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    Turnkey Duplex with Fenced Backyard Title is generated by Realmo AI

    516 Garnsey Avenue, Joliet, IL 60432

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    Claim this Listing
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    For Sale
    $299,500

    MULTI_FAMILY - Joliet, IL

    Added:
    Jun 5, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 5 at 8:06 am

    Property Features for 516 Garnsey Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bedroom 4, Bedroom 2, Basement, Bedroom 1, Bathroom 2, Bathroom 4, Bedroom 3, Bathroom 1, Bathroom 3
    Parking
    2
    Parking features
    Open, Garage
    Basement
    Partially Finished, Full
    Standard status
    Active
    APN
    3007102270050000

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    4532

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Other (Heating)
    Water source
    Public

    Building Details

    Year built
    1900
    Building materials
    Vinyl Siding
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Edgar Martinez
    Edgar Martinez

    Listing agent Edgar Martinez License #475189849

    Listing office RE/MAX Ultimate Professionals 850 Brook Forest Ave., Shorewood, IL

    Listing date Jun 5, 2026

    MLS# 12667878 Listing URL

    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

    • 2‑unit home with a common entryway leading to both the first- and second‑floor units
    • Each unit has 2 bedrooms and 1 full bathroom
    • Large front porch plus a large fenced backyard for outdoor use
    • Basement accessed via rear entrance includes a full bathroom and a bonus room (potential additional use subject to zoning/permits)
    • Oversized 2‑car garage with open parking and additional room for storage
    • Built in 1900; vinyl siding exterior, asphalt roof; public water and public sewer

    Overview

    This move-in-ready two-unit duplex offers a common entryway leading to both the first-floor and second-floor residences. Each unit provides two bedrooms, one full bathroom, and a bright, well-maintained living space. The home is described as professionally maintained and turnkey, with pride of ownership evident throughout. A large fenced backyard adds valuable outdoor space, and a rear entrance provides access to the basement.

    The basement includes a full bathroom and a bonus room that could function as a home office, recreation room, or potential additional bedroom, subject to local zoning and permit requirements. The property also features an oversized two-car garage that supports convenient parking and additional storage for the occupants.

    For tenants, buyers, and owner-operators, the straightforward duplex configuration supports flexible living or rental income with matching unit layouts. The combination of multiple interior living areas, a functional basement, and outdoor space makes the property practical for day-to-day use. The oversized garage and gated backyard further enhance convenience for both units, whether the goal is to live in one unit while renting the other or to operate the property as a residential income asset.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Joliet
    County
    Will
    State
    Illinois
    Longitude
    -88.066512
    Latitude
    41.534653

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    FAQs

    What type of property is this?
    Duplex - Move-in-ready two-unit property with separate upstairs and downstairs layouts, plus a fenced yard and oversized garage.
    Where is this duplex located?
    The property is located at 516 Garnsey Avenue Joliet, IL.
    What is the asking price?
    The asking price for this property is $299,500.
    What are key features of this property?
    This property features: 2‑unit home with a common entryway leading to both the first- and second‑floor units; Each unit has 2 bedrooms and 1 full bathroom; Large front porch plus a large fenced backyard for outdoor use
    (815) 725-4545
    We can help!
    Listing Contact
    Edgar Martinez
    Edgar Martinez
    Real Estate License ID: 475189849
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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.

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