221 Comstock StJoliet, IL 60436

For Sale
$630,000

5-unit apartment building, 8.06% cap rate

Overview

Added:
Dec 11, 2024
Days on market:
94
This fee-simple multifamily investment opportunity presents a compelling value-add proposition. Located at 221 S Comstock St, Joliet, IL 60436, this two-story brick building boasts five residential units: four 2-bedroom/1-bathroom and one 1-bedroom/1-bathroom unit, totaling 5,100 net rentable square feet within a 6,500-square-foot building on a 0.24-acre lot. The property features six parking spaces—two two-bay garages and two surface spaces. Built in 1927, it received a new central boiler in 2016 and a new roof in 2018. Currently operating at 100% occupancy, generating a net operating income (NOI) of $50,785 and an 8.06% cap rate, the asking price is $630,000 ($126,000 per unit). Situated in a dense residential neighborhood, the property benefits from convenient access to major roadways (US Routes 6, 30, 52, Interstates 80 and 55), public transportation (METRA, Pace bus), and area amenities including shopping, dining, and recreational facilities. The strong demographics within a 5-mile radius, boasting over 142,300 residents with an average household income exceeding $83,985, and over 53,400 employees, further enhance the investment potential. The current rents are below market, offering significant potential for rent increases. This property presents a rare opportunity to acquire a well-located, value-add multifamily asset in a thriving Illinois market.

Highlights

  • Excellent location in a dense Joliet residential neighborhood, near major roadways (US Routes 6, 30, 52, I-55, I-80), public transit (Pace bus, Metra), and amenities.
  • Transit-oriented location, 500 feet from Pace bus route 505 and 1.3 miles from the Joliet Transportation Center (Metra).
  • Significant value-add potential due to below-market rents in a high-demand area.
  • Solid brick construction, new central boiler (2016), new roof (2018), and six on-site parking spaces.
  • Strong demographics: over 142,300 residents and 53,400 employees within a 5-mile radius, with average household incomes exceeding $83,985.

Property Details for 221 Comstock St

Property type
Multifamily properties, Apartment buildings
Square Feet
6,500 SF
Year Built
1927
Buildings
1
Stories
2
Lot Size (sq. ft)
10,454 SF
Units
5

Location Insight

City
Joliet
County
Will
State
Illinois
Latitude
41.5191657
Longitude
-88.0945257
221 Comstock St, Joliet, Illinois

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221 Comstock St
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