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    Mixed-Use Property in Downtown Joliet Title is generated by Realmo AI

    301 S Ottawa Street, Joliet, IL 60436

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    For Sale
    $600,000

    COMMERCIAL - Joliet, IL

    Property size:
    6,000 SF
    Lot size:
    0.28 Acres
    Price / SF:
    $100/SF
    Added:
    Apr 15, 2026
    Days on Market:
    30
    Last Refresh:
    May 14 at 6:06 am

    Property Features for 301 S Ottawa Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    3007162350240000
    Size
    6,000 SF
    Lot size
    0.28 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    6270

    Building Details

    Year built
    1900
    Floors in Building
    2
    Number of units
    6

    We can help!

    Listing Contact
    Steve Rozhon
    Steve Rozhon

    Listing agent Steve Rozhon License #475164695

    Listing office Crosstown Realtors, Inc. 13246 S Route 59 Suite 106, Homer Glen, IL

    Listing date Apr 15, 2026

    MLS# 12620314

    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.

    HighLights

    • Strong 9.85% cap rate offers exceptional cash flow.
    • Attractive price per unit of $94,200 represents significant value.
    • Mixed‑use property with commercial and residential units provides diversified income streams.
    • Adjacent vacant lot offers upside potential for future development or expansion.
    • Recently renovated units, including new electrical in some, reduce future capital expenditures.
    • Prime downtown Joliet location with walkable access to amenities and excellent regional connectivity via I‑80, I‑55, Metra, and Amtrak.

    Overview

    Located in downtown Joliet, this mixed-use property at 301 & 303 S. Ottawa Street features a two-story building with six units, including one commercial space and a mix of residential units ranging from a studio to a three-bedroom unit. The building provides approximately 6,000 square feet of living space on two parcels totaling 0.42 acres. There are five off-street parking spaces. An adjacent vacant lot offers potential for future development or expansion. Many of the units have been recently renovated, with several offering new electrical systems. The property benefits from visibility and walkable access to restaurants, entertainment, and public transportation. It is located minutes from I-80, I-55, and the Joliet Gateway Center Metra and Amtrak station. Nearby attractions include the Rialto Square Theatre, local casinos, and the Des Plaines Riverwalk. The lot size is 0.2755 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Joliet
    County
    Will
    State
    Illinois
    Longitude
    -88.0830511
    Latitude
    41.5190944

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with commercial space and residential units in Joliet.
    Where is this mixed-use property located?
    The property is located at 301 S Ottawa Street Joliet, IL.
    What is the asking price?
    The asking price for this property is $600,000.
    What are key features of this property?
    This property features: Strong 9.85% cap rate offers exceptional cash flow.; Attractive price per unit of $94,200 represents significant value.; Mixed‑use property with commercial and residential units provides diversified income streams.
    (708) 949-4379
    We can help!
    Listing Contact
    Steve Rozhon
    Steve Rozhon
    Real Estate License ID: 475164695
    Learn More
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    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
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