21 Unit Kankakee Portfolio
Multifamily | 21 Units | $57,143/unit
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the Kankakee Portfolio of multifamily properties located in Kankakee, Illinois (the “Portfolio” or “Properties”). Combined, the offering consists of twenty-one (21) multi-family units spread over four (4) properties on a combined 1.00-acres of land. The Portfolio is comprised of eight (8) Studio units, two (2), 1-Bedroom/1-Bathroom units, four (4) 2-Bedroom/1-Bathroom units, three (3), 2-Bedroom/2- Bathroom units, one (1), 3-Bedroom/1-Bathroom unit, two (2), 3-Bedroom/2-Bathroom units, and one (1), 4-Bedroom/2- Bathroom unit with 22,500 square feet of living area in 27,000 square feet of total gross area. Each of the units is separately metered for electricity, heat and hot water, which the tenants pay directly, the landlord is responsible for common area electric and domestic water and sewer. Additionally, the Portfolio offers ample on-site parking and includes five garage bays.
The Properties are well-located in residential neighborhoods with convenient access to downtown Kankakee, which offers a number of retail, dining, employment and entertainment amenities. The Properties provide convenient access to Court Street (IL-17), Kankakee’s primary commercial corridor connecting the Properties to the area’s main roadways including IL-113, IL-50, US-52, and Interstate 57. The Properties also offer proximity to the Kankakee Amtrak Station. Kankakee is centrally located in Kankakee County and is roughly 52 miles south of Chicago.
Investment highlights
TRANSIT ORIENTED LOCATION
All of the Properties in the Portfolio are within walking distance of several bus stops operated by the River Valley Metro, with service running seven days a week in Kankakee as well as the nearby cities of Aroma Park, Bradley, Bourbonnais, and Manteno. The Properties are close to W Court Street (IL-17), the major east-west road that bisects Kankakee and provides easy access to IL-113, IL-50, US-52, and Interstate 57, which provides a direct route to Chicago. Additionally, the Properties all enjoy convenient access to the Kankakee Amtrak station, with daily service between Chicago and Carbondale, IL, as well as from Chicago to Memphis and New Orleans.
DOWNTOWN KANKAKEE
The Properties are close to downtown Kankakee, which offers a number of retail, dining, employment and entertainment amenities. Downtown Kankakee is home to the Kankakee Farmers’ Market, the annual Merchant Street Musicfest and the Kankakee Depot, a former railroad station that now serves as a focal point for the city and is the premier place for community gatherings and celebrations.
The Properties also offer convenient access to Riverside Medical Center and Ascension Saint Mary – Kankakee, the area’s hospitals, and are close to Kankakee Community College and Olivet Nazarene University.
VALUE-ADD POTENTIAL
The in-place leases are significantly below market rates for the area, allowing a landlord to bring the rents up to market to drive revenue at the Property. Additionally, the opportunity exists to increase rental rates through upgrades and renovations to the unit interiors and common areas.
STRONG SCHOOL DISTRICT
The Properties benefit from a highly sought-after school district and are within 1.5-miles of Kankakee High School, Kennedy Middle School, Taft Elementary School, the Lafayette Elementary School, and several other private schools.
STRONG DEMOGRAPHICS
Over 42,500 people live within 3-miles of the center of Kankakee with an average household income of $73,202. More than 66,900 people live within 5-miles of the center of Kankakee with an average household income of $89,690.
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