751 N 5th Ave
Multifamily | 32 Units | $70,000/unit
Marketing description
Horvath & Tremblay is pleased to present the exclusive sale of the multi family investment property located at 751-757 N 5th Avenue in Kankakee, Illinois (the “Property”). The Property is comprised of four (4), two-story brick buildings constructed in 1978 and contains thirty-two (32), 2-Bedroom/1 Bathroom units with 26,400 square feet of living space in 30,000 square feet of gross area on a 1.68-acre parcel of land. The well-maintained Property features an on-site laundry facility, ample on-site parking, and green space for the residents.
The Property is well-located along N 5th Avenue in a residential neighborhood within walking distance of the Kankakee River and downtown Kankakee which offers a number of retail, dining, employment and entertainment amenities. N 5th Avenue is 0.5-miles from W Court Street (IL-17), the area’s primary commercial corridor connecting the Property to IL-113, IL-50, US-52 and Interstate 57. Kankakee is centrally located in Kankakee County and is roughly 52 miles south of Chicago.
Investment highlights
TRANSIT ORIENTED LOCATION
The Property is 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. N 5th Avenue is just off of 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 Property is just over a mile from 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 Property is situated approximately one-half mile from 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 Property also offers convenient access to Riverside Medical Center and Ascension Saint Mary – Kankakee, the area’s hospitals, and is close to several area schools including Olivet Nazarene University and Kankakee Community College.
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, seventeen (17) of the units have been renovated; the opportunity exists to increase rental rates through upgrades and renovations to the unrenovated units.
STRONG SCHOOL DISTRICT
The Property benefits from a highly sought-after school district and enjoys convenient access to Kankakee High School, the Kankakee Junior High School, Kennedy Middle School, Taft Elementary School, the Mark Twain Elementary School, and several other private schools.
UTILITIES
Each unit is separately metered for electricity, heat, and hot water (both electric) which the tenants pay directly. The Landlord is responsible for common area electric, and domestic water and sewer. Additionally, all four buildings have new electric service throughout the units and common areas.
LOW MAINTENANCE BRICK BUILDINGS
The two-story buildings feature a brick construction, considered a low-cost, low maintenance exterior due to its durability, color retention, fire containment, and storm protection.
STRONG DEMOGRAPHICS
Over 51,700 people live within 3 miles of the Property with an average household income of $80,157. More than 70,000 people live within 5-miles of the Property with an average household income of $91,557.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
