Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    611 Jerome Ave Joliet, IL 60432

    Sponsored
    For Sale
    Under Contract
    $229,000

    MULTI_FAMILY - Joliet, IL

    Days on Market:
    31
    Last Refresh:
    Jan 20 at 3:06 pm

    Property Features for 611 Jerome Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active Under Contract
    Zoning
    MULTI
    Rooms
    Bedroom 2, Bedroom 4, Bedroom 1, Basement, Bathroom 2, Bedroom 5, Bathroom 1, Bedroom 3
    Bedrooms
    5
    Bathrooms
    2
    APN
    3007104200120000
    Parking
    3
    Parking features
    Driveway, Owned
    Patio and Porch features
    Porch
    Basement
    Full, Unfinished

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Water source
    Public

    Building Details

    Year built
    1905
    Building materials
    Vinyl Siding
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Andrea Rios

    RE/MAX Ultimate Professionals (815) 725-4545 [email protected]

    Listing agent Andrea Rios (815) 725-4545

    Listing date Dec 21, 2025

    MLS# 12493417 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Updated Duplex Near Conveniences

    This duplex in Joliet, Illinois, presents an investment or owner-occupant opportunity. The property features a 3-bedroom unit and a 2-bedroom unit, situated near grocery stores, restaurants, and other everyday conveniences. The property has been updated inside, while the exterior could use some improvements. The main floor unit, featuring three bedrooms, is currently leased to long-term tenants, providing immediate rental income. The upper unit, with two bedrooms, is move-in ready, making it suitable for an owner-occupant or an investor seeking passive income. A side driveway provides ample parking. This property offers both potential and value for expanding an investment portfolio or finding a home that helps with the mortgage.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Building Supply

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Joliet
    County
    Will
    State
    Illinois
    Longitude
    -88.065637
    Latitude
    41.527179

    Nearby Similar for Sale

    • New
      $650,000
      6,000 SF

      Mixed-Use Property in Downtown Joliet

      Mixed-use property with development potential in the heart of Joliet.
      301 S Ottawa St, Joliet, IL 60436
      View Details
    • $315,000

      Joliet Brick 2-Flat Investment

      Unique brick 2-flat with investment potential in Joliet, IL.
      910 Nicholson St, Joliet, IL 60435
      View Details
    • $279,999
      0.11 Acres

      Well-Maintained Brick Two-Flat in Joliet

      Rare, income-generating two-flat near schools, shopping, and highways.
      511 E 3Rd Ave, Joliet, IL 60433
      View Details
    • New
      $1,400,000
      0.44 Acres

      Renovated Multifamily Building in Joliet

      Turn-key investment opportunity: 8-unit apartment building, fully renovated in 2023.
      303-307 Stone St, Joliet, IL 60435
      View Details
    • $1,100,000
      0.60 Acres

      Turn-Key Restaurant Opportunity in Joliet

      Well-maintained restaurant with equipment, inventory, and trademarks included.
      810 Plainfield Rd, Joliet, IL 60435
      View Details
    • $775,000
      0.60 Acres

      Joliet Commercial Property For Sale

      Well-maintained building on 0.6 acres with redevelopment potential.
      810 Plainfield Rd, Joliet, IL 60435
      View Details
    • $389,900
      0.15 Acres

      Joliet Three-Unit Residential Property

      Three-unit residential property in Joliet, Illinois, with seller financing available.
      214-216 N Hickory St, Joliet, IL 60435
      View Details
    • New
      $795,000
      1,150 SF

      Updated 5-Unit Multifamily Property

      Updated 5-unit property with individual utilities and recent renovations.
      809 Vine St, Joliet, IL 60435
      View Details
    • New
      $600,000

      Victorian Double Lot Forest Park

      Timeless home on a rare double lot.
      7415 Dixon St, Forest Park, IL 60130
      View Details
    • $450,000
      0.07 Acres

      Prime Commercial Space in Forest Park

      High-visibility storefront in Forest Park's vibrant Madison Street corridor.
      7441 Madison St, Forest Park, IL 60130
      View Details
    • $425,000
      0.38 Acres

      Victorian Triplex in Joliet, IL

      Charming Victorian triplex on a double lot with 4-car garage.
      230 Comstock St, Joliet, IL 60436
      View Details
    • $2,999,999
      0.23 Acres

      Forest Park Commercial Building For Sale

      Prime commercial building on bustling Madison Street in Forest Park.
      7321 Madison St, Forest Park, IL 60130
      View Details

    FAQs

    What type of property is this?
    Duplex - Duplex with rental income potential near stores and restaurants.
    Where is this duplex located?
    The property is located at 611 Jerome Ave Joliet, IL.
    What is the asking price?
    The asking price for this property is $229,000.
    What are key features of this property?
    This property features: - Duplex with immediate rental income from a leased 3-bedroom unit.; - Move-in ready 2-bedroom unit suitable for owner-occupancy or immediate rental.; - Updated interior offering comfortable living spaces.
    (815) 725-4545
    Request Owner's contact information
    611 Jerome Ave Joliet, IL 60432
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    611 Jerome Ave
    Joliet, IL 60432
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    611 Jerome Ave Joliet, IL 60432
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Andrea Rios
    Real Estate License ID: 475207261
    (815) 725-4545
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.