503 Riverstone Pkwy Kankakee, IL 60901

Property Details for 503 Riverstone Pkwy

Property type

Commercial real estate

APN

16-17-17-309-001

APU

161717309001

Description

This exceptional 22,900 square foot shopping center in Kankakee, Illinois, presents a compelling value-add investment opportunity. Located at 503 Riverstone Pkwy, 60901, this single-building property boasts a 93% occupancy rate with six tenants, including Dollar Tree as an anchor. The property benefits from a shadow anchor, a Walmart Supercenter, driving significant consumer traffic. Other tenants include a diverse mix of national and local businesses such as Ex Mexicano Restaurant, T-Mobile, Lacey’s Place, OTM Glass, and VN Nails. Built in 2009, the center offers a triple-net (NNN) lease structure with credit-rated tenants, ensuring a stable income stream. The current Net Operating Income (NOI) is $255,997, with a pro-forma NOI projected at $294,351, reflecting a potential for increased profitability. The asking price is $3,500,000, representing a current cap rate of 7.31% and a pro-forma cap rate of 8.41%. The property is situated in a prime retail location, surrounded by other national retailers including Tractor Supply, Aldi, and a Hilton Garden Inn, further enhancing its appeal and potential for future growth. One vacant endcap space is available for immediate lease, offering an opportunity to increase revenue. Low Kankakee County real estate taxes contribute to the property's overall attractiveness. This is a rare chance to acquire a well-positioned, multi-tenant retail center with significant upside potential.