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4954 S King Drive

Chicago, IL 60615
  • $2,200,000
  • STATUS: Active
  • ON SITE: 13 Days
  • MLS #: 11475309
UPDATED: 50 min ago
$2,200,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1925
County:

School Ratings & Info

Description

One-of-A-Kind Legacy Investment Opportunity set in Vibrant Bronzeville on Historic King Drive Offering 90%+ controlling majority stake. NOI $157,698 /7% CAP. Stabilized Contiguous corner comprised of 8 residential units + + with significant separate 17 car secured parking lot offers abundant choice for numerous investment objectives. Intelligent design, expansive and diverse floorplans, unit mix offering includes but not limited to (5) extraordinary, sprawling 6 room 2 bedroom 2 baths (3) unbelievably enormous 3 bedroom 3 baths simplexes. Superior attention to detail in all aspects realized in high tenant retention rates. Refined living, endless appointments with unsurpassed opulence, premium millwork, professional grade kitchens, fireplaces, resort inspired bathrooms, individual HVAC, washer dryers in unit, custom closets, window treatments, dimmers, designer lighting, full slab and mitered edging are a soft sampling of the exhausting list of unit features. Apartment reviews yielded a maintenance level rarely encountered. Sale is inclusive of 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. Parking System built-out with full plans and permits for permitted use. Palpable expansion opportunities for 2 ADU's within the King envelope offering + Opportunity to purchase @ $375K center entry side by side 6 unit ADD ON property @350 E 50th. This value add hybrid requires complete renovation , all 2-bedroom 2 bath inclusive of architectural plans designed as 8 envisioning 2 additional units below grade. See separate listing for further details. The opportunity to scale further can be packaged with neighboring fully stablized 22 units + 10 parking spaces @ 4950 S King NOI $279,236/7 CAP and/or 4953-55 S Calumet Center Entry 8 units + 8 parking spaces. NOI $124,873 / 6.9 CAP 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. See Agent Remarks for additional information

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© 2022 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or O'Neil Property Group, LLC. Based on information submitted to the MRED as of 2022-08-08T23:59:13.59 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED 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. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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4954 S King Drive Chicago, IL 60615

  • Price: $2,200,000
  • Status: Active
  • On Site: 13 Days
  • Updated: 50 min ago
  • MLS #: 11475309
0
Beds
0
Baths
0
½ Baths
N/A
Acres
1925
Built
Neighborhood:
Chi - Grand Boulevard
County:
Cook
Area:
Chi - Grand Boulevard
Property Description
One-of-A-Kind Legacy Investment Opportunity set in Vibrant Bronzeville on Historic King Drive Offering 90%+ controlling majority stake. NOI $157,698 /7% CAP. Stabilized Contiguous corner comprised of 8 residential units + + with significant separate 17 car secured parking lot offers abundant choice for numerous investment objectives. Intelligent design, expansive and diverse floorplans, unit mix offering includes but not limited to (5) extraordinary, sprawling 6 room 2 bedroom 2 baths (3) unbelievably enormous 3 bedroom 3 baths simplexes. Superior attention to detail in all aspects realized in high tenant retention rates. Refined living, endless appointments with unsurpassed opulence, premium millwork, professional grade kitchens, fireplaces, resort inspired bathrooms, individual HVAC, washer dryers in unit, custom closets, window treatments, dimmers, designer lighting, full slab and mitered edging are a soft sampling of the exhausting list of unit features. Apartment reviews yielded a maintenance level rarely encountered. Sale is inclusive of 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. Parking System built-out with full plans and permits for permitted use. Palpable expansion opportunities for 2 ADU's within the King envelope offering + Opportunity to purchase @ $375K center entry side by side 6 unit ADD ON property @350 E 50th. This value add hybrid requires complete renovation , all 2-bedroom 2 bath inclusive of architectural plans designed as 8 envisioning 2 additional units below grade. See separate listing for further details. The opportunity to scale further can be packaged with neighboring fully stablized 22 units + 10 parking spaces @ 4950 S King NOI $279,236/7 CAP and/or 4953-55 S Calumet Center Entry 8 units + 8 parking spaces. NOI $124,873 / 6.9 CAP 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. See Agent Remarks for additional information
Exterior Features

Exterior Building Type Brick Foundation Details Concrete PerimeterStone Frontage Type City Street Land Amenities Curbs And GuttersLighting/ExteriorSidewalksCable Ready Parking Total 17 Roof MembraneReflective Coating Roof Structure Flat

Interior Features

Basement Partially Finished Cooling Central Air Fireplaces Total 7 Heat Ventilation Forced AirGasSeparate Per Unit Miscellaneous Inside Storage Inside Number Of Dishwashers 8 Number Of Dryers 8 Number Of Ranges 8 Number Of Washers 8

Property Features

Additional Parcels YN Yes Approximate Age New Rehab Association Fee Includes WaterInsuranceExterior MaintenanceLawn CareScavengerSnow RemovalOther Built Before1978 YN Yes Current Use CondominiumMulti-Family Electric Circuit Breakers Fire Protection Fire Extinguisher/SSmoke Or Fire ProtectorsCarbon Monoxide Detector(S) Gross Income 241416 Gross Scheduled Income 241416 Insurance Expense 2653 Location CornerPublic Transport AvailFree Standing/Urban Maintenance Expense 4321 Mls Actual Status Active Net Operating Income 157698 Operating Expense 83718 Ownership Types Limited Partnership Possible Use CondominiumMulti-Family Tax Annual Amount 33324 Tax Year 2020 Tenant Pays Air ConditioningElectricityHeatOtherHot Water Total Monthly Income 20118 Township Hyde Park Type Multi Family 5+ Utilities Sanitary SewerWater-Municipal Zoning Multi

Listing information © 2022 Midwest Real Estate Data LLC.
Listing provided courtesy of North Clybourn Group, Inc..


© 2022 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or O'Neil Property Group, LLC. Based on information submitted to the MRED as of 2022-08-08T23:59:13.59 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED 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. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

Digital Millennium Copyright Act
 
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O'Neil Property Group, LLC
201 E Veterans Pkwy
Yorkville IL, 60560