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3428 S King Dr

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Address: 3428 S King Dr, Chicago, IL 60616, USA

Chicago & Midwest + Apartment Buildings

Created date: April 24, 2024

Date last updated: September 30, 2024

Property Description

Kiser Group is pleased to exclusively present for purchase 3428 S. King Drive, a beautiful six (6) flat Greystone building in Chicago's Bronzeville neighborhood. The building provides easy access to downtown and is located just a few blocks from Lake Michigan. 3428 S. King is a unique opportunity to obtain a cash-flowing mixed-use property in one of the most desirable pockets of Chicago's south side. The building is comprised of two (2) master lease retail units, two (2) 3BD/2BA & two (2) 4BD/2BA. Recent improvements to the building include but are not limited to: gut renovated units with modern finishes throughout, central air, individual mechanicals, in-unit washer dryer, updated electric, copper plumbing, and an abundance of tuckpointing and masonry work. From day one, a new investor will realize a cap rate exceeding 9% and cash returns approaching 15%. The retail units have master leases signed that extend through 2027. Through optimizing expenses and raising rents to levels already achieved throughout the building, a new investor can realize a cap rate over 10% and cash returns approaching 19%.

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$2,600,000
No. of Units:	6
Year Built:	1890
Lot Size:	0.14 Sq ft
Opportunity Zone:	No
Price per unit:	$433,333
Property Website	Click Here