Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    590 S Washington Ave Kankakee, IL 60901

    Sponsored
    For Sale
    $125,000

    LAND - Kankakee, IL

    Days on Market:
    169
    Last Refresh:
    Jan 28 at 12:06 pm

    Property Features for 590 S Washington Ave

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    16170511800600

    Utilities

    Utilities
    Water Available
    Water front
    1

    We can help!

    Listing Contact
    Daniel Flanagan

    Flanagan Realty (630) 388-8522

    Listing agent Daniel Flanagan (630) 388-8522

    Listing date Aug 13, 2025

    MLS# 12440359 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Kankakee Redevelopment Opportunity

    This property presents a redevelopment opportunity in downtown Kankakee. Formerly a gas station and convenience store, the corner lot offers visibility and access across from the Kankakee River. The existing 1,100 square foot building on a lot of approximately 13,000 square feet is suitable for auto service, a sit-down restaurant, or redevelopment. The larger corner lot includes dual alley access. Note that the property will be restricted against uses competitive with convenience stores.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Cardtronics ATM Atm Circle K Gas Station Shell Gas Station

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Kankakee
    County
    Kankakee
    State
    Illinois
    Longitude
    -87.868342
    Latitude
    41.114511

    Nearby Similar for Sale

    • New
      $45,000
      2,600 SF

      Kankakee Multifamily Investment Opportunity

      Two-unit property near downtown Kankakee, ideal for renovation and rental.
      427 S Chicago Ave, Kankakee, IL 60901
      View Details
    • $125,000
      0.06 Acres

      Kankakee Restaurant with Garage

      Well-located restaurant with garage near hospitals and Metra station.
      430 W Station St, Kankakee, IL 60901
      View Details
    • $560,000
      0.30 Acres

      Mixed-Use Investment Opportunity, Kankakee

      Mixed-use property in prime location, great investment opportunity.
      242 W Jeffery St, Kankakee, IL 60901
      View Details
    • New
      $255,000
      0.50 Acres

      Kankakee Commercial Property For Sale

      Commercial property in Kankakee, IL, with multiple potential uses.
      150 E Brookmont Blvd, Kankakee, IL 60901
      View Details
    • New
      $99,999

      Kankakee Multi-Family Investment Opportunity

      Two-unit multi-family home with Craftsman details and income potential.
      312 S Evergreen Ave, Kankakee, IL 60901
      View Details
    • $1,499,727
      20,880 SF

      Self-Storage Portfolio in Two Locations

      Two self-storage facilities with upside potential in Illinois and Indiana.
      380 S 7Th Ave, Kankakee, IL 60901
      View Details
    • $44,900

      Spacious Mobile Home in Kankakee

      Affordable 4-bedroom, 2-bathroom mobile home in well-kept community.
      1995 Schuyler Ave, Kankakee, IL 60901
      View Details
    • $369,000

      Bank Branch with Drive-Through

      Prime location equipped for bank or adaptable for retail.
      1370 W Court St, Kankakee, IL 60901
      View Details
    • $499,000
      43,000 SF

      Kankakee Office Building For Sale

      Office building with air conditioning available for purchase in Kankakee.
      8 Dearborn Sq, Kankakee, IL 60901
      View Details
    • $249,900
      5,200 SF

      Retail Property in Kankakee, IL

      Retail property available for sale in Kankakee, Illinois.
      793-797 N 5Th Ave, Kankakee, IL 60901
      View Details
    • $149,900
      720 SF

      Retail Property in Kankakee, IL

      Retail property featuring 720 square feet of space for sale.
      1375 W Court St, Kankakee, IL 60901
      View Details
    • $320,000
      4,825 SF

      Retail Property in Kankakee, IL

      Retail property with 4,825 square feet of space.
      1198 N Schuyler Ave, Kankakee, IL 60901
      View Details

    FAQs

    What type of property is this?
    Gas station - Redevelopment opportunity in downtown Kankakee, ideal corner location.
    Where is this gas station located?
    The property is located at 590 S Washington Ave Kankakee, IL.
    What is the asking price?
    The asking price for this property is $125,000.
    What are key features of this property?
    This property features: - Prime corner location in downtown Kankakee with high visibility and access.; - Redevelopment opportunity suitable for auto service or a sit-down restaurant.; - Large +/-13,000 sq ft lot with dual alley access.
    (630) 388-8522
    Request Owner's contact information
    590 S Washington Ave Kankakee, IL 60901
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    590 S Washington Ave
    Kankakee, IL 60901
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    590 S Washington Ave Kankakee, IL 60901
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Daniel Flanagan
    Real Estate License ID: 471000084
    (630) 388-8522
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.