331 Pine St
Property Description
331 Pine Street presents an attractive opportunity to acquire a well-maintained, fully occupied two-unit residential investment property in Joliet, Illinois. Offered at $359,000, the property generates $35,400 in annual scheduled rent from two executed leases and offers the benefit of a newer 2024 roof, a 2025 water heater replacement, separately metered tenant-paid gas and electricity, and available first-come parking. Its established tenancy, straightforward operating profile, and recent capital improvements make it a compelling addition to a local investor's portfolio. Investment Highlights Offering Price: $359,000 | $179,500 per unit In-Place Income: $2,950/month | $35,400/year Normalized NOI / Cap: $21,788 | 6.07% Recent Improvements: 2024 roof; 2025 water heater Utilities: Separate tenant-paid gas and electricity Occupancy: 100% leased | two residential apartments Parking & Grounds: First-come parking; tenant lawn and snow care Property Overview & Improvements Located on Pine Street in an established Joliet residential neighborhood, this two-flat features two leased apartments with a working configuration of two bedrooms and one bathroom per unit. Recent photographs showcase well-presented living areas, kitchens, and bathrooms. Ownership reports both units to be in very good condition. Significant recent improvements include a 2024 roof replacement and replacement of one water heater in 2025. Basement utility space accommodates two visible hot-water tanks. Each apartment has its own gas and electric metering, helping limit owner-paid utility exposure. Existing tenant arrangements also provide for water expense sharing. First-come parking and tenant-performed lawn care and snow removal contribute to a practical, straightforward operating profile. Some listing photos have been virtually staged or manipulated by AI.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $359,000 |
| Year Built: | 1900 |
| Lot Size: | 2,000.00 Sq ft |
| Opportunity Zone: | No |
| Property Website | Click Here |
| Number of Bedrooms: | 4 |
| Number of Bathrooms: | 2 |
ID: 3yd-NYSMLS-12067783
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