Basic Information

  • MLS # 12032117
  • Type Multifamily
  • Status Active
  • Subdivision/Complex CHI - DouglasChicago
  • Year Built 1893
  • Total Sqft N/A
  • Date Listed 04/17/2024
  • Days on Market 31
Description

3428 S. King Drive is a beautiful six 6 flat Greystone building in Chicagos 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 Chicagos south side. The building is comprised of two 2 master lease retail units, two 2 3BD2BA two 2 4BD2BA. 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.

Exterior Features

  • Waterfront No
  • Pool No
  • Parking Spaces 0
  • Parking Description
  • Style Other

Interior Features

  • Adjusted Sqft N/A
  • Cooling Description None
  • Sqft N/A

Property Features

  • Furnished Info No
  • Short Sale Regular Sale
  • Subdivision Complex 3428 KING
  • Subdivision Info CHI - DouglasChicago
  • Tax Amount $20,901
  • Tax Year 2022
  • Type of Property Multi Family 5

3428 S KING Dr

Chicago, IL 60616

Similar Properties For Sale

The multiple listing information is provided by the MIDWEST REAL ESTATE DATA LLC (MRED)® from a copyrighted compilation of listings. The compilation of listings and each individual listing are ©2024-present MIDWEST REAL ESTATE DATA LLC (MRED)®. All Rights Reserved. The information provided is for consumers' personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified. Listing courtesy of: Kiser Group Realty Inc

Real Estate IDX Powered by: TREMGROUP