Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    213 N Chicago St Joliet, IL 60432

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $400,000

    Three-unit mixed-use property with updated units and strong commercial tenant.

    Building Details

    Year built
    1895

    We can help!

    Listing Contact
    Joe Connelly
    Joe Connelly
    Source: Svn

    Listing Agent: Joe Connelly

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Mixed-Use Property in Downtown Joliet

    This is a three-unit mixed-use property located near the town center of Joliet, Illinois. The property features two 2-bedroom, 1-bath apartments situated above a spacious commercial space with a glass storefront. All units have been updated to modern conditions. The mechanicals are in good working condition. All units are separately metered. The property is located in downtown Joliet, steps from Main Street, museums, and a casino.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Joliet
    County
    Will
    State
    Illinois
    Longitude
    -88.0818513
    Latitude
    41.528119

    Nearby Similar for Sale

    • New
      $240,000
      1,940 SF

      High-Traffic Commercial Property in Joliet

      Commercial property on high-traffic Essington Road with great visibility.
      1948 Essington Rd, Joliet, IL 60435
      View Details
    • $1,295,000
      6,874 SF

      Move-in Ready Joliet Office Building

      High-quality office building near Ascension St. Joseph Medical Center.
      2435 Glenwood Ave, Joliet, IL 60435
      View Details
    • $1,100,000
      5,527 SF

      Freestanding Office Building Near Hospital

      Turnkey office building near Ascension St. Joseph Medical Center.
      2439 Glenwood Ave, Joliet, IL 60435
      View Details
    • New
      $995,000
      0.60 Acres

      Turn-Key Restaurant Opportunity in Joliet

      Iconic Joliet restaurant for sale with equipment and trademarks.
      810 Plainfield Rd, Joliet, IL 60435
      View Details
    • $500,000
      0.22 Acres

      Joliet, IL - Retail Property

      Retail property for sale in Joliet, Illinois.
      416 Buell Ave, Joliet, IL 60435
      View Details
    • $1,325,000
      7,680 SF

      Modern Office Building in Joliet

      7,680 SF office building in thriving Joliet area.
      3601 Mcdonough St, Joliet, IL 60431
      View Details
    • $3,900,000
      26,000 SF

      Joliet Commercial Building For Sale

      Two-story corporate office with warehouse space, potential for industrial conversion.
      1225 E Washington St, Joliet, IL 60433
      View Details
    • $1,500,000
      11,200 SF

      Versatile Commercial Building on Essington Road

      Multi-use building with offices and warehouse space for sale.
      1214-1222 Essington Rd, Joliet, IL 60435
      View Details
    • $2,900,000
      29,635 SF

      Former YMCA on 26.55 Acres

      29,635 SF building on 26.55 acres in Joliet, IL
      1350 S Briggs St, Joliet, IL 60433
      View Details
    • $4,500,000

      Prime Redevelopment Opportunity in Forest Park

      Single-story former bank and adjacent restaurant on high-traffic corridor.
      7521 Madison St, Forest Park, IL 60130
      View Details
    • $3,900,000
      3.80 Acres

      Joliet Commercial Building For Sale

      Two-story corporate office with warehouse space or open industrial space.
      1225 E Washington St, Joliet, IL 60433
      View Details
    • New
      $340,000
      2,503 SF

      Turnkey Duplex Investment Opportunity

      Remodeled, cash-flowing duplex in Joliet, near transportation and amenities.
      221 N Hickory St, Joliet, IL 60435
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Three-unit mixed-use property with updated units and strong commercial tenant.
    Where is this mixed-use property located?
    The property is located at 213 N Chicago St Joliet, IL.
    What is the asking price?
    The asking price for this property is $400,000.
    What are key features of this property?
    This property features: - Prime location in downtown Joliet, near Main Street, museums, and a casino.; - Updated units offering modern living conditions.; - Mixed-use property with a spacious commercial space and two apartments.
    (630) 550-1515
    Request Owner's contact information
    213 N Chicago St 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.
    213 N Chicago St
    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
    213 N Chicago St 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
    Joe Connelly
    Joe Connelly
    (630) 550-1515 (312) 414-0428 (312) 676-1866
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!