Two-Story Corridor
For Sale
$3,500,000
6535 S King Dr, Chicago, IL 60637
Existing hospitality property with on-site parking, commercial zoning, and proximity to major institutional, cultural, and transit destinations.
Property Size20,200 SF
Lot Size0.41 Acres
Price / SF$173.27
Days on Market59
Property Features for 6535 S King Dr
General Information
Standard status
Active
Size
20,200 SF
Lot size
0.41 Acres
Property subtype
Business Opportunity
Zoning
C1-2 Commercial
Site & Location
Neighborhood
Park Manor
Highway Access
Yes
Building Details
Year Built
1971
Buildings
1
Stories
2
Construction
California-style exterior corridor
Listing Agency:
Century 21 Circle
Listed By:
Mark Ahmad · License #471007186
(312) 513-4490
Source:
Saladinosells
Added: Sep 4
Changed: Oct 25
Last Checked: Oct 5 at 8:15PM
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 Century 21 Circle
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Investment Insights
Based on property information with market context.
This 53-room motel occupies a two-story, California-style exterior-corridor building constructed in 1971. The property contains approximately 20,200 square feet of building area on about 18,000 square feet of land, with main-level on-site parking.
Located at 6535 S King Dr in Chicago’s Woodlawn neighborhood, the motel is near Hyde Park, Englewood, the University of Chicago, Jackson Park, and the Museum of Science and Industry. The property is within 2 miles of the Obama Presidential Library, approximately 1 mile east of the Dan Ryan Expressway, and near the CTA King Drive Station and neighborhood retail. C1-2 Commercial zoning permits a range of uses, including retail, auto services, warehouse, mixed-use, and residential above the ground floor.
Located at 6535 S King Dr in Chicago’s Woodlawn neighborhood, the motel is near Hyde Park, Englewood, the University of Chicago, Jackson Park, and the Museum of Science and Industry. The property is within 2 miles of the Obama Presidential Library, approximately 1 mile east of the Dan Ryan Expressway, and near the CTA King Drive Station and neighborhood retail. C1-2 Commercial zoning permits a range of uses, including retail, auto services, warehouse, mixed-use, and residential above the ground floor.
Key Highlights
- 53‑room motel with two‑story exterior‑corridor configuration
- Approximately 20,200 square feet of building area
- About 18,000 square feet of land with main‑level on‑site parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$151,985
Cap Rate
4.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,039,700
$3.0M
Cap Rate 7%
$2,171,214
$2.2M
Cap Rate 9%
$1,688,722
$1.7M
Market Conditions
NOI Build-Up for 20,200 SF
Gross rent
$363.6K $18.00/SF
− Vacancy
−$43.6K −$2.16/SF
EGI
$320.0K $15.84/SF
− OpEx
−$168.0K −$8.32/SF
NOI
$152.0K $7.52/SF
Area
Chicago, IL
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,039,700
Cap Rate 7%
$2,171,214
Cap Rate 9%
$1,688,722
Alternative Uses
Best Use
Hotel Hospitality
$2.17M
$1.90M – $2.53M
NOI $151,985 @ 7.0% cap · market cap 4.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.52M
$8.33M – $11.11M
NOI $666,697 @ 7.0% cap · market cap 19.05%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
869
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60637, IL
53,555
Population
26,717
Households
2
Avg Household Size
31
Median Age
37%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
11,901
Density / Sq Mi
$42,080
Median Household Income
$33,227
Median Earnings
$1,170
Median Rent
$243,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
What type of property is this?
Motel - Existing hospitality property with on-site parking, commercial zoning, and proximity to major institutional, cultural, and transit destinations.
Where is this motel located?
The property is located at 6535 S King Dr Chicago, IL.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 53‑room motel with two‑story exterior‑corridor configuration; Approximately 20,200 square feet of building area; About 18,000 square feet of land with main‑level on‑site parking
