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    247 W Merchant St Kankakee, IL 60901
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    247 W Merchant St Kankakee, IL 60901

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    • Residential income properties
    Off-Market
    Property ID
    US28-4138398
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Residential income properties

    Property Details for 247 W Merchant St

    Year built
    1910
    Property type
    Residential income properties

    Description

    KANKAKEE - 9 UNIT ROOMING HOUSE - The downstairs consists of 4 single rooms and a community kitchen, 1 common bathroom, and a common Laundry Room. The upstairs has 5 single rooms and 1 common bathroom. The property does carry a rental license and management is available if needed. Great income pr ... oducing property!! Call today!

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Kankakee
    County
    Kankakee
    State
    Illinois
    Longitude
    -87.8686191
    Latitude
    41.1196908

    Comparable in this City

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      Well-maintained two-unit property in Kankakee, Illinois.
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      Pending

      Kankakee Two-Unit Investment Opportunity

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      Four-Unit Multifamily Investment Opportunity

      Four-unit property built in the 1970s with strong rental income.
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      5,200 SF

      Mixed-Use Income Property For Sale

      Mixed-use property with commercial and residential units, ample parking.
      793 N 5Th Ave, Kankakee, IL 60901
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      0.16 Acres

      Residential Land in Kankakee, IL

      Land for new home construction near downtown Kankakee, Illinois.
      1208 Arapaho Way, Kankakee, IL 60901
      View Details

    Similar Nearby for Sale

    • $560,000
      0.30 Acres

      Mixed-Use Property in Kankakee, IL

      Mixed-use property in prime location, great investment opportunity.
      242 W Jeffery St, Kankakee, IL 60901
      View Details
    • $200,000

      Kankakee Multifamily Property For Sale

      Well-maintained two-unit property in Kankakee, Illinois.
      357 S Rosewood Ave, Kankakee, IL 60901
      View Details
    • New
      $45,000
      Pending

      Kankakee Two-Unit Investment Opportunity

      2600 sq ft two-unit property near downtown Kankakee.
      427 S Chicago Ave, Kankakee, IL 60901
      View Details
    • Contact for pricing

      Four-Unit Multifamily Investment Opportunity

      Four-unit property built in the 1970s with strong rental income.
      1585 W Station St, Kankakee, IL 60901
      View Details
    • Contact for pricing
      5,200 SF

      Mixed-Use Income Property For Sale

      Mixed-use property with commercial and residential units, ample parking.
      793 N 5Th Ave, Kankakee, IL 60901
      View Details
    • Contact for pricing
      0.16 Acres

      Residential Land in Kankakee, IL

      Land for new home construction near downtown Kankakee, Illinois.
      1208 Arapaho Way, Kankakee, IL 60901
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,849 SF

      Kankakee Office Space Available

      Office space available for rent in Kankakee, Illinois.
      245 S 6Th Ave, Kankakee, IL 60901
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      41,466 SF

      Retail Space in Kankakee Center

      Retail spaces available in a prominent Kankakee commercial center.
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      11,803 SF

      Kankakee Office Space Available

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      Kankakee Flex Space Available

      Flex space with dedicated office and industrial capabilities for rent.
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      9,000 SF

      Kankakee Retail Space Available

      9,000 square foot retail space for lease in Kankakee.
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    • $10 SF/Yr
      1,000 SF

      Kankakee Office Space Available

      Office space available for rent in Kankakee, Illinois.
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    247 W Merchant St
    Kankakee, IL 60901
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    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
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