221 Comstock St Joliet, IL 60436
- Apartment buildings
- 6,500 SF
- 0.24 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 221 Comstock St
- Year built
- 1927
- Lot size
- 0.24 lot acres
- Property size
- 6,500 SF
- Property type
- Apartment buildings
Description
This fee-simple multifamily investment opportunity presents a compelling value-add proposition. Located at 221 S Comstock St, Joliet, IL 60436, this two-story brick building boasts five residential units: four 2-bedroom/1-bathroom and one 1-bedroom/1-bathroom unit, totaling 5,100 net rentable square feet within a 6,500-square-foot building on a 0.24-acre lot. The property features six parking spaces—two two-bay garages and two surface spaces. Built in 1927, it received a new central boiler in 2016 and a new roof in 2018. Currently operating at 100% occupancy, generating a net operating income (NOI) of $50,785 and an 8.06% cap rate, the asking price is $630,000 ($126,000 per unit). Situated in a dense residential neighborhood, the property benefits from convenient access to major roadways (US Routes 6, 30, 52, Interstates 80 and 55), public transportation (METRA, Pace bus), and area amenities including shopping, dining, and recreational facilities. The strong demographics within a 5-mile radius, boasting over 142,300 residents with an average household income exceeding $83,985, and over 53,400 employees, further enhance the investment potential. The current rents are below market, offering significant potential for rent increases. This property presents a rare opportunity to acquire a well-located, value-add multifamily asset in a thriving Illinois market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Joliet
- County
- Will
- State
- Illinois
- Longitude
- -88.0945
- Latitude
- 41.5192
