April 4, 2024 – Thomas Shanley and Anthony Spangler of Horvath & Tremblay have successfully completed the sale of four (4) multi-family units in Kankakee, Illinois. Horvath & Tremblay represented the seller to complete the transaction at a sale price of $205,000.
The multi-family investment property is located at 160 S Curtis Avenue in Kankakee, Illinois. The Property is comprised of a two-story brick building constructed in 1977 and contains four (4) units comprised of three (3) 2-Bedroom/1-Bathroom units and one (1) 1-Bedroom/1-Bathroom unit with 2,650 square feet of living space in 3,500 square feet of gross area on a 0.29-acre parcel of land. The Property features an on-site laundry facility, ample on-site parking, and a new roof. 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, the opportunity exists to increase rental rates through upgrades and renovations to the units. The Property is well-located located in a residential neighborhood roughly one mile from downtown Kankakee, which offers a number of retail, dining, employment and entertainment amenities. 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. South Small Avenue is just off of 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, as well as from Chicago to Memphis and New Orleans. The Property is situated approximately one mile from downtown Kankakee, which offers a number of retail, dining, employment and entertainment amenities.
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.