Turnkey Duplex with Private
For Sale
$274,900
Pending
1312 ELIZABETH Street, Joliet, IL 60435
MULTI_FAMILY - Joliet, IL
Property Size1,572 SF
Lot Size0.15 Acres
Days on Market54
Property Features for 1312 ELIZABETH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 5, Basement, Bedroom 3, Bedroom 4, Bedroom 1
Parking
7
Basement
Unfinished, Partial, Walk-Out Access
Elementary school district
86
Middle school district
86
High school district
204
Directions
Drive north on North Raynor Ave. Right to Ingalls Ave. Left to Elizabeth St. Property is on the right.
Subdivision
Joliet
Standard status
Pending
APN
3007042040020000
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4496
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard
Water source
Public
Building Details
Year built
1916
Building materials
Vinyl Siding, Block
Listing Agency:
Beycome Brokerage Realty LLC
(804) 656-5007
Listed By:
Jeffrey Sklar · License #471022783
(804) 656-5007
Added: Jun 17
Changed: Aug 4
Last Checked: Aug 9 at 3:06PM
MLS# 12716502
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.
Investment Insights
Based on property information with market context.
Turnkey two-unit duplex featuring approximately 1,572 sq ft across two separate units. The property sits on a full 50 x 132 lot (about 6,600 sq ft). Each unit includes its own deck and appliances, and both units are leased to in-place tenants, with tenants paying their own utilities.
Construction materials include vinyl siding and block, with natural gas heating and baseboard. The home was built in 1916 and has public water and public sewer service. Indoor layout includes bedrooms and bathrooms per unit, plus a basement.
This is a ready-to-go income property designed for straightforward occupancy, with the current tenancy structure already in place.
Construction materials include vinyl siding and block, with natural gas heating and baseboard. The home was built in 1916 and has public water and public sewer service. Indoor layout includes bedrooms and bathrooms per unit, plus a basement.
This is a ready-to-go income property designed for straightforward occupancy, with the current tenancy structure already in place.
Key Highlights
- Approximately 1,572 sq ft across two separate units
- Full 50 x 132 lot (about 6,600 sq ft)
- Both units are leased to in‑place tenants and fully occupied
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
6.08%
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 6.08%
Second Best
Apartment 5plus
$220.3K
$192.8K – $257.1K
NOI $15,424 @ 7.0% cap · market cap 5.61%
Theoretical Best
Office A
$463.5K
$405.6K – $540.8K
NOI $32,446 @ 7.0% cap · market cap 11.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
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 - Fully occupied duplex with two leased units, decks, and tenant-paid utilities in a long-established Joliet neighborhood.
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 $274,900.
What are key features of this property?
This property features: Approximately 1,572 sq ft across two separate units; Full 50 x 132 lot (about 6,600 sq ft); Both units are leased to in‑place tenants and fully occupied
