6116-6134 King Dr, Chicago, IL 60637
52 Unit Apartment Building | $4,900,000 ($94,231/Unit) | 8.11% Cap Rate | Chicago, IL 60637
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $4,900,000
- Property Type
-
Multifamily
- Square Feet
- 33,200 SF
Listing Contacts
Jack Stanton
Verified Profile
Kyle Stengle
Verified Profile
- Property Info
Property Overview
6116 S. Martin Luther King Drive offers a multifamily investment in Chicago’s Washington Park neighborhood. The property consists of 52 units and an ideal unit mix of one, two, and three-bedroom apartments. The majority of apartments have been updated with newer kitchens, bathrooms, and hardwood flooring. The building includes secured entry, a large central courtyard, and ample off-street parking. Recent improvements include an updated roof, central boiler, porches, and hot water heaters. Additionally, there is an option assume the existing Freddie Mac debt at 4.11%.
Located just four blocks from The University of Chicago in a rapidly appreciating submarket, the property boasts exceptionally strong rental demand and has significant upside potential via bringing rents to market. Its proximity to multiple modes of public transportation, the future Obama Presidential Library and Woodlawn Central Development further enhance its appeal from renters and investors alike.
Located just four blocks from The University of Chicago in a rapidly appreciating submarket, the property boasts exceptionally strong rental demand and has significant upside potential via bringing rents to market. Its proximity to multiple modes of public transportation, the future Obama Presidential Library and Woodlawn Central Development further enhance its appeal from renters and investors alike.
Property Details
- Class
- C
- Year Built
- 1905
- Stories
- 2
- Lot Size (sq. ft)
- 31,799 SF
- Units
- 52
Highlights
- ATTRACTIVE ASSUMABLE FREDDIE MAC DEBT AVAILABLE AT 4.11%
- EXCELLENT LOCATION 0.5 MILES FROM THE UNIVERSITY OF CHICAGO
- RECENTLY UPDATED ROOF, CENTRAL BOILER, PORCHES, HOT WATER HEATERS, AND UNIT FINISHES
- IDEAL UNIT MIX OF ONE, TWO, AND THREE BEDROOM UNITS
- SIGNIFICANT UPSIDE POTENTIAL IN RAISING RENTS TO MARKET
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