350 East 50th StreetChicago, IL 60615Price: $375,000

  • Price: $375,000
  • 19 Days on Market
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Federal 30-year interest rate: 5.22% last updated on Aug 11, 2022
* All Figures are estimates. Check with your bank or proposed mortgage company for actual interest rates.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
  • 1929Year Built

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Redevelopment Opportunity set in Vibrant Bronzeville Adjacent Historic King Drive. Value Add Center Entry Side by Side 6 residential Units, each with individual pins. This value-add hybrid requires complete renovation and framed as 2-bedroom 2 bath inclusive of architectural plans designed as 8, envisioning 2 additional units below grade. All units are vacant, not habitable. The 350-352 E 50th envelope is adjacent 4954-58 S King and under governing HOA as ADD on. Can be annexed but must be done post-closing by purchaser (s) and must be sold with 4954-58 King /4945 S Calumet. Under a full purchase this site would have entitlements to 17 car parking lot @ 4945 S Calumet (behind 350-352 E property) and 157,698 NOI fully stabilized 8++ units fronting King Drive for 14++ unit and 17 car parking and curate a campus at 2.575M. See 4954-48 King/4945 S Calumet listing. The opportunity to scale can be further packaged with neighboring fully stabilized 22 units + 10 parking spaces @ 4950 S King NOI $279,236/7 CAP and/or 4953-55 S Calumet Center Entry 8 units + 8 parking spaces. NOI $124,873 / 6.9 CAP. The single sale of 350-52 E 50th ONLY requires CASH OFFER/AS IS/ AS SEEN with POF Dated within 30 days of purchase contract. A stand-alone offer for the E 350-352 site must be contingent upon the sale of neighboring 4854-58 S King and will not be subject to annexation from HOA as a contingency. Taxes are 2020 include all 6 pins and are being appealed as vacant building status. 24 hours' notice to show. Daylight hours only. No utilities connected. Bring flashlight. All architectural drawings are uploaded to MLS additional docs. The is an exceptional location provides urban intimacy coupled with hyper-convenience and strong proximity to U of C, Lakefront, Rush Medical Center, Loop, Green Line, Expressways. Offers a rare opportunity to obtain a sizeable footprint strategically positioned for continue long term growth. See Agent remarks

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Listed by Staci Slattery and Karen Biazar of North Clybourn Group,Inc.

Based on information submitted to MRED  as of August 11, 2022 . All data is obtained from various sources and has not been, and will not be, verified by broker or MRED.   All information should be independently reviewed and verified for accuracy.  Properties may or may not be listed by the office/agent presenting the information. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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