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$ 995,000
Est. payment | /mo
10,300 SqFt
$ 995,000
Est. payment | /mo
10,300 SqFt
Key Details
Property Type Commercial
Sub Type Retail/Stores
Listing Status Active
Purchase Type For Sale
Square Footage 10,300 sqft
Price per Sqft $96
MLS Listing ID 12748229
Year Built 1973
Annual Tax Amount $16,955
Tax Year 2025
Lot Dimensions 252X50
Property Sub-Type Retail/Stores
Property 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.
Location
State IL
County Will
Area Joliet
Zoning COMMR
Interior
Cooling Central Individual
Fireplace N
Building
Dwelling Type Retail/Stores
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Listed by Charles McCann of Keller Williams Premiere Properties