Historic Limestone Office
For Sale
$1,500,000
4636 S KING Drive, Chicago, IL 60653
Commercial Sale, Chicago, IL
Property Size7,500 SF
Lot Size0.17 Acres
Price / SF$200
Days on Market817
Property Features for 4636 S KING Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
MARTIN LUTHER KING DRIVE NORTH OR SOUTH TO PROPERTY
Subdivision
CHI - Grand Boulevard
Standard status
Active
APN
20033230180000
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2022
Tax Annual Amount
14452
Building Details
Year built
1925
Floors in Building
1
Listing Agency:
Realty One Group Heartland
(708) 678-1000
Listed By:
Shiree Booker · License #475148177
(312) 560-6717
Added: Jul 11, 2024
Changed: Aug 20
Last Checked: Oct 5 at 1:06PM
MLS# 12108991
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Constructed in 1925, this 7,500-square-foot limestone building is offered in its existing condition and requires complete rehabilitation. The property was designed by architect Henry L. Newhouse and served as the home of the Mammoth Life and Accident Insurance Company, identified as Chicago’s first Black-owned insurance company. Its configuration and zoning support office, banking, credit union, and other commercial uses, subject to applicable approvals.
The 0.1722-acre parcel is located at 4636 S King Drive in Chicago’s Bronzeville/Grand Boulevard area. B3-3 Community Shopping District zoning permits a broad range of business activity, with apartments allowed above the ground floor. The property is near the Green Line, Lake Shore Drive, and the Dan Ryan Expressway, with downtown Chicago approximately 15 minutes away. The sale is offered as-is.
The 0.1722-acre parcel is located at 4636 S King Drive in Chicago’s Bronzeville/Grand Boulevard area. B3-3 Community Shopping District zoning permits a broad range of business activity, with apartments allowed above the ground floor. The property is near the Green Line, Lake Shore Drive, and the Dan Ryan Expressway, with downtown Chicago approximately 15 minutes away. The sale is offered as-is.
Key Highlights
- 7,500 square feet on a 0.1722‑acre parcel
- 1925 limestone building 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.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road 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
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Frequently Asked Questions
What type of property is this?
Office building - B3-3 zoning supports varied commercial uses with apartments permitted above the ground floor.
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 feet on a 0.1722‑acre parcel; 1925 limestone building designed by architect Henry L. Newhouse; B3‑3 Community Shopping District zoning
