303 Stone StJoliet, IL 60435

For Sale
$1,600,000

8-Unit Multifamily, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
94
Exceptional investment opportunity in Joliet, Illinois, presents this fully renovated, eight-unit apartment building situated on a spacious 19,302 square foot lot. The property boasts a strong 9.40% capitalization rate, generating a substantial net operating income (NOI) of $150,402. This two-story brick building, completely rehabbed in 2023, offers thirteen parking spaces for residents. Conveniently located near downtown Joliet and the University of St. Francis, this property benefits from high occupancy rates and strong rental demand. Financial records are available for January through November, with a December estimate provided, offering transparency and confidence in the property's performance. Insurance coverage includes a construction policy extending through April 2024. Further enhancing the property's value, the basement heating system has been upgraded to gas, ensuring efficient and cost-effective heating for the 2024-2025 winter season. One three-bedroom unit is currently vacant in December, allowing for convenient viewing, while all units are accessible for viewing with a contract. This turnkey investment is poised for immediate income generation and long-term appreciation. The asking price is $1,600,000.

Highlights

  • Fully rehabbed 8-unit brick apartment building in Joliet, IL, near downtown and the University of St. Francis.
  • Excellent income-producing property with a 9.40% cap rate and $150,402 NOI.
  • Asking price: $1,600,000.
  • One 3-bedroom unit vacant in December for easy viewing; all units viewable with a contract.
  • Year-to-date financials (January-November) available, with a December estimate.
  • Includes insurance with construction coverage through April 2024; basement heating converted to gas for winter 2024-2025.

Property Details for 303 Stone St

Property type
Multifamily properties, Apartment buildings
Year Renovated
2023
Stories
2
Units
8

Location Insight

City
Joliet
County
Will
State
Illinois
Latitude
41.5344795
Longitude
-88.0896061
303 Stone St, Joliet, Illinois

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303 Stone St
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