April 11, 2024 – Anthony Spangler and Thomas Shanley of Horvath & Tremblay have successfully completed the sale of thirty-two (32) multi-family units in Kankakee, Illinois. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,900,000.
The multi-family investment property is located at 751-757 N 5th Avenue in Kankakee, Illinois. The Property is comprised of four (4), two-story brick buildings constructed in 1975 and contains thirty-two (32), 2-Bedroom/1-Bathroom units with 24,000 square feet of living space in 31,000 square feet of gross area on a 1.68-acre parcel of land. The well-maintained Property features an on-site laundry facility, ample on-site parking, and green space for the residents. The in-place leases are significantly below market rates for the area, allowing a landlord to bring the rents up to market to drive revenue at the Property. Additionally, seventeen (17) of the units have been renovated; the opportunity exists to increase rental rates through upgrades and renovations to the unrenovated units. The Property is situated approximately one-half mile from downtown Kankakee, which offers a number of retail, dining, employment and entertainment amenities. Downtown Kankakee is home to the Kankakee Farmers’ Market, the annual Merchant Street Musicfest and the Kankakee Depot, a former railroad station that now serves as a focal point for the city and is the premier place for community gatherings and celebrations. The Property also offers convenient access to Riverside Medical Center and Ascension Saint Mary – Kankakee, the area’s hospitals, and is close to several area schools including Olivet Nazarene University and Kankakee Community College. The Property is within walking distance of several bus stops operated by the River Valley Metro, with service running seven days a week in Kankakee as well as the nearby cities of Aroma Park, Bradley, Bourbonnais, and Manteno. N 5th Avenue is just off of W Court Street (IL-17), the major east-west road that bisects Kankakee and provides easy access to IL-113, IL-50, US-52 and Interstate 57, which provides a direct route to Chicago. Additionally, the Property is just over a mile from the Kankakee Amtrak station, with daily service between Chicago and Carbondale, IL.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.