Four-Unit Apartment Building Produces Nice Cash Flow in Joliet, IL.
Each apartment has two bedrooms and one bathroom. The apartments are now renting for $650, $595, $575 and $550. All units
are the same size and could rent for $650 - $700, but we have given discounts to long-term tenants. All four apartments are
occupied, and three have one-year leases that don't expire until summer 2008. Three apartments have all new carpet and fresh
paint and updated bathrooms. One has an updated kitchen as well. Some storage room in the unfinished basement. The property
has a nice yard and a sizable parking lot. The building is a few blocks from the Metra station, Silver Cross Field and downtown
Joliet, and across the street from senior housing and a church. Though it's very accessible to Route 53 and shopping, apartment
building is tucked away on a quiet residential street with several houses that have been totally rehabbed. A lot of investment
dollars flowing into the neighborhood. Two different appraisals done in March and July 2007 both valued the property at $230,000.
We have a building manager who lives nearby and would be willing to stay on as manager if new owner so desired. Seller will
finance up to 10% of sales price.