Full details for Other For Sale in Kankakee, Illinois

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Description

Two-building, 23-unit multifamily offering on the North side of Kankakee, IL, near Bradley and Bourbonnais, IL. The offering comprises one 11-unit building at 924 E Willow St and one 12-unit building at 163 N Rosewood Ave. The unit mix comprises eight one-bedrooms, 14 two-bedrooms, and one four-bedroom unit. Current rents are 10+ percent below market rents. There is also no on-site laundry or separately metered or billed water and sewer, providing considerable upside in this offering. 924 E Willow St has tenant-paid electric baseboard heating and tenant-paid electric hot water heaters, and 163 N Rosewood has newer efficient set gas boilers and gas hot water tanks run in series. Recent capital improvements include new vinyl windows and door walls at 924 E Willow and one-third of the roof, including wood framing underlayment and shingles replaced by closing. Note: units one and two at 924 E Willow are recently fire-damaged and require a gut renovation. These two down units are accounted for in the rent roll, and subsequent as-is pricing, NOI, and investment metrics are calculated. The proforma financials include market rent assumptions, including the current down-units restored and rented at current market rents. Kankakee is the county seat of Kankakee County, located approximately 60 miles southwest of the downtown Chicago Loop. The area provides convenient access to Route 52 and Interstate 57. Public transportation is readily available at the Kankakee Amtrak Station, just over one-mile southeast of the buildings, which is served by River Valley Metro for transportation by bus. Back to listing