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    247 Merchant St Kankakee, IL 60901

    For Sale
    $215,000

    Nine-unit rooming house with strong rental income.

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    309
    This exceptional investment opportunity presents a nine-unit rooming house located at 247 W Merchant Street in Kankakee, Illinois, situated on a 0.11-acre lot. The property is currently licensed for rental operations and offers immediate income potential. The building's layout is well-designed for efficient management. The ground floor comprises four single occupancy rooms, a shared kitchen, a common bathroom, and a convenient laundry room for residents. Upstairs, you'll find five additional single rooms and another shared bathroom. This configuration maximizes occupancy and minimizes vacancy risk. The property's current setup is ideal for generating consistent rental income. The asking price is $215,000. Management services are available for those seeking a hands-off approach to property management. This is a turnkey investment ready to generate immediate returns. The property's strong rental history and existing management options make this an attractive proposition for both seasoned investors and those new to the multi-family market. The property's location in Kankakee offers easy access to local amenities and transportation. This is a rare opportunity to acquire a well-maintained, income-producing property in a desirable location. Don't miss out on this chance to add a valuable asset to your investment portfolio.

    Property Features for 247 Merchant St

    General Information

    Property type
    Other commercial real estate
    Lot Size
    4,792 SF

    Building Details

    Year Built
    1910
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Kankakee
    County
    Kankakee
    State
    Illinois
    Longitude
    -87.86866
    Latitude
    41.1197

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    FAQs

    What type of property is this?
    Commercial real estate - Nine-unit rooming house with strong rental income.
    Where is this commercial real estate located?
    The property is located at 247 Merchant St Kankakee, IL.
    What is the asking price?
    The asking price for this property is $215,000.
    (815) 929-9381
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    247 Merchant St Kankakee, IL 60901
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    Realmo Value Estimation

    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.

    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.

    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
    247 Merchant St Kankakee, IL 60901
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