Property Description

Exceptional opportunity to acquire a well-maintained 6-unit townhouse-style multifamily investment in Joliet, Illinois. Unlike traditional apartment buildings, each residence is a true two-story townhouse featuring 2 bedrooms, 1.5 bathrooms, and a full private unfinished basement. Every unit includes a spacious living room, kitchen, and half bath on the first floor, with two bedrooms and a full bathroom upstairs. This highly desirable townhouse layout consistently attracts long-term tenants and commands stronger rents than conventional flat-style apartments. The property comes with a strong collection history, providing dependable day-one cash flow. Immediate flexibility for a new owner to gradually adjust rents toward market levels as turnover occurs. Current rents average approximately $1,370 per month, while comparable 2-bedroom townhouse rentals in the Joliet market achieve $1,700+ per month. This creates approximately $23,700 in additional annual gross rental income through rental repositioning alone, providing a clear and attainable value-add opportunity. Operating expenses are straightforward. Tenants responsible for their own electric service, while ownership is responsible for gas, water, and trash service, simplifying management while maintaining competitive rental rates. Recent capital improvements substantially reduce future maintenance obligations and include: New mansard roof (2023) New EPDM flat roof Three fully renovated units with updated flooring, paint, shower surrounds, and hardware Concrete leveling completed (2025) New asphalt driveway (2024) Exterior improvements completed Passed City of Joliet inspection (2025) Additional amenities include 12 off-street parking spaces, providing two dedicated parking spaces for each townhouse. This is a true turnkey investment with immediate income, limited deferred maintenance, and substantial upside through rental growth rather than capital improvements. Investment Highlights Six townhouse-style units All units are true 2-bedroom, 1.5-bath layouts Full private unfinished basement for every unit Strong rent collection history Average in-place rent: approximately $1,370/month Market rent potential exceeding $1,700/month Approximately $23,700 annual rental upside Tenants responsible for own electric Owner responsible for gas, water, and trash Twelve parking spaces (2 per unit) Significant recent capital improvements City of Joliet inspection passed in 2025 Whether you're expanding an existing portfolio or completing a 1031 exchange, 101 Nicholson Street offers stable cash flow today with a clear path to increased income and long-term appreciation.

Property Features