Fully Occupied Multifamily Property Plus Commercial Unit Joliet IL



301 S Ottawa St Joliet, IL 60436

Listing Price: $450,000

[table] Cap Rate, 9.25%
Number of Units, 6
GRM, 7.51
Occupancy, 100%
Price/Unit, $75000
Price/Gross SF, $102.27
Gross SF, 4400

Download Offering Memo

Investment Highlights

  • Fully-Occupied, Five-Unit Multifamily Property and Commercial Unit (Salon)
  • New Roof, Electrical Service, Gas Service, Furnace, and Hot Water Tank
  • Renovated Units, Exterior Paint, and Off-Street Parking Lot Replacement
  • Low Property Taxes and Tenant Paid Gas Heat
  • Located in Joliet, the Fourth-Largest City in Illinois
  • Unit Mix of Studio, One-Bedrooms, Two-Bedroom, Three-Bedroom and a Commercial Unit

Map Overview

Investment Overview

Marcus & Millichap is proud to present to market two adjacent, fully-occupied buildings on one parcel, consisting of five multifamily units plus a commercial unit (salon). Each tenant pays separately metered gas heat; combined with low taxes and current market rents provides a healthy return for a smaller investment property.​ A number of very recent capital improvements have been completed including, but not limited to new roofs, upgraded electrical service, gas service, one of two new furnaces and hot water tanks, exterior painting, and off-street parking lot replacement.​ The unit mix consists of one studio, two one-bedrooms, one two-bedroom, one three-bedroom, and one small recently renovated commercial space occupied by a salon.​ Each unit has been partial to fully renovated, is on an annual written lease agreement, and current on their rents as of the drafting of this offering memorandum.​ The property is situated in Joliet, Illinois, approximately 30 miles southwest of Chicago.​ The property is just south of central downtown Jolie t with convenient access to public transportation, local shopping, and public services.​ Jolie t is the county seat of Will County and is the fourth-largest city in Illinois.​ The largest employers in the area include Amazon, AMITA Health Saint Joseph Medical Center, and Will County.​