Bank Building with
For Sale
$369,000
1370 W Court St, Kankakee, IL 60901
Existing bank improvements include teller lines, a vault, customer lobby, kitchenette, and dedicated office space.
Property Size1,550 SF
Price / SF$238.06
Days on Market11
Property Features for 1370 W Court St
General Information
Standard status
Active
Size
1,550 SF
Additional Details
Drive-Thru
Yes
Amenities
office
teller lines
kitchenette
vault
lobby area
Building Details
Year Built
1968
Listing Agency:
Berkshire Hathaway HomeServices Speckman Realty
(815) 937-4370
Listed By:
Amanda Armer-Irps · License #475133313
Source:
Realtopiare
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 28 at 8:42PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Berkshire Hathaway HomeServices Speckman Realty
Investment Insights
Based on property information with market context.
Built in 1968, this bank property includes a drive-through, office area, teller lines, kitchenette, vault, and lobby. The existing layout supports financial-institution operations and can also accommodate other business uses. The property is located at 1370 W Court St in Kankakee, Illinois, with access described as easy and the site characterized by high traffic.
Key Highlights
- Drive‑through bank facility at 1370 W Court St, Kankakee, IL 60901
- Existing teller lines, vault, lobby, kitchenette, and office area
- Built in 1968
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$11,718
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.18%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$234,360
$234.4K
Cap Rate 7%
$167,400
$167.4K
Cap Rate 9%
$130,200
$130.2K
Market Conditions
NOI Build-Up for 1,550 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$18.6K $12.00/SF
− Vacancy
−$1.9K −$1.20/SF
EGI
$16.7K $10.80/SF
− OpEx
−$5.0K −$3.24/SF
NOI
$11.7K $7.56/SF
Area
Kankakee County, IL
Vacancy
10.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$234,360
Cap Rate 7%
$167,400
Cap Rate 9%
$130,200
Alternative Uses
Best Use
Retail
$167.4K
$146.5K – $195.3K
NOI $11,718 @ 7.0% cap · market cap 3.18%
Second Best
Specialty Retail
$152.5K
$133.5K – $178.0K
NOI $10,678 @ 7.0% cap · market cap 2.89%
Theoretical Best
Multifamily LT 5
$1.25M
$1.09M – $1.46M
NOI $87,531 @ 7.0% cap · market cap 23.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
982
Businesses Nearby
78k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 44%
Shops & Services 30%
Groceries 26%
Berkot's Super Foods
Groceries
20,505 visits/mo
0.2 miles
Wendy's
Dining
15,515 visits/mo
0.3 miles
Circle K
Shops & Services
13,164 visits/mo
0.2 miles
Monical's Pizza
Dining
6,991 visits/mo
0.1 miles
Dairy Queen
Dining
6,414 visits/mo
0.3 miles
Demographics for 60901, IL
33,628
Population
15,357
Households
2.2
Avg Household Size
39
Median Age
16%
College-Educated
86%
High-School Grad
97.3 sq mi
ZIP Area
346
Density / Sq Mi
$54,557
Median Household Income
$36,244
Median Earnings
$1,020
Median Rent
$143,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Existing bank improvements include teller lines, a vault, customer lobby, kitchenette, and dedicated office space.
Where is this bank located?
The property is located at 1370 W Court St Kankakee, IL.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Drive‑through bank facility at 1370 W Court St, Kankakee, IL 60901; Existing teller lines, vault, lobby, kitchenette, and office area; Built in 1968
