373 Western Ave Joliet, IL 60435
- Commercial real estate
- 50 SF
Current Use by Public Records
- Western Avenue Building Corporation / Apartment Building
- Joliet Rental Units / Indoor Lodging
Property Details for 373 Western Ave
- Year built
- 1923
- Property size
- 50 SF
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a substantial 12-story brick building situated on a corner lot at 373 Western Avenue in Joliet, Illinois. The property, formerly the Mary Walter Hotel, boasts a commanding presence as one of the tallest structures in the city. Comprising over 91 units, the building offers a diverse mix of studio, one-bedroom, and single-room occupancy (SRO) apartments, presenting significant potential for rental income. The building's substantial size and prime downtown location offer considerable upside for a savvy investor. All offers are subject to court approval. The property is currently being marketed by a receiver. Prospective buyers are encouraged to schedule a showing in advance. Showings are available on Mondays at 10:30 AM, 11:30 AM, or 12:30 PM, and Wednesdays at 10:30 AM, 11:30 AM, or 12:30 PM. Please refrain from visiting the property without prior contact and scheduling. The total square footage is 50,000 square feet. The listed price is $2,156,000. This is a rare chance to acquire a landmark building with significant potential for redevelopment or continued operation as a multi-unit residential property. The building's history and prominent location make it an attractive investment prospect.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Joliet
- County
- Will
- State
- Illinois
- Longitude
- -88.091
- Latitude
- 41.5283
