40-Unit Multifamily Portfolio – Joliet IL
40-Unit Multifamily Portfolio – Joliet IL
- List Price $6,750,000
- Price / Unit $168,750
- Property Type Multifamily
- Units 40
- Current Rents $685,476
- Pro Forma Rents $743,400
- In Place NOI $519,253
- Projected NOI $572,944
- Target CAP Rate 7.7%
- Market CAP Rate 7%
- Today's Market Value $7,417,900
- Value w/Market Rents $8,184,000
*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.
- 93
- 47.5
- -
- 1950
- 100%
- Street Parking
- 2
- Forced Air
- Central Air
- None
93
47.5
-
- 1950
- 100%
- 93
- 2
- Forced Air
- Forced Air
- None
About the property
Offered together as a rare portfolio acquisition, 900–934 N Prairie Avenue and 825–835 N Raynor Avenue comprise a well-maintained, 40-unit multifamily investment located in the Cathedral District of Joliet, IL. The portfolio consists of 34 townhouse style units at Prairie Avenue and 6 townhouse style units at Raynor Avenue, with a current occupancy of 100% at both properties. Each unit features a spacious floor plan, large unfinished basements with laundry hookups, and tenant-paid utilities—resulting in both convenience for residents and lower overhead for ownership. Tenants provide their own appliances, allowing for flexibility and reduced maintenance responsibilities. The properties offer street parking eliminating the need for snow removal services. With strong in-place cash flow, excellent occupancy, and value-add potential through rent increases, the Prairie & Raynor Avenue Portfolio offers investors a turn-key, income-producing asset in a growing submarket. This is an ideal opportunity for buyers seeking scale, stability, and long-term upside in a high-demand rental area. An IL licensed broker is a member of the LLC that owns the property.
About the neighbourhood
- Located in the heart of Joliet, Illinois, the properties at 900–934 N Prairie Avenue and 825–835 N Raynor Avenue benefit from a strategic location within a thriving and well-connected suburban community. Joliet is one of the fastest-growing cities in Will County, known for its diverse economy, affordable cost of living, and strong rental demand. Located just minutes from downtown Joliet, the area offers residents convenient access to local amenities, including shopping centers, restaurants, parks, and schools. The properties are within close proximity to Presence Saint Joseph Medical Center, the University of St. Francis, and Joliet Junior College, creating steady demand from students, faculty, and healthcare professionals. Transportation is a key advantage, with nearby access to Interstates 55 and 80, as well as U.S. Route 30, making commuting to surrounding suburbs and the greater Chicagoland area fast and efficient. The Joliet Metra Station and Amtrak provide direct rail service to downtown Chicago, further increasing the area's appeal to renters seeking suburban comfort with urban accessibility. As Joliet continues to experience revitalization and economic growth, this location—home to both Prairie Avenue and Raynor Avenue multifamily assets—stands out as a high-potential investment opportunity, supported by a strong rental market and a well-established community.
Municipality - Investor Guide
Joliet
| Transfer Stamps | Pre Sale Inspection | Yearly Rental Inspection | |
|---|---|---|---|
| Buyer: N | Cost: None | Required: No | Required: Yes |
| Seller: Y | Cost: Yes | Cost: $0 | Cost: $0 |
| Notes | |||
| A residential transfer information and disclosure form is required before contract entered into if residential (single family, condominium or townhome). A Water/Lien Letter is required to purchase transfer stamp. Letter good for 4 business dates from the date of the final meter reading. | |||
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
*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
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Walkscore
Nearby
- Arts & Entertainment
-
J D Brown Pharmacy (0.16 mi)
-
Fast Printing of Joliet (0.19 mi)
-
Talent Zone (0.34 mi)
- Education
-
Brushed Adrienne Benet Studio (0.35 mi)
-
Schools Public (0.4 mi)
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Cunningham M J School (0.4 mi)
- Food
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La Mina Restaurant (0.19 mi)
-
Joliet Bakery Deli & Liquors (0.19 mi)
-
Honey Fluff Donuts (0.2 mi)
- Health & Medical
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Joliet Family Dental (0.19 mi)
-
CVS Pharmacy (0.22 mi)
-
Illinois Private Duty Home Health Care (0.32 mi)
Contact Information
- List Price $6,750,000
- Property Type Multifamily
- Current Rents $685,476
- In Place NOI $519,253
- Target CAP Rate 7.7%
- Today's Market Value $7,417,900
- Price / Unit $168,750
- Units 40
- Pro Forma Rents $743,400
- Projected NOI $572,944
- Market CAP Rate 7%
- Value w/Market Rents $8,184,000
*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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