Active
3428 S KING Drive
Chicago IL, 60616
$2,950,000
Active
Commercial
Built in 1893
Courtesy of Kiser Group Realty Inc
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%.
12032117
MLSⓇ ID
April 16, 2024
Listed
May 9, 2024
Updated
Map
3428 S KING Drive
Chicago IL, 60616
Interior Features
Total Stories
3
Fireplace
No
Cooling
No
Cooling Description
None
Heating
No
Exterior/Building Features
Other Property Details
Area Name
CHI - Douglas
Taxes
$20,901
Tax Frequency
Annually
Days on Market
8
Garage
No
View
No
County
Cook
Municipality
South Chicago
Pool
No
Zoning
MULTI
Buyer Agency Compensation
0%
Courtesy of Kiser Group Realty Inc, John Petrando,
Listing Contact: 773-293-5000
The data relating to real estate for sale on this website comes in part from the Broker ReciprocitySM Program of Midwest Real Estate Data. Real estate listings held by brokerage firms other than Premier Chicago Real Estate are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.
Based on information submitted to the MLS GRID for MRED 5/9/2024. All data is obtained from various sources and has not been, and will not be, verified by broker, MRED or MLS GRID. MLS Grid and MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. IDX information is provided exclusively for consumers’ personal non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed by MTP or MRED. The use of the MRED Data may be subject to an end-user license agreement prescribed by the Member Participant’s applicable MLS if any and as amended from time to time.
©2024 Listings Courtesy of MRED as distributed by MLS GRID. All rights reserved.
Data last updated 6:56 AM UTC, 5/9/2024
