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Joliet 60435
505 Fairlane Drive
$316,500
● House - Off Market

505 Fairlane Drive

Joliet, IL 60435
bedrooms
3 Beds
bathrooms
2 Baths
square feet
1,398 Ft²
$1,794
Est. Monthly
8.63%
Cap Rate

About This Property

BRICK FRONT RANCH HOME LOCATED IN THE POPULAR GLENWOOD MANOR AREA OFFERS 3 BEDROOMS, 2 FULL BATHS, AMPLE LIVING ROOM & GENEROUS SIZE KITCHEN/DINING ROOM COMBINATION, SLIDING DOOR OFF KITCHEN LEADING TO CONCRETE PATIO, LAUNDRY ROOM OFF KITCHEN W/ACCESS TO CRAWL SPACE. LONG CONCRETE DRIVEWAY & 2 CAR ATTACHED GARAGE WITH NEWER GARAGE DOOR & DOOR OPENER. BRAND NEW COMPLETE TEAR OFF ROOF & VINYL SIDING JUST REPLACED. VERY CONVENIENT LOCATION CLOSE TO SCHOOLS, SHOPPING & DINING! PLUS ONLY A FEW MINUTES AWAY FROM INTERSTATE 80 & 55. SEE IT TODAY...
Unit Size
1,398 Ft²
Days on Market
-
Land Size
-
Price per sqft
$222
Property Type
House
Property Taxes
$272
HOA Dues
-
Year Built
1987

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Cap Rate Calculator

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Cap Rate 100% Occupancy
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What does this mean?

Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.

How much can I actually make?

Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.

How is cap rate calculated?

Cap Rate = Net Operating Income (NOI) / Property Asset Value.

When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.

Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.

Property Highlights

Air Conditioning
Garage

Building Info

Overview

    General

  • Year Built: 1987
  • Effective Year Built: 1987
  • Bedroom Count: 0
  • Bathroom Count: 2
  • Full Bathrooms: 2
  • Partial Bathrooms: 2
  • Building Condition: 0
  • Building Quality: 0
  • Construction Type: 6
  • Building Style: 0
  • Exterior Walls Type: 19
  • Interior Walls Type: 0
  • Roof Shape Type: 0
  • Roof Cover Type: 15
  • Floor Count: 100
  • Floor Cover: 0
  • Basement Type: 8
  • Basement Area: 1,398
  • Garage Type: 1
  • Garage Square Area: 525
  • Parking Space Count: 2
  • Patio Type: 20
  • Porch Type: 0
  • Pool Type: 0

    Dimensions

  • Lot Size Square Feet: 8,519
  • Total Building Area: 1,398
  • Building Area: 1,398
  • Building Area Measurement: L

    Heating and Cooling

  • Air Conditioning: 13
  • Heating: 0
  • Heated Square Feet: 1,398
  • Heating Fuel Type: 0

    Utilities

  • Sewer System: 0
  • Water Service: 0

Building

  • Building Type: 0
  • Property Class: R
  • Subdivision: GLENWOOD MANOR UNIT #6
  • Land Acres: 0000000200
  • Standard Land Use Code: 1001
  • County Land Use Code: 0040
  • Legal Description 1: LOT 334 IN GLENWOOD MANOR UNIT 6, BEING A SUB OF PRT OF THE W1/2 OF THE NE1/4 OF SEC 12, T35N-R9E.

Neighborhood

  • School District Name: Troy Community Consolidated School District 30C
  • Census Tract: 883206

Geography

  • Parcel: 05-06-12-225-005
  • Lot: 334
  • Meridian: SEC 12 TWN 35N RNG 09E
  • Municipality: TROY
  • Latitude: 41.5314
  • Longitude: -88.1505

    Address

  • Full Address: 505 Fairlane Dr
  • Legal Unit: 6
  • Address - House Number: 505
  • Address - Street Name: Fairlane
  • Address - Suffix Type: Dr
  • State: IL
  • City Name: Joliet
  • Carrier Code: C018
  • 4-Digit Zip Code: 5151
  • Zip Code: 60435

Valuation

    Tax

  • Tax Year: 2022
  • Tax Amount: $383,132
  • Tax Rate Code Area: 0510

    Appraisal Valuation

  • Standard Deviation: 0.1429
  • Valuation Date: Jan 10, 2024
  • Confidence Score: 83
  • Final Value: 275,819
  • High Value: 315,258
  • Low Value: 236,380

    Market Valuation

  • Market Total Value: $219,201
  • Market Land Value: $46,542
  • Market Improvement Value: $172,659

    Assessments Valuation

  • Assessed Year: 2022
  • Assessed Total Value: $73,067
  • Assessed Land Value: $15,514
  • Assessed Improvements Value: $57,553

    Exemptions

  • Senior Citizen Exemption : Yes
  • Homeowner Exemption: Yes

    Sales

  • Current Sale Contract Date: Oct 10, 2023
  • Current Sale Recording Date: Oct 19, 2023
  • Current Sale Price:
    Premium
  • Current Sale Document Type: 71
  • Current Sale Input Document Number: 54930
  • Previous Sale Recording Date: Sep 01, 2000
  • Previous Sale Contract Date: Aug 31, 2000
  • Previous Sale Amount: $138,000
  • Previous Sale Document Type: 71
Data used for valuation calculations is provided by RealtyHop, and other third party sources
Request mortgage information redaction

Comparables

Unit
Status
Type
Beds
Baths
ft²
Price/ft²
Asking Price
Listed On
Closing Price
Sold On
HOA + Taxes

About Joliet

Stats & Trends

Median Asking:

$340,000

Sale Price/ft²

$192

Above Asking

0.00%

Average Days on Market

46

Average Home Size

1880 ft²

Average Home Age

41.6 years

Currently For Sale

272 Listings
Based on RH Advisors, Inc. calculations of home data from MLS and/or public records.

Similar Homes for Sale

Currently no similar homes around

Nearby Rentals

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MRED

Listed by: Jose Gonzalez, Keller Williams Innovate
Data Source: MRED, MLS# MRD12329973
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. Some IDX listings have been excluded from this website. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed.

Frequently Asked Questions

When was property at 505 Fairlane Drive built and last sold?
The property at 505 Fairlane Drive was built in 1987 and last sold on Oct 10, 2023 for $255,000.
How much is this home worth?
The estimated value of the home located at 505 Fairlane Drive is $311,012.
What are some comparable homes to 505 Fairlane Drive?
There are currently no comparable homes to 505 Fairlane Drive.
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