Occupied Two-Unit
New
For Sale
$290,000
1312 ELIZABETH Street, Joliet, IL 60435
Both residences are leased, with individual appliances and tenant-paid utilities.
Property Size1,572 SF
Lot Size0.15 Acres
Price / SF$184.48
Days on Market1
Property Features for 1312 ELIZABETH Street
General Information
Standard status
Active
Size
1,572 SF
Lot size
0.15 Acres
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Amenities
Natural Gas
Baseboard
Sep Heating Systems - 2+
Building Details
Year Built
1916
Tenancy
Multi
Listing Agency:
Beycome Brokerage Realty LLC
(804) 656-5007
Listed By:
Jeffrey Sklar · License #02075404
(804) 656-5007
Source:
Kw
Added: Aug 18
Last Checked: Aug 18 at 4:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Beycome Brokerage Realty LLC
Investment Insights
Based on property information with market context.
This two-unit duplex at 1312 Elizabeth Street in Joliet contains approximately 1,572 square feet across two separate residences on a 50 x 132 lot, or about 6,600 square feet. Each unit has its own appliances, and the property includes a deck.
Built in 1916, the building is equipped with natural gas, baseboard heat, and separate heating systems for 2+ units. Both residences are leased to in-place tenants, who pay their own utilities. The property is situated in an established Joliet neighborhood and offers a duplex configuration for continued rental use or owner occupancy of one residence alongside the leased second unit.
Built in 1916, the building is equipped with natural gas, baseboard heat, and separate heating systems for 2+ units. Both residences are leased to in-place tenants, who pay their own utilities. The property is situated in an established Joliet neighborhood and offers a duplex configuration for continued rental use or owner occupancy of one residence alongside the leased second unit.
Key Highlights
- Two‑unit duplex with approximately 1,572 sq ft across separate residences
- Both units are leased to in‑place tenants
- 50 x 132 lot totaling about 6,600 sq ft
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,727
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.77%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$334,540
$334.5K
Cap Rate 7%
$238,957
$239.0K
Cap Rate 9%
$185,856
$185.9K
Market Conditions
NOI Build-Up for 1,572 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$25.5K $16.20/SF
− Vacancy
−$1.6K −$1.00/SF
EGI
$23.9K $15.20/SF
− OpEx
−$7.2K −$4.56/SF
NOI
$16.7K $10.64/SF
Area
Joliet, IL
Vacancy
6.17%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$334,540
Cap Rate 7%
$238,957
Cap Rate 9%
$185,856
Alternative Uses
Best Use
Multifamily LT 5
$239.0K
$209.1K – $278.8K
NOI $16,727 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$220.3K
$192.8K – $257.1K
NOI $15,424 @ 7.0% cap · market cap 5.32%
Theoretical Best
Office A
$463.5K
$405.6K – $540.8K
NOI $32,446 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
311
Businesses Nearby
Explore this area
Business Placement
Demographics for 60435, IL
48,927
Population
20,162
Households
2.4
Avg Household Size
37
Median Age
23%
College-Educated
85%
High-School Grad
10.8 sq mi
ZIP Area
4,530
Density / Sq Mi
$74,967
Median Household Income
$41,201
Median Earnings
$1,145
Median Rent
$217,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are leased, with individual appliances and tenant-paid utilities.
Where is this duplex located?
The property is located at 1312 ELIZABETH Street Joliet, IL.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Two‑unit duplex with approximately 1,572 sq ft across separate residences; Both units are leased to in‑place tenants; 50 x 132 lot totaling about 6,600 sq ft
