Brian Thomas
- Buy
- Sell
https://www.ruhlmortgage.com/LawrenceDavis.html
Description
1507 1/2 W Jefferson St presents investors with an opportunity to acquire an 10,300-square-foot multi-tenant retail property in Joliet, Illinois, combining existing cash flow with significant value-add potential through the lease-up of currently vacant space. The property is currently approximately 57% occupied, with approximately 5,900 square feet occupied and 4,400 square feet available for lease. Existing tenants represent a diversified mix of neighborhood and service-oriented uses, including a church, tobacco and vape retailer, barber shop, and childcare operation. Current contractual base rent totals approximately $103,800 annually, or $8,650 per month. Based on current underwriting, the property generates approximately $54,144 in current NOI. The primary investment opportunity is the lease-up of the property's three vacant spaces. The underwriting projects annual income increasing to approximately $212,600, with a stated pro forma NOI of $126,910, providing meaningful upside as the property moves toward stabilization. The combination of existing income, approximately 42.7% vacancy, flexible suite sizes, and a manageable 10,300-square-foot footprint makes the property particularly attractive to investors seeking a hands-on value-add retail opportunity.
Property Highlights
Property Type: Commercial - Retail
Building Description: 1.0 stories
Year Built: 1973
General Information
County: Will
Listed By:
Keller Williams Premiere Properties
630-545-9860
MRED MLS
MLS ID: 12748229
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1507 1/2 W Jefferson Street , Joliet, IL 60435.
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| Loan Type | 30 Year Fixed | FHA 30 Year Fixed | 15 Year Fixed |
| Purchase Price | $995,000 | $995,000 | $995,000 |
| Down Payment | $199,000 | $34,825 | $248,750 |
| Monthly Mortgage Amount | $5,031 | $6,095 | $6,247 |
| Taxes | $1385 | $1385 | $1385 |
| Insurance | $100 | $100 | $100 |
| HOA/Dues/Fees | $0 | $0 | $0 |
| Monthly Mortage Insurance | $0 | $597 | $0 |
| Monthly Estimated Total | $6,706 | $8,367 | $7,922 |
Brian Thomas
REALTOR®
Cell: (563) 495-1741
licensed in IA & IL
Clinton Office
301 North Second Street
Clinton, IA 52732
(563) 242-4602
Clinton, IA 52732
(563) 242-4602
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