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.
| Listing Id: | 12748229 |
|---|---|
| List Price: | $995,000 |
| Property Type: | Commercial Sale |
| Property Type: | Retail/Stores |
| Status: | Active Under Contract |
| Parking On Site: | No |
| Tax Annual Amount: | $23,007 |
| Lot Size Square Feet: | 10,300 |
| City: | Joliet |
| County Or Parish: | Will |
| Postal Code: | 60435 |
| Year Built: | 1973 |
| Total # Units In Building: | 9 |
| Additional Parcels?: | Yes |
| Association Fee Frequency: | Not Applicable |
| Basement: | false |
| Building Area Total: | 10300 |
| Business Type: | Retail |
| Cooling: | Central Individual |
| Directions: | Heading West on I-80, take the exit onto IL-7 N/S Larkin Ave. Turn right onto US-52 E/W Jeffeson St. Turn left, destination is on the right. |
| Electric: | Circuit Breakers |
| Gross Income: | $8,650 |
| Gross Scheduled Income: | $103,800 |
| Listing Contract Date: | 2026-09-16 |
| Lot Size Dimensions: | 252X50 |
| MLS Area Major: | Joliet |
| Financial Amounts For Individual Spaces (Rental Only) (Y/N): | Yes |
| Agent Owned/Interest (Y/N): | No |
| Alternate Phone Number: | (630) 664-3442 |
| Leasable Area Units: | Square Feet |
| Financial Amounts For Total Building (Rental Only) (Y/N): | Yes |
| # Of Drive In Doors: | 0 |
| Fire Protection: | Other |
| Gross Rentable Area: | 10300 |
| Heat/Ventilation: | Forced Air |
| Information: | Othr-Call List Agent |
| Investment (Y/N): | Yes |
| List Price Per Sf: | 10.73 |
| Market Code: | Active |
| Min Avail Sq Ft (Rentable): | 0 |
| # Of Tl Docks: | 0 |
| Property Offered: | For Sale Only |
| Special Assessments: | N |
| Total Monthly Income: | 103800 |
| # Of Tenants: | 4 |
| Update Date: | 2026-09-21T17:04:40 |
| Unincorporated (Y/N): | No |
| Unit Square Footage: | 10300 |
| Net Operating Income: | $54,144 |
| Original List Price: | $995,000 |
| Parcel Number: | 3007083120051001 |
| Possession: | Closing |
| State Or Province: | IL |
| Stories: | 1 |
| Tax Year: | 2025 |
| Township: | Joliet |
| Zoning: | COMMR |
| Actual Status: | Contingent |
| Additional Parcels Description: | 3007083120051002, 3007083120051003, 3007083120051004, 3007083120051005, 3007083120051006, 3007083120051007, 3007083120051008, 3007083120051009 |
Listing Courtesy of: Keller Williams Premiere Properties
Listing Agent: Charles McCann
630-532-9392
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Information deemed reliable but not guaranteed.
Midwest Real Estate Data LLC data last updated on October 08, 2026 03:47 PM - CT
Based on information submitted to the MLS GRID as of October 08, 2026 03:47 PM - CT. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Properties displayed may be listed or sold by various participants in the MLS. Some listings have been excluded from this website.
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Property Last Updated: October 08, 2026 03:47 PM - CT
