Limestone Office
For Sale
$1,500,000
4636 S KING Drive, Chicago, IL 60653
The building requires a complete rehabilitation and is being offered in as-is condition.
Property Size7,500 SF
Price / SF$200
Days on Market835
Property Features for 4636 S KING Drive
General Information
Standard status
Active
Size
7,500 SF
Property subtype
Commercial
Zoning
B3-3 COMMUNITY SHOPPING DISTRICT
Property Condition
Severity
Major Repairs Needed
Evidence
NEEDS COMPLETE REHAB
Site & Location
Neighborhood
Bronzeville
Highway Access
Yes
Public Transit
Yes
Additional Details
Condition
Needs Renovation
Property Use
Office
Taxes and HOA fees
Annual Taxes
$14,452
Building Details
Year Built
1925
Buildings
1
Stories
1
Building Size
7,500 SF
Construction
limestone
Listing Agency:
Realty One Group Heartland
Listed By:
Shiree Booker · License #475148177
(708) 678-1000
Source:
Fishmangroup
Added: Jul 11, 2024
Changed: Oct 23
Last Checked: Oct 23 at 4:37PM
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 Realty One Group Heartland
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Investment Insights
Based on property information with market context.
This 7,500-square-foot limestone office building at 4636 S King Drive was constructed in 1925 and designed by architect Henry L. Newhouse. The property requires a complete rehabilitation and is offered in as-is condition. It was built for the Mammoth Life and Accident Insurance Company, identified as Chicago’s first Black-owned insurance company.
The site is zoned B3-3 Community Shopping District, with apartments permitted above the ground floor. The property is near the Green Line and has access to Lake Shore Drive to the east and the Dan Ryan Expressway to the west. Office and banking uses are identified for the building.
The site is zoned B3-3 Community Shopping District, with apartments permitted above the ground floor. The property is near the Green Line and has access to Lake Shore Drive to the east and the Dan Ryan Expressway to the west. Office and banking uses are identified for the building.
Key Highlights
- 7,500‑square‑foot limestone office building
- Built in 1925; designed by architect Henry L. Newhouse
- B3‑3 Community Shopping District zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$103,761
Cap Rate
6.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,075,220
$2.1M
Cap Rate 7%
$1,482,300
$1.5M
Cap Rate 9%
$1,152,900
$1.2M
Market Conditions
NOI Build-Up for 7,500 SF
Gross rent
$162.0K $21.60/SF
− Vacancy
−$13.8K −$1.84/SF
EGI
$148.2K $19.76/SF
− OpEx
−$44.5K −$5.93/SF
NOI
$103.8K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,075,220
Cap Rate 7%
$1,482,300
Cap Rate 9%
$1,152,900
Alternative Uses
Best Use
Office B
$2.30M
$2.01M – $2.68M
NOI $160,920 @ 7.0% cap · market cap 10.73%
Second Best
Specialty Retail
$1.99M
$1.74M – $2.33M
NOI $139,590 @ 7.0% cap · market cap 9.31%
Theoretical Best
Office A
$3.54M
$3.09M – $4.13M
NOI $247,536 @ 7.0% cap · market cap 16.50%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,640
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Chicago, IL
Frequently Asked Questions
What type of property is this?
Office building - The building requires a complete rehabilitation and is being offered in as-is condition.
Where is this office building located?
The property is located at 4636 S KING Drive Chicago, IL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 7,500‑square‑foot limestone office building; Built in 1925; designed by architect Henry L. Newhouse; B3‑3 Community Shopping District zoning
