Bronzeville Multifamily Investment
For Sale
$4,150,000
3603 S King Dr, Chicago, IL 60653
Well-maintained 24-unit building in Chicago's sought-after Bronzeville neighborhood.
Property Size22,500 SF
Price / SF$184.44
Days on Market140
Property Features for 3603 S King Dr
General Information
Standard status
Active
Size
22,500 SF
Property subtype
Multifamily
Building Details
Building Size
22,500 SF
Year Built
1926
Listed By:
Noah Birk · License #IL #475125864
(630) 209-3622
Source:
Kisergroup
Added: May 27
Changed: Sep 13
Last Checked: Oct 12 at 6:33PM
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 Noah Birk
Investment Insights
Based on property information with market context.
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.
Key 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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$344,906
Cap Rate
8.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,898,120
$6.9M
Cap Rate 7%
$4,927,229
$4.9M
Cap Rate 9%
$3,832,289
$3.8M
Market Conditions
NOI Build-Up for 22,500 SF
Gross rent
$661.5K $29.40/SF
− Vacancy
−$34.4K −$1.53/SF
EGI
$627.1K $27.87/SF
− OpEx
−$282.2K −$12.54/SF
NOI
$344.9K $15.33/SF
Area
Chicago, IL
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,898,120
Cap Rate 7%
$4,927,229
Cap Rate 9%
$3,832,289
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 authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,458
Businesses Nearby
Explore this area
Business Placement
Demographics for 60653, IL
33,146
Population
18,279
Households
1.8
Avg Household Size
37
Median Age
38%
College-Educated
90%
High-School Grad
2.4 sq mi
ZIP Area
13,811
Density / Sq Mi
$39,565
Median Household Income
$49,335
Median Earnings
$856
Median Rent
$347,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
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.
