4950 South King DriveChicago, IL 60615Price: $3,885,000

  • Price: $3,885,000
  • 24 Days on Market
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Federal 30-year interest rate: 6.7% last updated on Sep 29, 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.
  • 1950Year Built

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One of A Kind Mid-Century Modern 22 + unit Apartment Building in vibrant Bronzeville location set on Historic King Drive $279,236 NOI/7.1 CAP Offering 91% stake: 22 of 24 units with 10 parking space. Intelligent design with highly efficient and diverse floorplans, Equal combination of one and two bedrooms . Fully stabilized AA tenant base, envisioned and curated by a lifestyle focused ownership team. Meticulous attention to detail in all aspects realized in high tenant retention rates. Numerous unit upgrades, Refinished Hardwood and VHT Luxury Flooring, curated interior colors, LED lighting, Professional Kitchens, Euro-style washer/dryers, All custom closet organizers, Resort inspired baths, Integrated vanities and medicine cabinetry, Window treatments, Dimmer switches, Individual HVAC, 1 to 1 storage, Full supplemental on-site laundry center and Community room space. Extensive Capital Improvements. Annual apartment reviews have yielded a maintenance level rarely encountered. The opportunity to scale further and create a Legacy Campus of 44 Units/35 car parking + can be packaged with neighboring 4954-58 S King/350 E 50th 90%+ controlling majority stake NOI $149,939 65% Stabilized Contiguous corner comprised of 14 residential units Palpable expansion opportunities for 2 ADU's within the King envelope offering(not factored as part of 44-unit package count) (1) center entry side by side 6 unit @350 E 50th. This value-add hybrid requires complete renovation all 2-bedroom 2.1 bath inclusive of architectural plans designed as 8 envisioning 2 additional units below grade (2 below grade not factored in 44 total package count) + 100% controlling interest of 4953-55 S Calumet Center Entry 8 units + 8 parking spaces. NOI $126,532 / 6.9 cap + Significant separate immediately adjacent @ 4945 S Calumet (behind 4954-58 King) expertly over-engineered 17 car parking lot, cement paved, lined, remote secured access, professionally landscaped with irrigation system prepped. Parking System built-out with full plans and permits for permitted use. Meticulous attention to detail in all aspects from skilled scaled veteran ownership team. Transparent, comprehensive scope of work, capital improvements, rent roll, lease schedules and full financials available on request. Exceptional location provides urban intimacy coupled with hyper-convenience and strong proximity to U of C, Lakefront, Rush Medical Center, Loop, Green Line, Expressways. 48 hours' notice to show. Rare opportunity to obtain a sizeable AA turnkey footprint strategically positioned for continue long term growth.

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

Based on information submitted to MRED  as of September 30, 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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