- List Price $750,000
- Price / Unit $93,750
- Property Type Multifamily
- Units 8
- Current Rents $79,800
- Pro Forma Rents $112,859
- In Place NOI $47,400
- Projected NOI $78,267
- Target CAP Rate 6.3%
- Market CAP Rate 6%
- Today's Market Value $790,000
- Value w/Market Rents $1,300,000
*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.
- 12
- 8
- 5284
- 1959
- 100%
- 8
- 1
- Forced Air
- Central Air
- None
12
8
5284
- 1959
- 100%
- 12
- 1
- Forced Air
- Forced Air
- None
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 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
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
This column shows the current financial state of the subject property. Some of these inputs may be estimations.
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
- Down Payment
- Loan Amount
- Monthly Mortgage Payment
- Monthly Property Tax
- Monthly Property Insurance
- Monthly HOA Fees
Utility Table
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
| 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|
| 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 |
For more information on assessments, property taxes, and tax appeals visit: Property Taxes
Walkscore
Nearby
- Arts & Entertainment
-
HellsGate Haunted House (1.08 mi)
-
Brushed Adrienne Benet Studio (1.15 mi)
-
J D Brown Pharmacy (1.18 mi)
- Education
-
Brushed Adrienne Benet Studio (1.15 mi)
-
Bishops Hill Winery (1.35 mi)
-
Cathedral of St Raymond Extended Day School (1.36 mi)
- Food
-
Mobil - Lambert Food Shop (0.05 mi)
-
Buttermaid Bakeries Division of Intrstte Brnds Crp (0.32 mi)
-
Catcher's Tap (0.34 mi)
- Health & Medical
-
ARRO Laboratory (1.02 mi)
-
CVS Pharmacy (1.19 mi)
-
J D Brown Pharmacy (1.18 mi)
Contact Information
- List Price $750,000
- Property Type Multifamily
- Current Rents $79,800
- In Place NOI $47,400
- Target CAP Rate 6.3%
- Today's Market Value $790,000
- Price / Unit $93,750
- Units 8
- Pro Forma Rents $112,859
- Projected NOI $78,267
- Market CAP Rate 6%
- Value w/Market Rents $1,300,000
*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.
