Brick Triplex with Detached
For Sale
$329,900
211 Casseday Ave, Joliet, IL 60432
Three legal units include separate electric service, shared laundry, and enclosed rear porches.
Property Size2,885 SF
Price / SF$114.35
Days on Market13
Property Features for 211 Casseday Ave
General Information
Standard status
Active
Size
2,885 SF
Total Parking Spaces
4
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,414
Amenities
enclosed rear porches
shared laundry area
Building Details
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
(630) 369-9000
Listed By:
Robert Martinez · License #475201565
(815) 302-7582
Source:
Exprealty
Added: Aug 26
Changed: Sep 5
Last Checked: Sep 7 at 10:18AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This legal three-unit property is built of solid brick and contains approximately 2,885 square feet of living space. The configuration includes a 1,056-square-foot top-floor unit, a 1,079-square-foot main-floor unit, and a 750-square-foot garden unit. Enclosed rear porches provide additional storage, while a shared laundry area serves the building. A detached four-car garage with individual overhead doors adds useful supplemental space.
Property improvements include replacement windows in the top and main units, a furnace and water heater approximately 3 years old, and a roof replaced approximately 10 years ago. Each unit has separate electric service. The building has remained under the same family's ownership for more than 25 years and is being sold as-is.
Located near Downtown Joliet, the property provides access to I-80 through the Richards Street and Briggs Street corridors, with shopping, dining, employment centers, schools, and public transportation nearby.
Property improvements include replacement windows in the top and main units, a furnace and water heater approximately 3 years old, and a roof replaced approximately 10 years ago. Each unit has separate electric service. The building has remained under the same family's ownership for more than 25 years and is being sold as-is.
Located near Downtown Joliet, the property provides access to I-80 through the Richards Street and Briggs Street corridors, with shopping, dining, employment centers, schools, and public transportation nearby.
Key Highlights
- Legal 3‑unit building with approximately 2,885 square feet of living space
- Unit sizes include 1,056 sq. ft., 1,079 sq. ft., and 750 sq. ft.
- Detached 4‑car garage with individual overhead doors
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
$28,307
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
8.58%
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%
$566,140
$566.1K
Cap Rate 7%
$404,386
$404.4K
Cap Rate 9%
$314,522
$314.5K
Market Conditions
NOI Build-Up for 2,885 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
$55.0K $19.08/SF
− Vacancy
−$3.6K −$1.24/SF
EGI
$51.5K $17.84/SF
− OpEx
−$23.2K −$8.03/SF
NOI
$28.3K $9.81/SF
Area
Joliet, IL
Vacancy
6.50%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
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%
$566,140
Cap Rate 7%
$404,386
Cap Rate 9%
$314,522
Alternative Uses
Best Use
Multifamily LT 5
$438.5K
$383.7K – $511.6K
NOI $30,697 @ 7.0% cap · market cap 9.30%
Second Best
Apartment 5plus
$404.4K
$353.8K – $471.8K
NOI $28,307 @ 7.0% cap · market cap 8.58%
Theoretical Best
Office A
$850.7K
$744.3K – $992.4K
NOI $59,546 @ 7.0% cap · market cap 18.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,422
Businesses Nearby
Explore this area
Business Placement
Demographics for 60432, IL
19,989
Population
7,287
Households
2.7
Avg Household Size
33
Median Age
13%
College-Educated
65%
High-School Grad
8.5 sq mi
ZIP Area
2,352
Density / Sq Mi
$64,099
Median Household Income
$33,920
Median Earnings
$1,261
Median Rent
$185,100
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?
Triplex - Three legal units include separate electric service, shared laundry, and enclosed rear porches.
Where is this triplex located?
The property is located at 211 Casseday Ave Joliet, IL.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Legal 3‑unit building with approximately 2,885 square feet of living space; Unit sizes include 1,056 sq. ft., 1,079 sq. ft., and 750 sq. ft.; Detached 4‑car garage with individual overhead doors
