NOT LISTED FOR SALE

Estimated Value: $374,000 - $407,000

6 Beds
4 Baths
-- Sq Ft
0.25 Acres

Last Sold April 19, 2024

Last sale price $372,500

Est. 7% increase in value since last sale

Current estimated payment $2,869/month

About This Home

As of April 2024

Amazing opportunity to acquire a four-unit rowhouse in Joliet, IL, offering significant potential for value enhancement. The property comprises two 2-bedroom units and two 1-bedroom units, all currently in rentable condition, with minor deferred maintenance. A savvy investor can leverage the initial months' excess cashflow to address these maintenance items, subsequently boosting the property's value and rental rates. The existing rents are well below market rates. The property is owned by an Illinois licensed real estate broker. Situated in Joliet's coveted Cathedral District, renowned as one of the city's most desirable locations, the area benefits from a diverse blue-collar workforce, supported by two major casinos-Harrah's and Hollywood Casino. The Cathedral District has experienced a rise in rental prices, historic low vacancies, and a limited inventory, making it an attractive investment. Additionally, Will County's favorable tenant laws and lower property taxes have contributed to a thriving investment environment, with properties commanding cap rates around 6%.

Last Agent to Sell the Property

Melissa Topolewski

Citypoint Illinois LLC License #475209337 Listed on: 02/27/2024

Last Buyer's Agent

Ken Carn

Digital Realty License #471016726

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $6,904

Year Built

  • Built in 1959

Lot Details

  • 0.25

Home Design

  • Vinyl Siding

Bedrooms and Bathrooms

  • 6 Bedrooms
  • 6 Potential Bedrooms
  • 4 Bathrooms

Parking

  • 4 Open Parking Spaces
  • 4 Parking Spaces

Additional Features

  • 1-Story Property
  • Heating System Uses Natural Gas

Community Details

  • 4 Units

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$6,904

Year Built

Built in 1959

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Property Type: Two to Four Units
  • Ownership: Fee Simple
  • New Construction: No
  • Year Built: 1959
  • Age: 61-70 Years
  • Built Before 1978 (Y/N): Yes
  • General Information: School Bus Service,Commuter Bus
  • Rebuilt (Y/N): No
  • Rehab (Y/N): No
  • ResoPropertyType: ResidentialIncome
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Basement: None
  • Total Bathrooms: 4
  • Total Bedrooms: 6
  • Basement Description: None
  • Basement Bathrooms: No
  • Below Grade Bedrooms: 0
  • Full Bathrooms in Building: 4
  • Half Bathrooms in Building: 0

Exterior Features

  • List Price: 400000
  • Waterfront: No
  • Exterior Building Type: Vinyl Siding

Garage/Parking

  • OpenParkingSpaces: 4
  • ParkingTotal: 4
  • Parking: Space/s
  • Parking On-Site: Yes
  • Parking Ownership: N/A

Utilities

  • Sewer: Public Sewer
  • Heating: Natural Gas
  • Water Source: Public

Schools

  • Middle/Junior School District: 86

Lot Info

  • Lot Dimensions: 2640
  • Zoning: MULTI
  • Lot Size: Less Than .25 Acre
  • Special Assessments: N

Rental Info

  • Board Number: 10

Tax Info

  • Tax Annual Amount: 6903.88
  • Tax Year: 2022

Multi Family

  • Units in Building: 4
  • Three Bedroom Number of Units: No
  • Type-Multi: 1 Story Unit/s

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Feb 27, 2024
Closed on
Mar 29, 2024
Sold by
Properties Midwest Llc
Bought by
Carn Charles
Seller's Agent
Melissa Topolewski
Citypoint Illinois LLC
Buyer's Agent
Ken Carn
Digital Realty
List Price
$400,000
Sold Price
$372,500
Premium/Discount to List
-$27,500
-6.88%
Views
84
Current Estimated Value
$397,898

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$25,398
Avg. Annual Appreciation
2.08%
Original Mortgage
$273,712
Outstanding Balance
$270,653
Interest Rate
6.5%
Mortgage Type
New Conventional
Estimated Equity
$111,882

Purchase Details

Closed on
Sep 20, 2023
Sold by
Bernhard Michael E
Bought by
Properties Midwest Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$405,000
Interest Rate
7.49%
Mortgage Type
Credit Line Revolving

Purchase Details

Closed on
Sep 1, 2017
Sold by
Kenny Patrick D and Kenny Karen T
Bought by
Bernhard Michael E

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$99,750
Interest Rate
3.92%

Purchase Details

Closed on
Oct 10, 1997
Sold by
Kaiko Harry J and Mcelroy Edward J
Bought by
Dabulskis James R

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$76,000
Interest Rate
10.37%
Source: Public Records

Range of Values:

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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Carn Charles $372,500 Midwest Title And Closing Serv
Properties Midwest Llc $540,000 None Listed On Document
Bernhard Michael E $133,000 Greater Illinois Title Co
Dabulskis James R $80,000 --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Carn Charles $273,712
Previous Owner Properties Midwest Llc $405,000
Previous Owner Bernhard Michael E $175,000
Previous Owner Bernhard Michael E $99,750
Previous Owner Kenny Patrick D $134,925
Previous Owner Dabulskis James R $103,000
Previous Owner Dabulskis James R $22,000
Previous Owner Dabulskis James R $80,300
Previous Owner Dabulskis James R $76,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
04/19/2024 04/19/24 Sold $372,500 -6.9% --
02/27/2024 02/27/24 Pending -- -- --
02/27/2024 02/27/24 For Sale $400,000 -- --
Source: Midwest Real Estate Data (MRED)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2023 $8,060 $85,500 $12,350 $73,150
2022 $7,627 $77,340 $11,171 $66,169
2021 $6,788 $72,233 $10,433 $61,800
2020 $6,441 $68,597 $9,908 $58,689
2019 $6,126 $63,752 $9,208 $54,544
2018 $5,870 $69,306 $8,509 $60,797
2017 $6,509 $63,011 $7,736 $55,275
2016 $6,236 $58,017 $7,092 $50,925
2015 $6,008 $54,400 $6,650 $47,750
2014 $6,008 $54,100 $6,600 $47,500
2013 $6,008 $57,353 $7,344 $50,009
Source: Public Records

Agents Affiliated with this Home

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Map

Source: Midwest Real Estate Data (MRED)

MLS Number: 11990484

Midwest Real Estate Data (MRED)

APN: 07-04-409-012