Chicago, IL4950 South King Drive
MLS Number 11669629
- CommercialSale Commercial Sale
- Area Grand Boulevard
- Year Built 1950
- Zoning MULTI
One of A Kind Mid-Century Modern 23 + unit Apartment Building in vibrant Bronzeville location set on Historic King Drive $287,307 NOI/7.4 CAP Offering 96% stake: 23 of 24 units with 10 parking space. Intelligent design with highly efficient and diverse floorplans, Equal combination of one and two bedrooms . Fully stabilized AA tenant base, envisioned and curated by a lifestyle focused ownership team. Meticulous attention to detail in all aspects realized in high tenant retention rates. Numerous unit upgrades, Refinished Hardwood and VHT Luxury Flooring, curated interior colors, LED lighting, Professional Kitchens, Euro-style washer/dryers, All custom closet organizers, Resort inspired baths, Integrated vanities and medicine cabinetry, Window treatments, Dimmer switches, Individual HVAC, 1 to 1 storage, Full supplemental on-site laundry center and Community room space. Extensive Capital Improvements. Annual apartment reviews have yielded a maintenance level rarely encountered. The opportunity to scale further and create a Legacy Campus of 44 Units/35 car parking + can be packaged with neighboring 4954-58 S King/350 E 50th 90%+ controlling majority stake NOI $149,939 65% Stabilized Contiguous corner comprised of 14 residential units Palpable expansion opportunities for 2 ADU's within the King envelope offering(not factored as part of 44-unit package count) (1) center entry side by side 6 unit @350 E 50th. This value-add hybrid requires complete renovation all 2-bedroom 2.1 bath inclusive of architectural plans designed as 8 envisioning 2 additional units below grade (2 below grade not factored in 44 total package count) + 100% controlling interest of 4953-55 S Calumet Center Entry 8 units + 8 parking spaces. NOI $126,532 / 6.9 cap + Significant separate 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 prepped. Parking System built-out with full plans and permits for permitted use. 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.
Listed by Karen Biazar and Staci Slattery of North Clybourn Group,Inc.
Virtual TourSave FavoriteSchedule TourAsk A QuestionMore Details