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INVESTMENT HIGHLIGHTS
THE ASSET: The Portfolio is comprised of three Multi-Family Properties, 150 Meadows Road N in Bourbonnais, Illinois, 30 & 40 Cook Street and 377 W Adams Street, both in Manteno, Illinois. The Portfolio contains four residential buildings and is improved by twenty-four (24) residential units comprised of five (5), 1-Bedroom/1-Bathroom units and nineteen (19), 2-Bedroom/1-Bathroom units on a combined 1.01-acres of land. The attractive brick buildings feature separately metered electricity which the tenants pay directly. Each of the buildings offers ample on-site parking and 150 Meadows Road N offers balconies or patios for each unit.
LOCATION: The Properties offer green space for tenants and are close to national and local retailers, restaurants, employment, and entertainment amenities. The Properties enjoy convenient access to commercial developments and national retailers and restaurants along IL Route 50 including the Bourbonnais Towne Center, Water Tower Plaza, and the Northfield Square Mall. Each of the Properties is within walking distance of bus stops operated by the River Valley Metro, with service running seven days a week in Bourbonnais as well as the nearby cities of Aroma Park, Bradley, Kankakee, and Manteno. The Properties are close to US Route 52, the area’s primary commercial and Commuter corridor and provide easy access to IL-50, US-52, and Interstate 57, which provides a direct route to Chicago. Additionally, all of the Properties enjoys convenient access to the Kankakee Amtrak station, with daily service between Chicago and Carbondale, IL, as well as from Chicago to Memphis and New Orleans.
VALUE-ADD POTENTIAL: The majority of the in-place residential rents are below market rates. The opportunity exists to update the unrenovated unit interiors to drive rental rates.
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