331 Pine Street

Investment Overview

331 Pine Street is a well-maintained, fully leased two-unit multifamily investment property in Joliet, Illinois, offered at $359,000. The property features two 2-bedroom, 1-bathroom apartments generating $2,950 in combined monthly rent, or $35,400 annually. Normalized net operating income is approximately $21,788, representing a 6.07% capitalization rate at the asking price. Recent capital improvements include a roof replacement in 2024 and a water heater replacement in 2025. Each apartment has separately metered, tenant-paid gas and electricity, contributing to an efficient operating structure. Additional features include available parking, tenant-maintained grounds, and basement utility space. The property offers established rental income, potential ancillary revenue opportunities from parking or laundry, and flexibility for future owner occupancy following lease expiration.

Investment Highlights

• Two 2-bedroom / 1-bath units - working assumption
• Roof replaced 2024; water heater replaced 2025 (scope unconfirmed)
• Separate gas and electric; upstairs pays pro-rata water; single sewer
• Tenant lawn service; tenant snow removal
• 2025 tax $5,391 per BOV public-record review; insurance $1,800/year per owner
• Grouped, prequalified, broker-accompanied showings with tenant notice; no onsite sign