Six-Unit Two-Bedroom Apartment
For Sale
Contact for pricing
Pending
10947 S King Dr, Chicago, IL 60628
Six spacious two-bedroom, one-bath units with in-place income and room for interior upgrades to support higher rents.
Property Size8,709 SF
Days on Market360
Property Features for 10947 S King Dr
General Information
Standard status
Pending
Size
8,709 SF
Class
C
Total Parking Spaces
4
Property subtype
Multifamily
Zoning
RT-4
Occupancy
100%
Investment Type
Value Add
Additional Details
Cap Rate
7.79%
Multifamily Units
6
Building Details
Year Built
1924
Buildings
1
Stories
3
Units
6
Listing Agency:
KW Commercial Chicago - Lincoln Park
Listed By:
Tony Hardy · License #IL 475.139834
(312) 863-8990
Source:
Crexi
Added: Sep 15, 2025
Changed: Sep 8
Last Checked: Jul 25 at 5:47AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KW Commercial Chicago - Lincoln Park
Investment Insights
Based on property information with market context.
10947 S. King Drive is a six-unit multifamily apartment building in Chicago, Illinois. The property includes six expansive two-bedroom, one-bath apartments, with each unit averaging about 1,400 square feet, for a total building size of approximately 8,709 square feet.
The current income base is supported by average in-place rents of about $1,005 per unit, producing net operating income (NOI) of $36,983. The stated investment metrics include a 7.79% cap rate and a 6.56 gross rent multiplier (GRM).
The offering is positioned as a value-add opportunity through a targeted renovation plan focused on updating interiors. The materials provided describe an estimated renovation investment of $10,000 per unit, or $60,000 total, with a resulting increase to average rents of about $1,500 per unit. Under the pro forma scenario, NOI is projected to move to $68,356, with a pro forma cap rate of 12.78% and a reduced GRM of 4.95. The current configuration emphasizes exceptionally large two-bedroom floorplans for the area, designed to support longer-term tenant retention.
The current income base is supported by average in-place rents of about $1,005 per unit, producing net operating income (NOI) of $36,983. The stated investment metrics include a 7.79% cap rate and a 6.56 gross rent multiplier (GRM).
The offering is positioned as a value-add opportunity through a targeted renovation plan focused on updating interiors. The materials provided describe an estimated renovation investment of $10,000 per unit, or $60,000 total, with a resulting increase to average rents of about $1,500 per unit. Under the pro forma scenario, NOI is projected to move to $68,356, with a pro forma cap rate of 12.78% and a reduced GRM of 4.95. The current configuration emphasizes exceptionally large two-bedroom floorplans for the area, designed to support longer-term tenant retention.
Key Highlights
- Six‑unit multifamily built in 1924 with 8,709 SF total building size
- All units are 2‑bedroom, 1‑bath, averaging about 1,400 SF each
- Current in‑place rents average $1,005 per unit with annual NOI of $36,983
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
843
Businesses Nearby
Explore this area
Business Placement
Demographics for 60628, IL
62,832
Population
28,736
Households
2.2
Avg Household Size
41
Median Age
24%
College-Educated
87%
High-School Grad
11.0 sq mi
ZIP Area
5,712
Density / Sq Mi
$49,719
Median Household Income
$35,974
Median Earnings
$1,168
Median Rent
$158,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six spacious two-bedroom, one-bath units with in-place income and room for interior upgrades to support higher rents.
Where is this apartment building located?
The property is located at 10947 S King Dr Chicago, IL.
What are key features of this property?
This property features: Six‑unit multifamily built in 1924 with 8,709 SF total building size; All units are 2‑bedroom, 1‑bath, averaging about 1,400 SF each; Current in‑place rents average $1,005 per unit with annual NOI of $36,983
