303 Stone St 8 Unit Apartment Building Offered at $1,400,000 at a 10.82% Cap Rate Joliet, IL 60435

Fully Renovated Multi-Family Building in High-Demand Joliet Location. Rare, turn-key investment opportunity in a prime Joliet neighborhood! This renovated 8-unit apartment building, fully rehabbed in 2023, offers a stable, high-yield asset with a proven track record. Situated in a sought-after rental area, this property is fully rented with long-term tenants, ensuring immediate and consistent cash flow.
Property Highlights:
Year of Rehab: 2023 - All major systems and units have been professionally updated, minimizing future capital expenditures. Occupancy: Fully rented with a history of long-term tenants.
Asking Price: $1,400,000
Building Features & Amenities:
Recent Renovations: The building underwent a comprehensive, top-to-bottom renovation in 2023, including new plumbing, electrical, roof, windows, & parking lot Updated Units: Each of the eight units has been modernized with flooring, finishes and fixtures, making them highly desirable to renters.
Tenant Convenience: On-site, coin-operated laundry facilities provide an additional income stream and a valuable amenity for residents.
Parking: Ample off-street parking for tenants with plenty of additional street parking available.
Investment Details: Turn-Key Asset: The recent rehabilitation means the building is in excellent condition, and requires minimal hands-on management.
Stable Income: With a full occupancy and long-term tenants in place, this property offers a reliable stream of rental income from day one.
High-Demand Area: Located in a competitive rental market, the property's desirability ensures low vacancy rates and strong potential for future rent growth. The Joliet rental market is seeing an increase in average rents, making this an ideal addition to an established real estate portfolio.
Location & Neighborhood: The building is nestled in a high-demand area of Joliet, walking distance to both downtown Joliet and the University of St. Francis. Located near Metra station and I-80, it offers easy commute for tenants who work in the city. The surrounding neighborhood offers a variety of amenities and a strong tenant base.
This is a rare opportunity to acquire a fully renovated, fully-occupied, and low-maintenance investment property in a rapidly growing market. A detailed financial prospectus, including rent rolls and expense reports, is available upon request for qualified buyers. Please do not disturb the tenants. All showings are by appointment only.