3428 South King Drive

Chicago, IL 60616

$2,950,000
Price
30
Beds
10
Baths
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

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...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%.
  1. Listed by John Petrando • Kiser Group Realty Inc

Property Details for 3428 South King Drive

Area
CHI - Douglas
Township
South Chicago
Zoning
MULTI

Location

Listing Courtesy of Kiser Group Realty Inc
Add your commute
LISTING UPDATED: 04/23/2024 12:07 AM

Property Details for 3428 South King Drive

StatusActive
MLS #12032117
Days on Market16
Taxes$20,901 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti Family 5+ / Flats
Year Built1893
Lot Size0.14 AC / 6,250 SF
CountyCook County

Location

Listing Courtesy of Kiser Group Realty Inc
Add your commute

Building Information for 3428 South King Drive

Stories-Residences7Year Built1893Building Size-Lot Size0.14 AC / 6,250 SF

Payment Calculator

$17,841 per month

30 year fixed, 7.25% Interest

Principal and Interest

$16,099

Property Taxes

$1,742

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 3428 South King Drive

General Information
Addtl Parking Information
  • Outdoor Parking: 1-5 Spaces
  • Open Parking Spaces: 4.0
Location and General Information
  • Information: List Broker Must Accompany,48-Hr Notice Required
Taxes and HOA Information
  • Additional Parcels: No
Property Information
Interior Features
  • Air Conditioning: None
  • Heat/Ventilation: Individual Furnaces
  • Num of Baths: 10.0
Property/Lot Information
  • Tenant Pays: Air Conditioning, Electricity, Heat, Hot Water
  • Built Before 1978: Yes
  • Approximate Age: Older
  • Multi-Family Type: Flats,Garden Complex
  • Lot Dimensions: 50 X 125
  • Stories: 3
Property and Assessments
  • Public Document Count: 0
  • Photos Count: 7
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Multi-Family Information
  • Number Of Units Total: 7
Income & Expenses
  • Electric Expense: $750.00
  • Fuel Expense: $.00
  • Gross Income: $307,200.00
  • Gross Scheduled Income: $291,840.00
  • Insurance Expense: $3,500.00
  • Maintenance Expense: $2,550.00
  • Manager Expense: $14,592.00
  • Janitor Expense: 1800
  • Total Monthly Income: 25600
  • Net Operating Income: $235,683.00
  • Operating Expense: $56,157.00
  • Other Expense: $2,000.00
  • Trash Expense: $1,680.00
  • Water Sewer Expense: $4,100.00
Unit 1
  • Unit Type Baths Total: 2
  • Unit Type Beds Total: 4
  • Unit Type Type: Unit 1
  • Unit Type Units Total: 2
Unit 2
  • Unit Type Baths Total: 2
  • Unit Type Beds Total: 3
  • Unit Type Type: Unit 2
  • Unit Type Units Total: 2
Unit 3
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 8
  • Unit Type Type: Unit 3
  • Unit Type Units Total: 2
Unit 4
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 4
  • Unit Type Units Total: 0
Unit 5
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 5
  • Unit Type Units Total: 0
Unit 6
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 6
  • Unit Type Units Total: 0
Unit 7
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 7
  • Unit Type Units Total: 0

Property History for 3428 South King Drive

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 3428 South King Drive

Taxable ValueLand$15,625Additions$85,679Total$101,304
Tax Record2022$20,902 ($1,742 / month)
Home Facts
Baths10Total Finished SqFt11,655 SqFtAbove Grade Finished SqFt11,655 SqFtStories3Lot Size6,250 SqFtStyleStoresYear Built1893CountyCOOKAPN17-34-123-059

Schools near 3428 South King Drive

This home is within City Of Chicago School District 299.
Rating
School
Type
Grades
Distance
Public - PK to 8
Public - 9 to 12
Public - 9 to 12
Charter - 9 to 12
Rating
School
Distance
Pershing Elementary Humanities Magnet
PublicPK to 8

Phillips Academy High School
Public9 to 12

Chicago Military Academy High School
Public9 to 12

Urban Prep Chtr South Shore High School
Charter9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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3428 South King Drive is a multi-family home for sale in Chicago, IL 60616. This property was listed for sale on April 16, 2024 by Kiser Group Realty Inc, it's currently listed at $2,950,000. It has been on the market for a total of 16 days and was last sold on April 26, 2011. This listing's school district is City Of Chicago School District 299. Nearby schools include Pershing Elementary Humanities Magnet, Phillips Academy High School and Chicago Military Academy High School. 3428 South King Drive is a 30-bed, 10-bath, multi-family home built in 1893.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Kiser Group Realty Inc

Based on information from one of the following Multiple Listing Services: Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Based on information submitted to the MLS GRID as of 04/23/2024 12:07 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. 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.