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$165,000 Just Listed

  • For Sale
  • Active
  • Multi-Family
  • 6 Total Beds
  • 2 Car Garage
  • Updated 13 hours ago
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Value-Add 3 Unit with Strong Cash Flow Potential - Kankakee Attention investors - this three-unit property at 491 S Chicago Ave, Kankakee, IL offers a prime opportunity to create equity and generate consistent rental income. One unit is currently habitable and rentable, providing immediate income potential, while two additional units need light remodeling - a perfect setup for a value-add investor looking to increase rents and overall property performance. With updates, this building has the potential to become a strong cash-flowing asset. The property features charming architectural details and curb appeal, adding to long-term tenant desirability. Opportunities like this allow investors to renovate strategically, raise rents, and significantly improve returns. Ideal for: Investors seeking a light rehab project. Buyers looking to house hack and build equity. Portfolio landlords wanting forced appreciation potential. Bring your vision and unlock the income potential this classic Kankakee multi-unit offers!

Full Property Details for 491 S Chicago Ave

General

  • Price: $165,000
  • Taxes: $3,792 (2024)
  • Status: Active
  • Type: Multi-Family
  • Source: MRED
  • MLS ID: 12562010
  • Updated: 2/5/2026
  • Added to Site: 1 day(s) ago

Rental Information

  • Complex Features: Curbs, Sidewalks, Street Lights, Street Paved

Interior

  • Basement: Partially

Rooms

Bathrooms

  • Total Bathrooms: 4
  • Upper - Full Baths: 4

Bedrooms

  • Total Bedrooms: 6

Additional Information

  • Other Features: School Bus Service, Commuter Bus

Parking

  • Garage: Yes
  • Attached garage: Yes
  • Garage Spaces: 2
  • Total Spaces: 6
  • Parking Features: Yes, Garage Owned, Attached, Off-Street, Driveway, Owned, Garage

Location

  • Area: Kankakee
  • County: Kankakee
  • Township: Kankakee
  • Driving Directions: River Street to S. Chicago, North one block

School Information

  • School District: 111
  • Elem School District: 111
  • Midd School District: 111
  • High School District: 111

Heating & Cooling

  • Heating Type: Natural Gas, Electric, Forced Air

Utilities

  • Sewer: Public Sewer
  • Water: Public

Structural Information

  • Construction: Vinyl Siding
  • Exterior Const.: Vinyl Siding
  • Basement: Yes
  • Basement Desc.: Partially Finished, Unfinished, Full
  • Foundation: Concrete Perimeter
  • Roof: Slate
  • Year Built: 1920
  • Built Before 1978: Yes

Unit Information

  • Units in Building: 3

Lot Features

  • Lot Size Range: Less than .25 Acre
  • Lot Dimensions: IRR
  • Lot Features: Corner Lot
  • Zoning: MULTI

Financial Considerations

  • Parking Included: Yes
  • Assessment Year: 1920
  • Tax Amount: $3,792.34
  • Tax Year: 2024
  • Pays Sewer: Public Sewer

Disclosures and Reports

  • Ownership: Fee Simple
  • Property ID: 16170511601900

Listed by Compass

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— 491 S Chicago Ave —

  • Compass

  • Compass

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NMLS#: 1598647

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Be ready to buy your new home!

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NMLS#: 1598647

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Request a Quote

Save up to an additional 20% by bundling your home and auto together!

Schools serving 491 S Chicago Ave

School District:Kankakee School District 111
NameGradesDistance
Steuben Elementary School
520 South Wildwood Avenue, Kankakee, IL 60901
K-30.3 mi
John Kennedy Middle Grade School
1550 West Calista Street, Kankakee, IL 60901
3-61.4 mi
Kankakee Junior High School
2250 East Crestwood Street, Kankakee, IL 60901
7-81.4 mi
Kankakee High School
1200 West Jeffery Street, Kankakee, IL 60901
9-121.5 mi
Disclaimer: School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 491 S Chicago Ave Get Price Alerts and Save Property

Date
Details
Price
Change
Source
2/05/2026
Listed
$165,000
312.5%
MLS
5/11/2022
Sold
$40,000
—
Public Record
Get Price Alerts and Save Property
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Tax History for 491 S Chicago Ave

Year
Property Taxes
Change
Tax Assessment
Change
2024
$3,849
4%
$31,901
12%
2023
$3,709
9%
$28,420
14%
2022
$3,400
6%
$24,875
10%
2021
$3,211
8%
$22,512
11%
2020
$2,980
5%
$20,236
8%
2019
$2,840
4%
$18,824
8%
2018
$2,734
-11%
$17,430
2%
2017
$3,059
7%
$17,047
2%
2016
$2,868
4%
$16,713
-2%
2015
$2,771
—
$17,054
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

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491 S Chicago Avenue, Kankakee, IL 60901 (MLS# 12562010) is a Multi-Family property with 3 units containing 6 bedrooms and 0 full bathrooms. 491 S Chicago Avenue is currently listed for $165,000 and was received on February 05, 2026. Want to learn more about 491 S Chicago Avenue? Do you have questions about finding other Multi-Family real estate for sale in Kankakee? You can browse all Kankakee real estate or contact a Coldwell Banker agent to request more information.

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