Excellent investment opportunity! This well-maintained two-unit property offers a great combination of stable rental income, recent improvements, and long-term investment potential. Whether you are an experienced investor looking to expand your portfolio or a first-time investor searching for a property with immediate cash flow, this is an opportunity worth considering. Both units are currently rented, allowing the new owner to begin collecting rental income from day one. The second-floor unit has been occupied by a long-term tenant for over 15 years, providing an impressive history of stability and consistent occupancy. The first-floor unit has been recently updated and is now occupied by a new tenant, offering a fresh rental start while benefiting from the property’s recent improvements. The property has been well cared for and maintained, with several important mechanical and electrical updates already completed. Recent improvements include updated furnaces, electrical panels, and water heaters, helping provide peace of mind and reducing the likelihood of immediate major capital expenses. The recently updated first-floor unit adds additional appeal and value to the property, while the established long-term tenancy in the second-floor unit provides a strong rental history. Having both units occupied makes this property particularly attractive to investors seeking an income-producing asset without the uncertainty and expense of extended vacancy periods. This property offers an excellent opportunity to acquire a turnkey, income-producing two-unit building with established rental history, recent updates, and reliable occupancy. With both units currently leased and major systems already updated, this property is well positioned for continued rental income and long-term appreciation.
Property Details
Price:
$160,000
MLS #:
MRD12740729
Status:
Active
Beds:
3
Baths:
2
Type:
Multi Family
Neighborhood:
kankakee
Listed Date:
Aug 24, 2026
Year Built:
1910
See this Listing
Schools
School District:
111
Interior
Heating
Natural Gas
Exterior
Architectural Style
Traditional
Construction Materials
Vinyl Siding
Exterior Features
Balcony
Parking Features
Yes, Owned
Parking Spots
4
Parking Total
4
Patio And Porch Features
Deck
Roof
Asphalt
Financial
Tax Year
2025
Taxes
$3,226
Map
Community
- Address341 S 5th Avenue Kankakee IL
- CityKankakee
- CountyKankakee
- Zip Code60901
Market Summary
Current real estate data for Multi Family in Kankakee as of Oct 07, 2026
12
Multi Family Listed
84
Avg DOM
$191,175
Avg List Price
Property Summary
- 341 S 5th Avenue Kankakee IL is a Multi Family for sale in Kankakee, IL, 60901. It is listed for $160,000
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Copyright 2026. All rights reserved.
341 S 5th Avenue
Kankakee, IL


