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    Updated Five-Unit Investment Property Title is generated by Realmo AI

    809 Vine Street, Joliet, IL 60435

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    For Sale
    $795,000

    Five updated units with individual utilities and central A/C.

    Type:Multi Family 5+ / Flats
    Property size:
    1,150 SF
    Price / SF:
    $691/SF
    Added:
    Dec 11, 2025
    Days on Market:
    175
    Last Refresh:
    Mar 13 at 2:39 pm

    Property Features for 809 Vine Street

    General Information

    Standard status
    Active
    Size
    1,150 SF
    Property subtype
    Multi Family 5+ / Flats

    Building Details

    Year Built
    1960

    We can help!

    Listing Contact
    James Skorupa

    Listing agent James Skorupa License #471004588

    Listing office Coldwell Banker Real Estate Group

    Listing date Dec 11, 2025

    Source Compass

    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 Real Estate Group

    HighLights

    • High Rental Income: Generates over $90,000 annually.
    • Separately Metered Units: Each unit responsible for own utilities and central A/C.
    • Updated Units: Renovated with newer carpeting, appliances, and paint.
    • Newer Roof: Replaced in 2021.
    • Large 3‑Bedroom Unit: Features a spacious, updated unit with 2 full bathrooms, granite counters, and a newer laundry room.
    • Private Balconies: Each of the four 1‑bedroom units has a private balcony.

    Overview

    This five-unit property generates over $90,000 in annual rent. Each unit has been updated with fresh paint, newer carpeting, and newer appliances. The windows have been updated, and a newer roof was installed in 2021. The lower level features a large, approximately 1150 square-foot, three-bedroom unit with two full bathrooms. This unit has been updated and freshly painted with white doors and trim, and features newer flooring throughout. The living room is spacious, and the eat-in kitchen includes oak cabinets and granite counters. All three bedrooms have newer luxury vinyl flooring, and both bathrooms are updated. A large, updated laundry room, renovated in 2023 with newer luxury vinyl flooring and a commercial washer and dryer, is also located on the lower level. The middle and upper levels contain four spacious and updated one-bedroom units with newer paint, carpeting, and newer appliances. Each of these units has sliding doors leading to a private balcony. Every unit is equipped with its own furnace, A/C, and hot water heater; one of the units has a newer A/C installed in 2024. The property has front and rear main entrances for all units, and a large parking area is available in the back for several vehicles. All five units have their own utilities and central A/C.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Joliet
    County
    Will
    State
    Illinois
    Longitude
    -88.0930745
    Latitude
    41.5385788

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    FAQs

    What type of property is this?
    Apartment building - Five updated units with individual utilities and central A/C.
    Where is this apartment building located?
    The property is located at 809 Vine Street Joliet, IL.
    What is the asking price?
    The asking price for this property is $795,000.
    What are key features of this property?
    This property features: High Rental Income: Generates over $90,000 annually.; Separately Metered Units: Each unit responsible for own utilities and central A/C.; Updated Units: Renovated with newer carpeting, appliances, and paint.
    (815) 693-2970
    We can help!
    Listing Contact
    James Skorupa
    Real Estate License ID: 471004588
    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.

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