$450,000
SOLD APR 30, 2025

181 S Small Ave Kankakee, IL 60901

-- Bed
-- Bath
5,835 Sq Ft
0.28 Acres

Recently Sold

$77 Per Sq Ft

15% Above List Price

9 Days on Market

About This Home

As of April 2025

Presenting a rare opportunity to own this all-brick, meticulously maintained 6-unit building on the west side of Kankakee. Property Features: Unit Mix: Four spacious 2-bedroom units and two cozy 1-bedroom units Solid Construction: Fully brick exterior built to last Ample Parking: Expansive concrete parking lot provides plenty of space for tenants and guests. Key Updates: A new roof installed in 2018 and upgraded electrical breaker panels in 2023 This turnkey property is a standout in Kankakee's rental market. Whether you're looking to expand your portfolio or secure a steady income stream, this 6-unit gem is ready to perform. Schedule a tour today and see the potential for yourself!

Last Agent to Sell the Property

Dustin Kooy

Village Realty Inc License #475191164 Listed on: 03/04/2025

Village Realty Inc

Last Buyer's Agent

Jessica Czaja

Lori Bonarek Realty License #475209163

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $11,318

Year Built

  • Built in 1967

Home Design

  • Brick Exterior Construction

Interior Spaces

  • 5,835 Sq Ft Home
  • 3-Story Property

Additional Features

  • Lot Dimensions are 80 ' x 150 '
  • Central Heating

Listing and Financial Details

  • Tenant pays for electricity

Community Details

Overview

  • 6 Units

Building Details

  • Electric Expense $430
  • Fuel Expense $3,084
  • Insurance Expense $3,000
  • Trash Expense $1,020
  • Water Sewer Expense $2,100
  • Operating Expense $11,592
  • Gross Income $64,200
  • Net Operating Income $41,290

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$11,318

Year Built

Built in 1967

Lot Details

0

Listing Details

  • Property Type: Commercial Sale
  • Property Type: Multi Family 5+
  • Property Sub-Type: Corridor-Interior Entrance
  • Stories: 3
  • Year Built: 1967
  • Built Before 1978 (Y/N): Yes
  • Information: 24-Hr Notice Required
  • Estimated Age: 36-50 Years
  • ResoPropertyType: CommercialSale
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Room: 5
  • Room: 5
  • Room: 0

Exterior Features

  • Construction Materials: Brick
  • List Price: 390000

Utilities

  • Heat/Ventilation: Central Bldg Heat

Fee Information

  • Trash Expense: 1020
  • Water Sewer Expenses: 2100
  • Janitor Expense: 0

Lot Info

  • Additional Parcels: No
  • Lot Dimensions: 80 ' X 150 '
  • Zoning: MULTI

Rental Info

  • Tenant Pays: Electricity
  • Board Number: 21

Building Info

  • BuildingAreaTotal: 5835

Multi Family

  • Net Operating Income: 41290
  • Fuel Expense: 3084
  • Insurance Expense: 3000
  • ElectricExpense: 430
  • GrossIncome: 64200
  • NumberOfUnitsTotal: 6
  • OperatingExpense: 11592
  • Expense Year: 2023
  • Type Multi-Family: Corridor-Interior Entrance

Tax Info

  • Tax Annual Amount: 11318.5
  • Tax Year: 2023

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Mar 4, 2025
Closed on
Apr 29, 2025
Sold by
Morgan Jaclyn M and Morgan Benjamin M
Bought by
181 Small Llc
Seller's Agent
Dustin Kooy
Village Realty Inc
Buyer's Agent
Jessica Czaja
Lori Bonarek Realty
List Price
$390,000
Sold Price
$450,000
Premium/Discount to List
$60,000
15.38%
Views
67
Current Estimated Value
$402,768

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
-$47,232
Avg. Annual Appreciation
-22.28%
Original Mortgage
$337,500
Outstanding Balance
$328,276
Interest Rate
3.98%
Mortgage Type
New Conventional
Estimated Equity
$74,492
Source: Public Records

Range of Values:

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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Purchase History

Date Type Sale Price Title Company
Warranty Deed $450,000 Old Republic Title
Source: Public Records

Mortgage History

Date Status Loan Amount Loan Type
Open $337,500 New Conventional
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
04/30/2025 04/30/25 Sold $450,000 +15.4% $77 / Sq Ft
03/13/2025 03/13/25 Pending -- -- --
03/04/2025 03/04/25 For Sale $390,000 -- $67 / Sq Ft
Source: Midwest Real Estate Data (MRED)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $11,747 $99,363 $8,476 $90,887
2023 $11,319 $88,519 $7,551 $80,968
2022 $10,528 $77,478 $6,609 $70,869
2021 $9,937 $70,116 $5,981 $64,135
2020 $9,218 $63,025 $5,376 $57,649
2019 $8,786 $58,628 $5,001 $53,627
2018 $8,459 $54,286 $4,631 $49,655
2017 $9,474 $53,091 $4,529 $48,562
2016 $8,879 $52,050 $4,440 $47,610
2015 $9,530 $59,015 $4,531 $54,484
2014 $10,626 $68,304 $4,720 $63,584
2013 -- $80,750 $5,419 $75,331
Source: Public Records

Agents Affiliated with this Home

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Map

Source: Midwest Real Estate Data (MRED)

MLS Number: 12303366

Midwest Real Estate Data (MRED)

APN: 16-09-31-304-008