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$ 3,999,000
Est. payment | /mo
2.36 Acres Lot
$ 3,999,000
Est. payment | /mo
2.36 Acres Lot
Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12013807
Year Built 1974
Annual Tax Amount $17,260
Tax Year 2024
Lot Size 2.360 Acres
Lot Dimensions 115 200 X 450
Property Sub-Type Multi Family 5+
Property Description
FOR SALE - KANKAKEE - 58 UNIT APARTMENT COMPLEX - This seller is offering the Tedmark & Cooper Apartment Complex, a 58-unit, seven building multifamily portfolio in Kankakee, IL at a purchase price of $3,999,000 equal to $68,965 per unit. The property has been operating under IHDA regulations, with extended use requirements, that ended December 2025, creating a rare and immediate market rate conversion opportunity. With rents below market rate, above normal vacancy and turnover constrained by compliance rules, the portfolio is positioned for a new owner to execute a high impact value add strategy and unlock substantial NOI growth. Also, with the IHDA expiration, this would be an opportune time for the buyer to incorporate RUBS (Ratio Utility Billing System) for additional value add income! PROPERTY OVERVIEW 58 Total Units Across Seven Buildings 210 Tedmark Ct. - 12 units 220 Tedmark Ct. - 4 units 230 Tedmark Ct. - 4 units 240 Tedmark Ct. - 8 units 2755 Cooper Dr. - 12 units 2779 Cooper Dr. - 12 units 280 Tedmark Ct. - 6 units - GREAT INVESTMENT OPPORTUNITY - CALL TODAY!
Location
State IL
County Kankakee
Area Kankakee
Zoning MULTI
Interior
Cooling Wall Sleeve
Fireplace N
Exterior
Utilities Available Sewer Connected
Roof Type Fiberglass
Building
Dwelling Type Multi Family 5+
Water Community Water
Structure Type Wood,Vinyl Siding,Brick
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Listed by Jay Tamblyn of McColly Bennett Real Estate
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