6553 South King Drive

Chicago, IL 60637

$1,900,000
Last Sold Price
48
Beds
24
Baths
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

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%.
  1. Listed by Aaron Sklar • Kiser Group Realty Inc
  2. 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 Spaces
0.0

Location

Add your commute
LISTING UPDATED: 08/04/2023 01:45 PM

Property Details for 6553 South King Drive

StatusClosed
MLS #10914614
Days on Market155
Taxes$28,405 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti Family 5+ / Corridor-Interior Entrance
Year Built1908
Lot Size0.26 AC / 11,224 SF
CountyCook County

Location

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Building Information for 6553 South King Drive

Stories-Residences24Year Built1908Building Size-Lot Size0.26 AC / 11,224 SF

Payment Calculator

$12,736 per month

30 year fixed, 7.25% Interest

Principal and Interest

$10,369

Property Taxes

$2,367

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 6553 South King Drive

General Information
Location and General Information
  • Information: List Broker Must Accompany,48-Hr Notice Required
Taxes and HOA Information
  • Additional Parcels: No
Property Information
Interior Features
  • Heat/Ventilation: Individual Furnaces
  • Num of Baths: 24.0
Property/Lot Information
  • Tenant Pays: Electricity, Heat
  • Built Before 1978: Yes
  • Approximate Age: Older
  • Multi-Family Type: Corridor-Interior Entrance
  • Lot Dimensions: 92 X 122
  • Stories: 3
Property and Assessments
  • Public Document Count: 0
  • Photos Count: 9
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Multi-Family Information
  • Number Of Units Total: 24
Income & Expenses
  • Electric Expense: $8,378.00
  • Fuel Expense: $4,767.00
  • Gross Income: $280,548.00
  • Gross Scheduled Income: $266,521.00
  • Insurance Expense: $9,600.00
  • Maintenance Expense: $6,000.00
  • Manager Expense: $13,326.00
  • Janitor Expense: 5000
  • Total Monthly Income: 23379
  • Net Operating Income: $73,028.00
  • Operating Expense: $93,492.00
  • Other Expense: $3,500.00
  • Trash Expense: $4,566.00
  • Water Sewer Expense: $9,950.00
Unit 1
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 1
  • Unit Type Units Total: 24
Unit 2
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 2
  • Unit Type Units Total: 0
Unit 3
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 3
  • Unit Type Units Total: 0
Unit 4
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 4
  • Unit Type Units Total: 0
Unit 5
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 5
  • Unit Type Units Total: 0
Unit 6
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 6
  • Unit Type Units Total: 0
Unit 7
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 7
  • Unit Type Units Total: 0

Property History for 6553 South King Drive

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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.

Similar Homes

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Similar Sold Homes

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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.