440 Dearborn Ave Kankakee, IL 60901

Property Details for 440 Dearborn Ave

Lot size

0.50 lot acres

Property size

19,000 SF

Property type

Commercial real estate

Description

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.

Location Insight

City

Kankakee

County

Kankakee

State

Illinois

Longitude

-87.8631401

Latitude

41.1157269