Sold

4950 S King Drive

Chicago IL, 60615

$3,650,000


Sold

Commercial

Built in 1950

Courtesy of North Clybourn Group, Inc.

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.

11669629

MLS ID

November 8, 2022

Listed

March 28, 2024

Updated

Map

4950 S King Drive
Chicago IL, 60615

Interior Features

Total Stories

3


Fireplace

No


Cooling

Yes


Cooling Description

Central Air


Heating

No

Exterior/Building Features

Lot Size

0.25 Acres


Roof

Membrane, Reflective Coating

Other Property Details

Area Name

CHI - Grand Boulevard


Taxes

$25,676


Tax Frequency

Annually


Days on Market

16


Garage

No


View

No


County

Cook


Pool

No


Zoning

MULTI


Buyer Agency Compensation

2%-$395

Courtesy of North Clybourn Group, Inc., Karen Biazar,
Listing Contact: 773-252-0600 

The data relating to real estate for sale on this website comes in part from the Broker ReciprocitySM Program of Midwest Real Estate Data. Real estate listings held by brokerage firms other than Century 21 SGR are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.

Based on information submitted to the  MLS GRID for MRED 3/28/2024. All data is obtained from various sources and has not been, and will not be, verified by broker, MRED or MLS GRID. MLS Grid and 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. 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. Data is deemed reliable but is not guaranteed by MTP or MRED. The use of the MRED Data may be subject to an end-user license agreement prescribed by the Member Participant’s applicable MLS if any and as amended from time to time.

©2024 Listings Courtesy of MRED as distributed by MLS GRID. All rights reserved.

Data last updated 4:19 AM UTC, 3/28/2024

 

 

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