- 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%
- 12
- 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.
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.
Property Documents
Property Financials
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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)
-
McDonald's (0.04 mi)
-
Taquerias Sandy's (0.23 mi)
- Health & Medical
-
ARRO Laboratory (1.02 mi)
-
CVS Pharmacy (1.19 mi)
-
Joliet Family Dental (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.
