Address
3428 S KING Drive, Chicago, IL
Price
$ 2,950,000
Property Attributes
- MLS#12032117
- TypeMulti-Family
- CountyCOOK
- CityChicago
- AreaCHI - Douglas
- NeighborhoodDouglas
- Zip60616
- Style
- Year Built1893
- Taxes$ 20901
- Price$ 2,950,000
- Bedrooms15
- Full Bathrooms0
- Half Bathrooms0
Data Source:
Midwest Real Estate Data (MRED)
Property Description
3428 S. King Drive is 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 8% and cash returns approaching 9%. 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 approaching 9% and cash returns approaching 12%.
| Price History | |
|---|---|
| 4/17/2024 | Listed $2,950,000 |
General Features
| Cooling | None |
|---|---|
| Zoning | MULTI |
| Year Built | 1893 |
| Tenant Pays | Air Conditioning,Electricity,Heat,Hot Water |
| Stories | 3 |
| Township | South Chicago |
| Tax Year | 2022 |
| Gross Income | 307200 |
| County | Cook |
| Net Operating Income | 235683 |
| Operating Expense | 56157 |
| Insurance Expense | 3500 |
| Property Type | Commercial Sale |
| MaintenanceExpense | 2550 |
| Status | Active |
| Directions | From Lake Shore Dr,exit onto 31st St and turn west. Turn south on MLK to 3428. |
| City | Chicago |
| Total Units | 7 |
| MLS Area | CHI - Douglas |
| Street Name | KING |
| Tax Annual Amount | 20901 |
| Electric Expense | 750 |
| Trash Expense | 1680 |
| Water Sewer Expense | 4100 |
| Additional Parcels Y/N | No |
| Days on Market | 8 |
| Standard Status | Active |
| Property Type | Multi Family 5+ |
Interior Features
| Street Suffix | Drive |
|---|
Exterior Features
| Lot Dimensions | 50 X 125 |
|---|
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Multi-Family Average in 60616
Price
Taxes
Visits
Year Built
