6553 South King Drive
6553 South King Drive
$1,900,000
48
24
—
—
—
Closed 3/24/21
Description
- 8.05% In Place Cap Rate - Gross Income (w/ 5% vacancy): $266,520 - NOI: $173,028 Kiser Group is pleased to exclusively present for purchase 6553 S. King Dr, a 24-unit walk-up building, completely restored and gut-rehabbed in the Woodlawn neighborhood of Chicago's South Side. The property sits on Chicago's historic Martin Luther King Boulevard and is located only two (2) blocks south of the King Drive "El" train stop, which provides tenants with direct, affordable, and easy access to Chicago's downtown...- 8.05% In Place Cap Rate - Gross Income (w/ 5% vacancy): $266,520 - NOI: $173,028 Kiser Group is pleased to exclusively present for purchase 6553 S. King Dr, a 24-unit walk-up building, completely restored and gut-rehabbed in the Woodlawn neighborhood of Chicago's South Side. The property sits on Chicago's historic Martin Luther King Boulevard and is located only two (2) blocks south of the King Drive "El" train stop, which provides tenants with direct, affordable, and easy access to Chicago's downtown 6553 S. King has an incredibly desirable unit mix which is solely comprised 2Bd/1Ba units, all of which have been fully gut rehabbed to the studs. Each unit boasts a unique, spacious, and open layout with hardwood flooring throughout, an abundance of natural light, and contain upgraded kitchen appliances with granite countertops. In addition to the buildings improved interior, further improvements consist of, but are not limited to, a brand new roof, individual HVAC units, new hot water heater/tanks, updated copper plumbing, in-unit circuit breakers, as well as security camera - both interior and exterior. Additionally, the building contains a laundry facility in the basement providing renters with an easy and affordable amenity while further increasing the buildings gross income. 6553 S. King offers an investor the opportunity to acquire an incredibly strong, positive, cash-flowing asset in one Chicago's most appreciating neighborhoods. From day one, the asset's next owner will realize a cap rate over 8% and a cash return of 15% with absolutely zero deferred maintenance. Furthermore, through improved leasing and raising rents to levels already being achieved, an investor could achieve a cap rate of 9.48% and a cash return of nearly 21%.
- Listed by Aaron Sklar • Kiser Group Realty Inc
- Listed by Noah Birk • Kiser Group Realty Inc
Sold By Kiser Group Realty Inc
Property Details for 6553 South King Drive
Area
CHI - Woodlawn
Num Of Parking Spaces0.0
Location
LISTING UPDATED: 08/04/2023 01:45 PM
Property Details for 6553 South King Drive
Status | Closed |
---|---|
MLS # | 10914614 |
Days on Market | 155 |
Taxes | $28,405 / year |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Multi Family 5+ / Corridor-Interior Entrance |
Year Built | 1908 |
Lot Size | 0.26 AC / 11,224 SF |
County | Cook County |
Location
Building Information for 6553 South King Drive
Stories-Residences24Year Built1908Building Size-Lot Size0.26 AC / 11,224 SF
Payment Calculator
$12,736 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 6553 South King Drive
Property History for 6553 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.
Schools near 6553 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 - | 10 to 12 | |||
Charter - | K to 8 |
Rating | School | Distance |
---|---|---|
Dulles Elementary School PublicPK to 8 | ||
Hirsch Metropolitan High School Public9 to 12 | ||
YCCS-Progressive Leadership Acad Charter10 to 12 | ||
CICS Washington Park CharterK to 8 |
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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