Investment Overview

Marcus & Millichap is proud to present 512 Chicago Avenue, Rockford, Illinois, an 18-unit apartment building constructed in 1968, consisting of (9) two-bedroom/one-bath units and (9) one-bedroom/one-bath units. The buildings have been well-maintained, including newer roofs. Additionally, there is a large outdoor stripped parking lot plus on-site coin-operated laundry with a tenant lounge. Rockford is located approximately 85 miles northwest of Chicago. The housing market in the Rockford MSA has seen very strong occupancy levels and rent growth in recent years. The current occupancy rate in 96.1% and the current rent growth is 5.3% year-over-year. There are only 120 units under construction so theses trends should continue for the foreseeable future. The Rockford area's low employment rate are driven by the diverse manufacturing and Aerospace industries. Some of the top employers include Amazon, Woodward Aerospace, Collins Aerospace, Stellantis, OSF Healthcare, and Hardrock Casino. Rockford, Illinois is a city in the northern part of the state with a population of over 150,000. It is in the heart of the Rock River Valley and is a major transportation destination with several major highways and an international airport. It also has a low cost of living and a diverse population. The city also offers numerous recreational and cultural opportunities, including the Anderson Japanese Gardens and the Rockford Art Museum. Rockford offers a great quality of life and numerous opportunities for investors looking to capitalize on the city’s growth. With an affordable cost of living, low taxes, and easy access to transportation, the city is an ideal location for real estate investments.