6116 South King Drive
6116 South King Drive
$5,150,000
77
52
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—
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Description
6116 s. King is a newly renovated and pristinely updated fifty-two (52) unit courtyard building located in the Washington Park neighborhood of Chicago's South Side. The asset sits just one (1) block from Washington Park and the 2025 Sunshine Community Center development, and just two (2) blocks away from the CTA Green Line 'El Station,' providing tenants easy, affordable, and quick transportation to and from Chicago's Downtown. 6116 S. King has an incredibly desirable unit mix which is currently...6116 s. King is a newly renovated and pristinely updated fifty-two (52) unit courtyard building located in the Washington Park neighborhood of Chicago's South Side. The asset sits just one (1) block from Washington Park and the 2025 Sunshine Community Center development, and just two (2) blocks away from the CTA Green Line 'El Station,' providing tenants easy, affordable, and quick transportation to and from Chicago's Downtown. 6116 S. King has an incredibly desirable unit mix which is currently comprised of one, two, and three bedroom apartment units. Currently, the building consists of thirty-two (32) 1b/1ba units, fifteen (15) 2b/1ba units, and five (5) incredibly spacious 3b/1ba units - almost 80% of which have been fully renovated in the last 18-24 months to include updated flooring, appliances, kitchens, and baths. Over the past few years, the building has been extensively renovated. Recent capital expenditures include, but are not limited to: a renovated exterior porch system (2023), a new roof (2021), a new central boiler heating system (2020), new hot water heater tanks (2020), significant plumbing updates (2020), lintels (2016), along with an abundance of tuckpointing (2022). 6116 S. King provides the opportunity for an investor to acquire a fifty-two (52) unit property in one of Chicago's most appreciating neighborhoods. From day one, a new investor will capitalize on an incredibly strong tenant base with an in place cap rate of 9% and an abundance of value add opportunities. Solely by moving all rents to levels currently being achieved in the building, there is an opportunity to attain a cap rate of over 11%. Additionally, an investor has the option to assume the awesome existing debt (terms below) through Freddie Mac. ASSUMABLE FINANCING: Buyer has the option to assume the current loan, approximate terms are: - $3,107,447 - 4.11% Rate - 4 Years Remaining
- Listed by Aaron Sklar • Kiser Group Realty Inc
- Listed by Noah Birk • Kiser Group Realty Inc
Property Details for 6116 South King Drive
Area
CHI - Washington Park
Location
LISTING UPDATED: 03/19/2024 02:53 PM
Property Details for 6116 South King Drive
Status | Active |
---|---|
MLS # | 11920852 |
Days on Market | 209 |
Taxes | $58,065 / year |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Multi Family 5+ / Multi Family 5+-Courtyard |
Year Built | 1905 |
Lot Size | 0.73 AC / 32,000 SF |
County | Cook County |
Location
Building Information for 6116 South King Drive
Stories-Residences52Year Built1905Building Size-Lot Size0.73 AC / 32,000 SF
Payment Calculator
$32,944 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 6116 South King Drive
Property History for 6116 South King Drive
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 6116 South King Drive
Taxable ValueLand$23Additions-Total$23
Home Facts
Beds0Lot Size14 SqFtStyleMiscellaneous Vacant LandCountyCOOKAPN20-15-317-035
Schools near 6116 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 | |||
Charter - | K to 8 | |||
Charter - | 10 to 12 |
Rating | School | Distance |
---|---|---|
Dulles Elementary School PublicPK to 8 | ||
Phillips Academy High School Public9 to 12 | ||
CICS Washington Park CharterK to 8 | ||
YCCS-Progressive Leadership Acad Charter10 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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