1507 1/2 W Jefferson Street

Joliet, IL60435

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 Courtesy of MRED as distributed by MLS Grid of Keller Williams Premiere Properties



Based on information submitted to the MLS GRID as of 2026-09-03 12:15 AM UTC. 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.
Last checked: 2026-09-03 12:15 AM UTC
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