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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.
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The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
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