1507 1/2 W Jefferson Street,Joliet, IL 60435
Joliet, IL 60435
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.
Details
| MLS # | 12748229 |
|---|---|
| Listing Type | For Sale |
| Style | Retail/stores |
| Sub-Type | Resale |
| Status | Active Under Contract |
| Year | 1973 |
| Days On Site | 27 |
| Listing Provided By | Keller Williams Premiere Properties | Charles McCann |
Features
| SQ Feet | 10,300 |
|---|---|
| Story(s) | 1 |
| Units | 9 |
| Zoning | COMMR |
Interior
| Cooling | Central Individual |
|---|
Utilities
| Electric | Circuit Breakers |
|---|
Taxes
| Tax Year | 2025 |
|---|---|
| Tax Annual Amount | 23007 |
Area Information
| State | IL |
|---|---|
| County | Will |
| City | Joliet |
| Zip Code | 60435 |
| Area | Joliet |
| Listing VS Median (in 60435) | |
Price: $995,000 low | high Med: $300,000 sqft: 10,300 low | high Med: 1,812 $ / sqft: $97 low | high Med: $166 On site: 27 low | high Med: 5 | |
Market Activity 60435
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Learn More About This Property
| State | IL |
|---|---|
| County | Will |
| City | Joliet |
| Zip Code | 60435 |
| Area | Joliet |
| Listing VS Median (in 60435) | |
Price: $995,000 low | high Med: $300,000 sqft: 10,300 low | high Med: 1,812 $ / sqft: $97 low | high Med: $166 On site: 27 low | high Med: 5 | |
