August 11, 2023 – Anthony Spangler and Thomas Shanley of Horvath & Tremblay have successfully completed the sale of a thirty-seven unit multi-family property in Kankakee, Illinois. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $2,600,000.
The residential building is located at 941 N River Drive in Kankakee, Illinois. The Property consists of a three-story multi-family brick buildings containing a total of thirty-seven (37) residential units comprised of twenty-one (21), 1-Bedroom/1-Bathroom units, twelve (12), 2-Bedroom/2-Bathroom units and four (4), 2-Bedroom/1-Bathroom units with 27,500 square feet of living area in 31,000 square feet of total gross area on a total of 2.3-acres of land. The Property offers ample on-site parking, on-site laundry facilities, and well-maintained and landscaped grounds. Each unit is separately metered for electricity and hot water, which the Tenants pay directly. The Landlord is responsible for heat and domestic water and sewer. The Property is located along a quiet tree lined street in a residential neighborhood. The Property abuts the Kankakee River and features an abundance of green space for the residents. Additionally, the Property is adjacent to two parks and a nature trail that runs along the banks of the Kankakee River. The Property is conveniently located within walking distance of several national retailers including Walgreens, Family Dollar and Circle K, several restaurants including McDonald’s and Popeyes, and Planet Fitness and a movie theatre. The Property is 1-mile from downtown Kankakee offering convenient access to the area’s grocers, retailers, and restaurants. The Property is also just 1.5-miles from the Kankakee Train Station and 3-miles from Interstate 57.
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.