Rare 8-Unit Row House Property

1011-1015 N Broadway St. Joliet IL 60435
  • $750,000
  • $93,750
  • / Unit

Rare 8-Unit Row House Property

1011-1015 N Broadway St. Joliet IL 60435
Yearly Income $79,800
Yearly Expenses $32,400
Current Rents $79,800
Pro Forma Rents $112,859
  • 12
  • Bedrooms
  • 8
  • Bathrooms
  • 5284
  • Sq Ft
  • 1959
  • Year Built
  • 100%
  • Occupancy
  • 8
  • Parking
  • 1
  • Stories
  • Forced Air
  • Heating System
  • Central Air
  • Cooling System
  • None
  • Laundry
  • 12
  • Bedrooms
  • 8
  • Bathrooms
  • 5284
  • Sq Ft
  • 1959
  • Year Built
  • 100%
  • Occupancy
  • 12
  • Parking
  • 1
  • Stories
  • Forced Air
  • Heating System
  • Forced Air
  • Cooling System
  • None
  • Laundry

About the property

Very rare opportunity to purchase a 2 building, 8-unit rowhouse portfolio in Joliet, IL with huge value-add opportunity. The property consists of four 2-bedroom units and four 1-bedroom units. While the units are all in rentable condition, the owner has minor deferred maintenance items. Using the first few months excess cashflow, a new owner could reinvest in taking care of these various items and increase the value of the property and also rents. Current rents are drastically below market rate. Owned by IL Licensed RE Broker.

About the neighbourhood

  • Joliet’s historic Cathedral District is one of the most desirable locations in the City of Joliet. The city maintains a diverse blue-collar work force with the local economy being propped up by 2 major casinos; Harrah’s and the Hollywood Casino. Rental prices have been steadily increasing and vacancies have been reaching historic lows with the limited existing rental inventory available. Will County’s relatively lenient tenant laws and lower property taxes have made it a hotbed for investors in the past few years with properties commanding cap rates hovering around the 6% mark.

Municipality - Investor Guide

Joliet
Transfer StampsPre Sale InspectionYearly Rental Inspection
Buyer: NCost: NoneRequired: NoRequired: Yes
Seller: YCost: YesCost: $0Cost: $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

Rent Roll
Expenses & Utility Table
Rental Comps
Market Report

Property Financials

View current and future return metrics based on customizable inputs. "Annual Net Income", "Monthly Cash Flow", "Cash on Cash Return", "Equity Value", and "Equity Multiple" are based off of the "Year 2 Pro Forma" column inputs.

Property Current

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Year 2 Pro Forma

This column is based off of market rents and assumes proper property performance.

Debt Service

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Mortgage Calculator

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  • Down Payment
  • Loan Amount
  • Monthly Mortgage Payment
  • Monthly Property Tax
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  • Monthly HOA Fees
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Utility Table

Location
Responsibility
Meter number
Usage TTM
Rate
Common Areas
L
-
-
-
Units
T
-
-
-
Source
Citypoint Estimate
Notes
No Landlord Electrical Expense
Location
Responsibility
Measured In
Usage TTM
Cost
Common Areas
L
Gallons
-
-
Units
L
Gallons
-
-
Source
Landlord Estimate
Notes
-
Location
Responsibility
Measured In
Usage TTM
Cost Per Unit
Common Areas
L
Therms
-
-
Units
T
Therms
-
-
Source
Citypoint Estimate
Notes
No Landlord Gas Expense
Location
Responsibility
Container Size
Monthly Rate
Common Areas
L
6 Cubic Yards
-
Units
T
6 Cubic Yards
-
Source
Landlord Provided
Notes
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Total Yearly Utitlity Cost:  $7,160.00

*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

2023202220212020
Tax Amount$0.00$42,388.96$77,070.82$63,567.66
YOY Tax Change ($)-$42,388.96-$34,681.86+$13,503.16+$6,236.94
YOY Tax Change (%)-100.00%-45.00%+21.24%+10.88%
Current Assessed Value$415,348
Source - Public Record

For more information on assessments, property taxes, and tax appeals visit: Property Taxes

Assessed - Land$54,704
Assessed - Improved$360,644
Source - Public Record

For more information on assessments, property taxes, and tax appeals visit: Property Taxes

Walkscore

Nearby

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Education
Brushed Adrienne Benet Studio (1.15 mi)
Exceptional 1 reviews
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Exceptional 20 reviews
Cathedral of St Raymond Extended Day School (1.36 mi)
Average 2 reviews
Food
Mobil - Lambert Food Shop (0.05 mi)
Average 3 reviews
Taquerias Sandy's (0.23 mi)
Fair 2 reviews
Izzy's (0.33 mi)
Good 5 reviews
Health & Medical
ARRO Laboratory (1.02 mi)
Poor 2 reviews
CVS Pharmacy (1.19 mi)
Good 3 reviews
Joliet Family Dental (1.18 mi)
Fair 10 reviews

Contact Information

Melissa Topolewski

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Property Pricing

Based on Citypoint’s communication with the seller, the price point listed is a price that the seller should be willing to transact at. Any terms for, or against, the seller can help/hurt this price level.

Many sellers have loan balances that need to be paid off at closing. If the seller’s net proceeds after commissions, taxes, closing fees, rent credits, security deposit credits, etc fall below their current loan balance the price will most likely be denied by the seller.

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