503 Riverstone Pkwy Kankakee, IL 60901
Property profile & analytics
503 Riverstone Pkwy Kankakee, IL 60901
- Commercial real estate
Property ID
US28-4684827
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.
Location Intelligence
Current Use by Public Records
- T-Mobile Authorized Retailer / Mobile Phone Store / Electronics & Wireless Store
- Dollar Tree / Grocery & Convenience Store / Food Market
- Lacey's Place / Bar & Pub
- The Smoke Shop / (Bike/Boat/Book/etc) Store
- Evergreen Tobacco / (Bike/Boat/Book/etc) Store
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.
Value Estimations
based on Realmo’s proprietary methodology
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
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Location Insight
- Map
- Local Demand
- City
- Kankakee
- County
- Kankakee
- State
- Illinois
- Longitude
- -87.8628
- Latitude
- 41.0801
- CBSA code
- 28100
- CBSA name
- KANKAKEE-BRADLEY, IL METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$69,346
$77,333
$465,000
$542,333
-
$231,999
$1,395,000
$1,626,999
