritage, cultural attractions, and scenic landscapes. With a rich history dating back to the 19th century, Rockford has evolved into a diverse community blending urban amenities with suburban charm. Throughout the year, Rockford hosts various events and festivals celebrating music, art, food, and culture, fostering community engagement and entertainment. Rockford is a dynamic city with a strong sense of community, diverse economic base, and abundant recreational opportunities. Whether exploring its cultural attractions, enjoying outdoor adventures, or pursuing educational endeavors, Rockford offers something for everyone, making it a vibrant and livable destination in the heart of Illinois.
Municipality - Investor Guide
Rockford
| Transfer Stamps | Pre Sale Inspection | Yearly Rental Inspection | |
|---|---|---|---|
| Buyer: N/A | Cost: - | Required: No | Required: None |
| Seller: N/A | Cost: - | Cost: $0 | Cost: $0 |
| Notes | |||
| Final water and garbage bills need to be paid prior to closing. Rockford does not require municipal property inspections. | |||
For a list of all Municipality requirements visit our Municipality Requirements Page
Property Documents
Property Financials
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Mortgage Calculator
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Utility Table
Total Yearly Utitlity Cost: $12,000.00
*This Utility Table does not include snow removal or lawn care costs, if any. For more details on snow/lawn expenses, see the "Expenses" attachment located under the "Property Documents" section.
Property Taxes
| 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|
| Tax Amount | $20,230.96 | $18,959.40 | $17,793.38 | $18,147.10 |
| YOY Tax Change ($) | +$1,271.56 | +$1,166.02 | -$353.72 | -$680.00 |
| YOY Tax Change (%) | +6.71% | +6.55% | -1.95% | -3.61% |
| Current Assessed Value | $160,904 | Source - Public Record For more information on assessments, property taxes, and tax appeals visit: Property Taxes | Assessed - Land | $15,277 | Assessed - Improved | $145,627 |
For more information on assessments, property taxes, and tax appeals visit: Property Taxes
Walkscore
Nearby
- Arts & Entertainment
-
Frank Lloyd Wright's Laurent House (0.93 mi)
-
Park Lanes Bowl (1.01 mi)
-
Anderson Japanese Gardens (1.12 mi)
- Education
-
Rockford Lutheran School (1.07 mi)
-
Evolve Dance Company (1.26 mi)
-
Keith School (1.42 mi)
- Food
-
Seven-Up American Bottling (0.47 mi)
-
Cadbury Adams USA (0.58 mi)
-
China House (0.66 mi)
- Health & Medical
-
Tattoo Bobs (0.68 mi)
-
Jack Forsyth (0.68 mi)
-
Jenkins Lu Lcsw (0.69 mi)
Contact Information
- List Price $875,000
- Property Type Multifamily
- Current Rents $116,700
- In Place NOI $62,733
- Target CAP Rate 7.2%
- Today's Market Value $965,000
- Price / Unit $79,545
- Units 11
- Pro Forma Rents $171,600
- Projected NOI $113,892
- Market CAP Rate 6.5%
- Value w/Market Rents $1,583,657
*Today’s Market Value & Value w/Market Rents is a theoretical value calculation derived by NOI and CAP rate. It does not take any other property factors into account.
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