Bronzeville Multifamily Investment
3603 S King Dr, Chicago, IL 60653
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Well-maintained 24-unit building in Chicago's sought-after Bronzeville neighborhood.
Type:Multifamily
Property size:
22,500 SFPrice / SF:
$184/SF- Added:
- May 25, 2026
- Days on Market:
- 6
- Last Refresh:
- May 27 at 8:25 am
Property Features for 3603 S King Dr
General Information
- Standard status
- Active
- Size
- 22,500 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1926
Listing agent Noah Birk License #IL 475.125864
Listing office Kiser Group (773) 293-5032
Listing date May 25, 2026
Source Crexi
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 Kiser Group
HighLights
- Prime location in the highly sought‑after Bronzeville neighborhood, minutes from downtown Chicago, public transportation, retail, and major employment hubs.
- Strong in‑place income with a 7.58% cap rate and 8.15% cash‑on‑cash return, offering a stable, cash‑flowing asset.
- Significant upside potential with projected cap rate of 9.15% and cash return of 14.45% through strategic rent increases and continued management.
- Attractive unit mix of six (6) 3Bd/1Ba and eighteen (18) 2Bd/1Ba units with spacious layouts.
- Each unit is equipped with individual laundry, modern kitchens, and bathrooms, enhancing tenant convenience and retention.
- Recent capital improvements include a new boiler installed in 2025, contributing to overall efficiency and reliability.
Overview
Located in Chicago's Bronzeville neighborhood, 3603 S. King Dr. is a twenty-four-unit multifamily property. Situated along the historic King Drive corridor, it offers convenient access to downtown Chicago, public transportation, retail options, and major employment hubs. The unit mix features six 3-bedroom/1-bathroom units and eighteen 2-bedroom/1-bathroom units, all with spacious layouts. Each unit includes individual laundry facilities, modern kitchens, and bathrooms. A new boiler was installed in 2025. The property has an in-place cap rate of 7.58% and a current cash-on-cash return of 8.15%. An investor may achieve a projected cap rate of 9.15% and a cash return of 14.45% through continued management and strategic rent increases. The property is 22,500 square feet.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $661.5k | $29.40 |
| − Vacancy | −$34.4k | −$1.53 |
| EGI | $627.1k | $27.87 |
| − OpEx | −$282.2k | −$12.54 |
| NOI | $344.9k | $15.33 |
22,500 SF · lease $29.40/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.93M
$4.31M – $5.75M
NOI $344,906 @ 7.0% cap · market cap 8.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.61M
$9.28M – $12.38M
NOI $742,608 @ 7.0% cap · market cap 17.89%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.616505
- Latitude
- 41.829159
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Well-maintained 24-unit building in Chicago's sought-after Bronzeville neighborhood.
Where is this apartment building located?
The property is located at 3603 S King Dr Chicago, IL.
What is the asking price?
The asking price for this property is $4,150,000.
What are key features of this property?
This property features: Prime location in the highly sought‑after Bronzeville neighborhood, minutes from downtown Chicago, public transportation, retail, and major employment hubs.; Strong in‑place income with a 7.58% cap rate and 8.15% cash‑on‑cash return, offering a stable, cash‑flowing asset.; Significant upside potential with projected cap rate of 9.15% and cash return of 14.45% through strategic rent increases and continued management.
