$2,950,000
3428 S KING Drive
Chicago, IL, 60616
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%.
Property Details
Price:
$2,950,000
MLS #:
MRD12032117
Status:
Active
Beds:
0
Baths:
0
Address:
3428 S KING Drive
Type:
Commercial
City:
Chicago
Listed Date:
Apr 16, 2024
State:
IL
ZIP:
60616
Year Built:
1893
Schools
Interior
Cooling
None
Exterior
Financial
Buyer Agent Compensation
0%Net Sale Price
Tax Year
2022
Taxes
$20,901
Debra Dobbs is one of Chicago’s top realtors with more than 39 years in the real estate business.
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Courtesy of Kiser Group Realty Inc. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the Chicago, IL. Detailed information about real estate listings held by brokerage firms other than Compass / The Debra Dobbs Group include the name of the listing broker. Neither the listing company nor Compass / The Debra Dobbs Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. Chicago, IL. All rights reserved.
3428 S KING Drive
Chicago, IL
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