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    Updated Two-Flat Multifamily Property Title is generated by Realmo AI

    528 Water Street, Joliet, IL 60436

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    New
    For Sale
    Under Contract
    $175,000

    MULTI_FAMILY - Joliet, IL

    Added:
    Jun 5, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 7 at 9:06 am

    Property Features for 528 Water Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bedroom 1, Bathroom 1, Bedroom 3, Basement, Bedroom 2, Bathroom 2, Bedroom 4
    Parking
    4
    Parking features
    On Street, Garage, Off Street, Driveway
    Patio and Porch features
    Deck
    Basement
    Unfinished, Full
    Standard status
    Active Under Contract
    APN
    3007164240050000

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    2344

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Baseboard
    Water source
    Public

    Building Details

    Year built
    1898
    Building materials
    Vinyl Siding
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Jamie Lemmons-Svoboda

    Listing agent Jamie Lemmons-Svoboda License #475162394

    Listing office Keller Williams Preferred Rlty 16101 108th Avenue, Orland Park, IL

    Listing date Jun 5, 2026

    MLS# 12666821 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

    • Legal two‑flat in downtown Joliet, arranged as a 1–2 unit setup with separate entrance on the second floor
    • Year built 1898 with vinyl siding and an asphalt roof
    • Four bedrooms and 2 full bathrooms plus a basement
    • Recent updates: all new windows (2024), hot water boiler (2024), roof and gutters replaced (2020), exterior painting completed (2025)
    • Utilities and systems include natural gas heating, public water, and public sewer
    • Owned water softener, three window A/C units, deck, and off‑street parking with driveway, garage, and on‑street spaces

    Overview

    This legal two-flat multifamily property offers two separate residential living spaces with a total layout that includes four bedrooms and two full bathrooms. The bright first floor features brand-new carpet, dining area hardwood laminate flooring, and a kitchen refreshed with new appliances. The property also includes multiple practical upgrades, including all new windows (2024), a hot water boiler (2024), a new water heater (2026), new baseboards, exterior painting completed in 2025, and roof and gutters replaced in 2020. Additional amenities include an owned water softener, three window A/C units, and a deck for outdoor use.

    Located at 528 Water Street in Joliet, IL 60436, the home is positioned near shopping, dining, parks, and major roadways. The second floor includes a separate entrance, supporting flexible living arrangements.

    This configuration may suit buyers looking for a traditional two-unit setup or a homeowner preference where the property can function as a primary residence with the option to use the second floor as a separate living area. The documented recent improvements provide a strong baseline for day-to-day maintenance and occupancy planning.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Joliet
    County
    Will
    State
    Illinois
    Longitude
    -88.086403
    Latitude
    41.512877

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    FAQs

    What type of property is this?
    Duplex - Well-maintained two-unit duplex with recent building updates and separate second-floor entrance options.
    Where is this duplex located?
    The property is located at 528 Water Street Joliet, IL.
    What is the asking price?
    The asking price for this property is $175,000.
    What are key features of this property?
    This property features: Legal two‑flat in downtown Joliet, arranged as a 1–2 unit setup with separate entrance on the second floor; Year built 1898 with vinyl siding and an asphalt roof; Four bedrooms and 2 full bathrooms plus a basement
    (708) 798-1111
    We can help!
    Listing Contact
    Jamie Lemmons-Svoboda
    Real Estate License ID: 475162394
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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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