Kankakee Multifamily for Sale
Russ Mobile Home Park is a 20-pad community located in Kankakee, Illinois, positioned on 2.60 acres. Originally developed in the 1970s, the park holds a zoning classification of 0040 (Improved Lots) and is situated outside of any flood zone. The current owner has managed the property for one year, operating it as an owner managed park without an on-site manager. However, the owner believes one of the current tenants could potentially serve in that role. A maintenance person is in place for regular upkeep. The property also includes a 1,000 sq. ft. single-family residence.
The park consists of 20 mobile home pads, all occupied by park owned homes (POH), with 16 pads currently filled and four vacant POH units. One additional trailer is in poor condition and scheduled for removal. The park has no tenant-owned homes. POH units rent for an average of $900 per month. Lot rent is assumed at $525/month based on market comparables in the Kankakee and south suburban Chicago areas. The park currently operates on annual leases, with tenants paying rent via Selle, Cash App, or Apple Pay. One tenant is currently behind on rent.
Russ Mobile Home Park is served by city water and city sewer, with tenants billed directly by utility providers. Each pad is equipped with electric, gas, and water meters. Electrical pedestals at each site are rated at 100 amps. The owner is not certain of the underground pipe composition. Utilities are not back-billed to tenants. The park has gravel roads in fair condition, which are maintained by the owner. Tenants are responsible for mowing their own areas, while the park maintains common areas and vacant pads. Off-street parking is provided for all tenants.
When purchased, the park was entirely vacant. Since acquisition, the owner has completed substantial improvements, including rehabbing every unit in the park, removing four non-salvageable trailers, and bringing in three new homes to improve occupancy and quality.
The seller will now consider seller financing at 25-30% down, 6% interest, with a 5-year balloon.
Location:
Kankakee is a city in and the county seat of Kankakee County, Illinois. Located on the Kankakee River, as of 2020, the city's population was 24,052. Kankakee is a principal city of the Kankakee-Bourbonnais-Bradley Metropolitan Statistical Area. It serves as an anchor city in the rural plains outside Chicago.
The median home cost in Kankakee is $117,300. Home appreciation the last 10 years has been 52.8%. Home Appreciation in Kankakee is up 15.4%.
Renters make up 43.6% of the Kankakee population.
The average 1-bedroom unit rents for $800/month.
The average 2-bedroom unit rents for $1,050/month.
The average 3-bedroom unit rents for $1,430/month.
The average 4-bedroom unit rents for $1,510/month.
Kankakee has an unemployment rate of 11.8%. The US average is 6.0%.
Kankakee has seen the job market decrease by -7.7% over the last year. Future job growth over the next ten years is predicted to be 36.0%, which is higher than the US average of 33.5%.
The Median household income of a Kankakee resident is $38,869 a year. The US average is $69,021 a year.
Kankakee violent crime is 39.9. (The US average is 22.7)
Kankakee property crime is 58.3. (The US average is 35.4)
Kankakee, IL has a humid continental climate with hot summers and cold winters. Rainfall is spread throughout the year, but is heaviest in May and June. Average temperatures range from the mid-20s in winter to the mid-80s in summer. Snowfall averages around 30 inches per year, with most of it falling between December and March.
Kankakee County is a county located in the U.S. state of Illinois. According to the 2020 census, it has a population of 107,502. Its county seat is Kankakee. Kankakee County comprises the Kankakee, IL Metropolitan Statistical Area.
Here are the top ten employers in Kankakee County:
•Olivet Nazarene University (approximately 560 employees)
•Kankakee Community College (approximately 375 employees)
•All Star Management (approximately 441 employees)
•Midwest Transit (approximately 300 employees)
•NFI Industries (approximately 260 employees)
•McKesson (approximately 258 employees)
•Aqua Illinois (approximately 65 employees)
•Monical’s Pizza Corporation (approximately 139 employees)
•Kankakee Nursery (approximately 125 employees)
•K.B. Cores (approximately 125 employees)
