440 Dearborn Ave, Kankakee, IL 60901

This exceptional investment opportunity presents a portfolio of three multifamily buildings totaling 19 units situated on a 0.5-acre lot in Kankakee, Illinois. The buildings, constructed between 1978 and 1983, comprise 15,000 square feet of net rentable space within a total gross area of 19,000 square feet. The portfolio includes eight one-bedroom/one-bathroom units and eleven two-bedroom/one-bathroom units, offering a diverse mix of rental options. Ample on-site parking accommodates all 19 units. The properties boast a strong 9.37% cap rate and a substantial net operating income (NOI) of $117,092, with an asking price of $1,250,000 ($65,789 per unit). Conveniently located near downtown Kankakee, the properties offer easy access to major roadways including IL-50, IL-17, IL-113, US-52, and Interstate 57, providing a direct route to Chicago. The proximity to the Kankakee Amtrak station, public transportation, and local amenities further enhances the investment appeal. The portfolio benefits from a strong demographic profile, with a high average household income within a 5-mile radius. Significant value-add potential exists due to below-market rental rates, presenting opportunities for revenue growth through lease increases and property upgrades. The properties are also within a highly-rated school district, adding to their desirability. This fee-simple ownership offers a compelling combination of immediate income and long-term growth potential.