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Multifamily For Sale

408 Western Ave
Joliet, IL 60435


TYPE Multifamily
PRICE $485000
UNITS 5
BUILDINGS/Stories 1 / 2.5
BUILT/RENO 1914 / 2014
OCCUPANCY 100%
CAP RATE 8.69%
CASH-ON-CASH 19.11%

Highlights

  • Fully Occupied
  • All 3-Bed / 1-Bath Units w/ Dining Rooms
  • Updated Kitchens and Baths
  • Separately Metered Tenant Paid Heat
  • Newer Windows and Furnaces
  • Additional Income from Garages, Off-Street Parking, Storage and Laundry
  • Located at entrance to Historic District

Description


Marcus & Millichap is pleased to market for sale a well-maintained, fully occupied, five-unit multifamily property near the historic district of Joliet, Illinois. The property consists of all spacious three-bedroom / one-bathroom units with dining rooms. The property has enjoyed 13 years of consistent management, maintenance and repairs with timely paying market rate tenants. All tenants pay for their own heat and there is added income from off-street parking, garages, storage and laundry facilities. Upon sale, the property will have completed a four-year rental certification from the city of Joliet.

The property is ideally located just west of the Des Plaines River, one block from the Upper Bluff National Historic District of downtown Joliet, among many historic mansions. The bus stop is one block from the property. Major employers in the area include Amazon, Presence St. Joseph Medical Center, Will County, and nearby Harrah’s Hotel & Casino.

 

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