Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Mixed-Use Property in Kankakee, IL Title is generated by Realmo AI

    242 W Jeffery Street, Kankakee, IL 60901

    View on Map
    Claim this Listing
    For Sale
    $560,000

    COMMERCIAL - Kankakee, IL

    Lot size:
    0.30 Acres
    Added:
    Jan 3, 2026
    Days on Market:
    132
    Last Refresh:
    May 15 at 8:06 pm

    Property Features for 242 W Jeffery Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    16170720500500
    Lot size
    0.30 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    12846

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1950
    Floors in Building
    2
    Number of units
    7

    We can help!

    Listing Contact
    Diego Pizano

    Listing agent Diego Pizano

    Listing office eXp Realty 939 W. North Ave., Chicago, IL

    Listing date Jan 3, 2026

    MLS# 12540003

    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.

    HighLights

    • Income‑generating asset
    • Mixed‑use property (commercial & residential)
    • Prime location
    • Great investment opportunity
    • Enjoy central air
    • Year Built: 1950

    Overview

    This mixed-use property in Kankakee, IL, presents a great investment opportunity. The property is an income-generating asset situated in a prime location. The lot size is approximately 0.298 acres.
    Location Intelligence

    Current Use by Public Records

    Tire Shop Express (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Kankakee
    County
    Kankakee
    State
    Illinois
    Longitude
    -87.8707872
    Latitude
    41.1054835

    Nearby Similar for Sale

    • $499,000
      14,640 SF

      Downtown Kankakee Office Building

      14,640 SF office building in downtown Kankakee for sale.
      6 Dearborn Square, Kankakee, IL 60901
      View Details
    • $255,000

      Kankakee Commercial Property for Sale

      Commercial property in Kankakee, IL, with multiple potential uses.
      150 E Brookmont Boulevard, Kankakee, IL 60901
      View Details
    • $195,000

      Remodeled Duplex in Kankakee

      Remodeled two-unit building with strong rental income potential.
      1095-1097 E Merchant Street, Kankakee, IL 60901
      View Details
    • $2,400,000
      160,000 SF

      Turnkey Truck Repair & Parking Facility

      8-acre industrial property with repair facilities and ample parking.
      1781 E Risser St. Kankakee, IL 60901
      View Details
    • $449,000
      43,000 SF

      Downtown Kankakee Office Building

      43,000 SF office building in downtown Kankakee for sale.
      8 Dearborn Square, Kankakee, IL 60901
      View Details
    • $99,900
      7,200 SF

      Downtown Kankakee Commercial Building For Sale

      7,200 SF commercial building in the heart of Downtown Kankakee.
      217 E Court Street, Kankakee, IL 60901
      View Details
    • $160,000

      Value-Add Triplex in Kankakee

      Triplex with seller financing and value-add opportunity in Kankakee.
      491 S Chicago Avenue, Kankakee, IL 60901
      View Details
    • $200,000

      Kankakee Multifamily Property For Sale

      Well-maintained two-unit property in Kankakee, Illinois.
      357 S ROSEWOOD Avenue, Kankakee, IL 60901
      View Details
    • $499,000
      7,407 SF

      Kankakee Office Building For Sale

      7,407 SF office building in Kankakee, Illinois.
      130 S Dearborn Ave, Kankakee, IL
      View Details
    • $125,000
      1,100 SF

      Kankakee Redevelopment Opportunity

      Former gas station/convenience store ideal for redevelopment.
      590 S Washington Avenue, 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
      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
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property in prime location, great investment opportunity.
    Where is this mixed-use property located?
    The property is located at 242 W Jeffery Street Kankakee, IL.
    What is the asking price?
    The asking price for this property is $560,000.
    What are key features of this property?
    This property features: Income‑generating asset; Mixed‑use property (commercial & residential); Prime location
    (888) 574-9405
    We can help!
    Listing Contact
    Diego Pizano
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    242 W Jeffery Street, Kankakee, IL 60901
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!