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$3,885,000
4950 S King Dr, Chicago, IL 60615
3 Beds
2 Baths
n/a SqFt

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One of A Kind Mid-Century Modern 23 + unit Apartment Building in vibrant Bronzeville location set on Historic King Drive $287,307 NOI/7.4 CAP Offering 96% stake: 23 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.
  • Price:
  • $3,885,000
  • Bedrooms:
  • 3
  • Acreage:
  • 0.25
  • Year Built:
  • 1950
  • Listing ID #:
  • MRD11669629
  • Street Address:
  • 4950 S King Dr
  • City:
  • Chicago
  • State:
  • Illinois
  • Postal Code:
  • 60615
  • County:
  • Cook
  • Community:
  • Grand Boulevard
  • Listing Status:
  • Pending
  • Listing Type:
  • Multi Family 5+
  • Basement Description:
  • Partially Finished, Storage Space
  • Exterior Description:
  • Brick, Stone
  • Foundation:
  • Concrete Perimeter
  • Stories:
  • 3
  • Type Of Roof:
  • Membrane, Reflective Coating
  • Year Built:
  • 1950
  • Annual Insurance Expenses:
  • 8637
  • Annual Maintenance Expenses:
  • 9400
  • Estimated Potential Income:
  • 35146
  • Gross Income:
  • 422412
  • Net Operating Income:
  • 287307
  • Operating Expense:
  • 116484
  • Conforms To Zoning:
  • Multi
  • Existing Land Use:
  • Condominium, Multi-Family
  • Lot Frontage:
  • City Street
  • Lot Square Footage:
  • 11025
  • Suitable Use:
  • Condominium, Multi-Family
  • Days On Market:
  • 91
  • Originating Mls:
  • Mred
  • Hoa Fee Includes:
  • Water, Insurance, Exterior Maintenance, Lawn Care, Scavenger, Snow Removal, Other
  • Property Taxes:
  • $25,676
  • Tax Year:
  • 2020
  • Tenant Pays:
  • Air Conditioning, Electricity, Heat, Other
  • Parking Spaces:
  • 10
  • Cooling System:
  • Central Air
  • Electricity:
  • Circuit Breakers
  • Utilities:
  • Sanitary Sewer, Water-Municipal
  • Unit 1 Total Bathrooms:
  • 1
  • Unit 1 Total Bedrooms:
  • 1
  • Unit 1 Type:
  • Unit 1
  • Unit 2 Total Bathrooms:
  • 1
  • Unit 2 Total Bedrooms:
  • 2
  • Unit 2 Type:
  • Unit 2
  • Unit 3 Type:
  • Unit 3
  • Unit 4 Type:
  • Unit 4
  • Unit 5 Type:
  • Unit 5
  • Unit 6 Type:
  • Unit 6
  • Unit 7 Type:
  • Unit 7
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The amounts for the Tax, Insurance, and HOA are estimates and not actual amounts.

Your Payment
$1,400/mo

Source: CINC

  • Listing Provided By: Karen Biazar with North Clybourn Group
  • ILMRED

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