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Midwest 7 Unit Multifamily Portfolio

11 Nicholson St. & 12 Garfield St. Joliet IL 60435

Pricing/Terms Explained 

$500,000

$71,428 / Unit

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6

Beds

6

Baths

7,000

Sq. Ft.

1910

Yr. Built

70%

Occupancy

10 Spaces

2 Stories

Forced Air

Owned Laundry

Street View

Property Summary

About The Property

Type

Multifamily

In Place NOI

$20,289

Target CAP Rate

-

Today's Market Value

$500,000

Target Purchase Price

$500,000

Units

7

Projected NOI

$53,555

Market CAP Rate

6%

Value w/Market Rents

$890,000

Cost Per Unit

$71,428

Two Joliet properties on the same tax PIN. Total of 7 Units and 2 vacant parcels included in the portfolio. Property has been decently maintained with only slight updates needed. Tenants on the Garfield units are currently under one utility meter that is billed directly to the landlord. Upon closing we would convert these utility costs back to the tenants.

About the Neighborhood

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 7% mark.

Due
Diligence

Documents

Chase Real Estate conducts a thorough document review on every property. For access to current leases for this property please fill out our Leases Request Form.

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